Outlook for Master’s in Healthcare Administration Graduates
As more jobs become available for doctors, nurses and other clinicians in the rapidly growing healthcare industry, the need has also grown for qualified experts to take on leadership roles in a number of healthcare administration careers.
Taking on these leadership positions requires a blend of business skills and healthcare industry knowledge – something students can learn in a quality master’s degree program. It’s become more necessary as healthcare comes under increased economic and regulatory pressures. The industry has also shifted to a “value-based” model that puts the emphasis on both efficiency and improved patient outcomes.
It’s created an environment where professionals who want to get explore a healthcare administration career have many opportunities. Those with expertise in healthcare management strategies, as well as the knowledge to apply them in real-world situations, are extremely attractive job candidates.
The Demand for Healthcare Administrators
The demand for healthcare administrators is clear from numbers provided by the federal government. Those numbers project a 20% increase in the number of healthcare administrators by 2026.
An aging U.S. population, along with more awareness of the value in preventive medicine, is partly fueling the need for more administrations, according to the U.S. Bureau of Labor Statistics (BLS).
The annual mean pay for a healthcare administrator position in May 2018 was $99,730, according to the BLS. In New York, that number is $143,340, second only to the District of Columbia in the entire country. In New York, the projected increase in healthcare administrators by 2026 is 22.3%, higher than the national average, according to Projections Central, which uses BLS data to make state-by-state job growth projections.
What You Learn in a Healthcare Master’s Program
At Excelsior College, the Master of Science in Healthcare Administration prepares graduates for leadership in many careers. Healthcare administration careers include leading a hospital or doctors’ clinics or leading a large department. It can also include running a healthcare clinic or becoming a vice president of a large healthcare operation.
Graduates are prepared to lead a healthcare facility in a civilian, military or Veterans Administration setting. The program offers graduates expertise in:
- Theory-based communications strategies
- Leadership strategies in the healthcare environment
- The principles of risk management and quality improvement
- Ethical standards in healthcare
- Analysis of contemporary issues impacting healthcare
Graduates learn leadership skills including strategic planning, leveraging technology in a healthcare environment, managing conflict, building effective teams and giving formal presentations.
A Challenging Future
In the 21st century, healthcare operations face complex challenges. Meeting those challenges requires leaders who understand the healthcare industry in all its detail. They also need to know the latest strategies, tools, and techniques needed to succeed in healthcare and how to apply them to real-world situations.
Those who earn a master’s degree prepare themselves to become that type of leader in a number of healthcare administrator careers. They have both an understanding of the healthcare industry as well as the business strategies needed to improve financial performance. In addition, graduates demonstrate a commitment to lifelong learning and achieving excellence in leadership within the healthcare industry.