Whenever someone talks about health-care professionals, we think of people in white coats with a stethoscope hanging on their necks. It is difficult to believe that an MBA can get you a career in the healthcare sector. However, the booming health sector has a lot of opportunities for MBAs.
In this article, we will tell you all you need to know about MBAs in the health sector.
The benefits of working in the healthcare sector
The healthcare sector is one of the fastest growing sectors in the world. And it definitely the most relevant one. There are innumerable benefits of working in the healthcare sector:
It will continue to grow: As the world around us becomes more complex, healthcare will become more and more important. The workforce in this sector is the fastest growing workforce across the world.
It pays well: You can make good money while working in this sector. According to PayScale, MBAs in the healthcare sector earn around $35,000 per year in the beginning years of their career. The amount goes up as you climb up the career ladder.
Wide choices of profiles: The healthcare sector has a host of profiles that you can work in. The choices are great and the rewards greater. In our next section, we discuss this in details.
Job profiles that are waiting for you
Healthcare management careers are highly paid and above all, it is a greatly rewarding career. You not only get to build a fulfilling career, but you also get to do good for people and that in itself is extremely satisfying. Here are the top job profiles for an MBA in the healthcare sector:
Hospital administrator: Hospital administrators are the people who run various medical facilities such as hospitals, medical centres, clinics, nursing homes and others. A hospital administrator’s duties include hiring doctors, public relations, managing budgets, ensuring compliance with Government requirements, implementing new medical procedures and others. The expected growth in this sector is 6% by 2024 which should transform into a similar rise in the job opportunities. The salaries of hospital administrators have been on the rise globally too.
Medical Manager: Medical managers are one of the best-paid profile in the healthcare sector. It definitely is the most popular profile for MBAs in the healthcare sector. Medical managers run a specific department in a hospital or they are responsible for all the departments. Their duties include budget, scheduling and communicating with workers. As per estimates, the requirement of medical managers will increase by 23% in the coming years.
Medical Entrepreneurship: Medical technology is fast growing and this is one of the most lucrative industries. If you want to start a business, this is an area to consider. An MBA will equip you with the right knowledge to start a medical technology company. From manufacturing medical equipment to creating drugs, you can do any business you want. According to Harvard Business Review, medical entrepreneurs have contributed actively to make a difference in this industry be it finding cures for Alzheimers and HIV/AIDS to decreasing cancer deaths. In fact, medical entrepreneurship is credited with decreasing deaths from prostate cancer by 25%.
Policy Analyst or Researcher: A great profile to consider with an MBA is of a policy analyst or policy researcher in the healthcare sector. You can work with Government agencies, insurance companies or private enterprises to create policies, test policies and guide decisions in the healthcare industry. You can be at the forefront of decision making and design how the sector affects common people. According to PayScale, healthcare policy analysts earn $60,000 per year on an average. Their jobs include compiling and curating data, recommending health policies, designing models and a host of other things.
Pharmaceutical Project Manager: An MBA degree qualifies you to be a pharmaceutical project manager. You can be a part of developing new drugs, launching advertising campaigns to promote the same, managing teams related to drug therapies and be a leader in the development of the pharmaceutical sector. You can expect to make promotional plans for drugs, conducting studies, arranging clinical trials and manage budget and investment. As per PayScale, the average salary that a Pharmaceutical Project Manager is around $89,500.
Health Information Manager: Another lucrative job with an MBA in healthcare management is the profile of the health information manager. Your primary job will be to spread information. You can be working in large hospitals or organisations which own and manufacture medical facilities. You will be spreading the information from top management to the rest of the organisation. This will ensure uniform information reach across all strata of the organisation.
An MBA is a gateway of opportunities in any sector, especially healthcare. The sector has a position for any MBA specialisation and is definitely a great place to be in.