Top Jobs in Healthcare for MBAs

In 2014, there were two important milestones in health care in the United States: the enactment of several key provisions under the Patient Protection and Affordable Care Act (PPACA) and the youngest baby boomers celebrating the big 5-0.

So what do these milestones mean for the years to come? A significant growth in new and well-paying jobs in healthcare—that’s what—and you don’t need to be a doctor to take advantage of this growth. In fact, many of these jobs in health care are geared towards business school graduates. Sure, these career options might seem a bit off the traditional path of investment banking, consulting, and financial services, but such niche positions can come with great financial and personal rewards.

Health care career paths for MBA graduates

Hospital Administrator

A hospital administrator is often referred to as the backbone of the facility. He or she makes sure that a hospital, outpatient center, or nursing home runs efficiently and effectively. The hospital administrator is also responsible for tasks such as:

• planning departmental budgets
• hiring and overseeing physicians and other staff members
• creating facility-wide policies
• acting as a liaison between the governing board and the staff 

The average salary of a hospital administrator is $84,270, but, as Laura Woods of the Houston Chronicle points out, “the salary fluctuates according to the responsibilities of the administrator and the size of the facility he operates. For example, the median annual salary of a health care administrator working in a practice with a maximum of six physicians is $86,459. The average salary increases to $115,000 in practices with seven to 25 physicians and reaches $150,756 in practices with 26 or more physicians.”

Medical Practice Manager

A medical practice manager’s job description is similar to that of a hospital administrator, but he or she works with a smaller medical office. In this role, an MBA graduate will be responsible for:

• budgeting
• billing
• hiring and managing staff
• managing schedules
• ordering supplies 

Recent data fro the Bureau of Labor Statistics (BLS) shows that, from 2008 to 2018, there will be 16 percent employment growth in this position, which is well above average. The average salary of a practice manager is $81,000.

Pharmaceutical Project Manager

A pharmaceutical project manager helps pharmaceutical companies expand into new markets and gain new customers, thus increasing profitability. Specifically, the project manager would contribute to:

• analyzing market trends
• reviewing market data
• developing marketing plans for new and updated projects
• overseeing salespeople 

This position combines marketing, consulting, and leadership skills, making it perfect job in health care for someone with an MBA degree. The average salary for a pharmaceutical project manager is $92,000.

Hospital CEO or CFO

The CEO acts as the director of a hospital, responsible for maximizing the value of the organization; the CFO works with the CEO to make sure that the hospital’s financial planning and record-keeping is in line with the hospital’s overall goals.

The relationship between the CEO and the CFO of a hospital has changed over the years, but what remains constant for both roles is the benefit—and often the requirement—of an MBA degree for the position.

The average salary of a hospital CEO is $166,000, and the median salary of a hospital CFO is $155,000.

Many top MBA programs help graduates get on the fast track to these exciting and well-paying jobs in health care by allowing students to concentrate in health care management. For example, Simmons School of Management states that its health care MBA program helps people “graduate with advanced leadership skills and a fully integrated understanding of the financial, strategic, organizational, and policy challenges that affect today’s health care environment.”

Other top-ranked programs in healthcare management include the University of Michigan—Ann Arbor, the University of Minnesota—Twin Cities, the University of North Carolina—Chapel Hill, the Wharton School of Business at the University of Pennsylvania, and the University of Alabama—Birmingham.

As Nunzio Quacquarelli, a managing director of a higher education research firm, points out, “Career outcomes for MBAs are more diverse than they were five years ago.” It is clear that now—and will also be five years from now—that some of the best business jobs out there will be jobs in health care. Now all you need is that MBA!

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