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What is Healthcare Management?
The healthcare sector is one of the most desirable sectors for a rewarding career. As baby boomers retire the need for healthcare professionals is projected to continue to increase. When we think about health careers we immediately think of doctors, nurses, pharmacists, dentists, and other licensed medical professionals. Supportive healthcare jobs such as medical technologist jobs, physician assistants, pharmacy technicians, and many others are also well known. Very little attention is given to the professionals who manage care and our healthcare system.
As our healthcare system has become increasingly more complex and cost of care has increased, the need for business professionals has also increased. This need is also fueled by reduced reimbursement for care, consolidation of hospitals into health systems and most importantly managed care. More recently Accountable Care Organizations have also joined the party. All these trends have increased the need for professionals who manage the business of healthcare while medical experts focus on managing patients.
This type of healthcare professional is known by various names such as healthcare administrator, healthcare executives, managed care executive, healthcare consultants, healthcare manager, and many more. The US Department of Labor refers to these professionals as medical or health services managers. This healthcare field is called healthcare management or healthcare administration. The educational credentials for healthcare managers include Masters of Public Health (MPH), Master of Business Administration in Hospital Management (MBA-HM), Master of Health Services Administration (MHSA), and Master of Public Administration. Some may also have medical degrees such as Bachelor of Science in Nursing (BSN), Doctor of Medicine (MD), or Doctor of Pharmacy (PharmD).
Healthcare management is the business aspect of healthcare and is responsible for care management which includes establishing policy, reimbursement issues, hiring personnel, ensuring compliance with laws, tracking and measuring quality of care, enforcing guidelines, purchasing drugs and durable goods, and making sure that the healthcare organization is financially sound. Essentially, they manage healthcare services in clinics, hospitals, hospital systems, managed care organizations, public health agencies, ACOs, long-term care facilities, and other health organizations.
Healthcare management jobs outlook and salary
In the last few years healthcare management jobs have proliferated and the bureau of labor projects 22% growth or 68,000 additional jobs from 2010 to 2020, faster than the average growth rate for all occupations. According to the 2012 Bureau of labor statistics, the median salary for healthcare administrators is $84,270 and top earners earn over $144,880 annually.
For those exploring healthcare careers, healthcare management may be a very rewarding and fulfilling alternative to traditional jobs in health care. Projected growth in this sector and the complexity of our health system suggests that the importance of this sector will continue to grow and it is a viable option for long-term career growth.
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