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Today's healthcare managers have myriad responsibilities, from making policies and decisions that govern how their organizations operate to overseeing accounting processes and maintaining patient care standards to meet requirements set forth by the Affordable Care Act (“Obamacare”). Medical and health services managers play integral roles in assuring their facilities are run effectively, efficiently, and profitably. It's an important job, and it not only requires familiarity with the healthcare industry but also takes someone with industry-current business credentials.
Fortunately, with the U.S. healthcare industry booming, more and more healthcare managers with specialized knowledge and skills are being recruited for important roles and positions across the country. If you are an experienced healthcare professional ready to pursue an executive-level position in a variety of healthcare-related settings, medical and healthcare management might be just what the doctor ordered for your career!
If you have management-level skills and an up-to-date understanding of the healthcare delivery system, there's no telling how far your career in healthcare management can take you. Your specialized skillset can help you pursue vital, in-demand positions such as:
Rapid expansion of the healthcare industry and complex regulations brought about by the Affordable Care Act have created a growing demand for skilled healthcare management professionals. In fact, the U.S. Bureau of Labor Statistics predicts the demand for medical and health services managers will grow 17 percent from 2014 to 2024. If you have the credentials to pursue a career in healthcare management, your professional prognosis is excellent.
As you might imagine, healthcare managers work in wide range of environments and facilities, including doctors’ offices, hospitals, nursing and residential care facilities, and government offices that serve the healthcare industry.
For the most part, you can expect to work full time. If you’re employed by a facility that’s open 24/7, your schedule could include night and weekend work. For some healthcare executives, travel might be necessary depending on the roles and responsibilities of the position as well as the size and scope of the employer.
If you’re seeking support and guidance for a management career in the healthcare industry, there's no shortage of professional organizations that can provide a wealth of information.
Building a career in healthcare management depends on acquiring the right skills and tapping into the right resources. Here are a few places to get you started.
Specialized healthcare management skills can pay big dividends in today's job market. If you have the right background, education, training and experience, it'll be reflected in your earning capacity. The Bureau of Labor Statistics reports the median annual wage for medical and health managers was $94,500 in May 2015, with the top 10 percent earning more than $165,380.
Furthermore, salaries for integrated healthcare managers can vary significantly, depending on the type of facility or organization you end up working for. For example, the Medical Group Management Association reported that in 2012, median compensation for administrators was $87,862 in practices with 6 or fewer physicians; $126,478 in practices with 7 to 25 physicians; and $148,604 in practices with 26 or more physicians.
“A master’s degree is required for almost every position in the healthcare management field.”
The healthcare industry is massive and complex, requiring leaders whose specialized knowledge and credentials are in step with the times and in tune with needs of society. Today’s most sought after medical or health services managers will more than likely have a master’s degree and a resume documenting strong analytical and critical thinking skills specific to a variety of healthcare-related settings.
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