If you want a job, go to industries that are on the rise. When that growth is fast, you can also bet there will be a need for smart management. Health care is exactly in that position, which is why an MBA in health administration can be such a smart career move. And there are many types of positions that are looking for talented and skilled people.
How big is U.S. health care? In 2010, total health expenditures were $2.6 trillion, or $8,402 per capita according to the Centers for Disease Control. Since the passage of the Affordable Care Act in 2010, health care inflation is at its lowest rate in 50 years and spending growth is down to 1.3 percent a year, less than a third of the historical average since 1965.
Has the industry peaked? Don’t bet on it. These numbers do not account for the insurance mandate on individuals, nor for the subsidies to help people get insurance. When people have health coverage, particularly with all of the required preventative care, you can expect them to use it more frequently. According to the Office of the Actuary at the Centers for Medicare and Medicaid Services, projected annual growth from 2012 to 2022 will be 5.8 percent. That will increase pressure on the industry to become more efficient.
CollegeRecruiter notes 10 healthcare management careers, including the following:
- Information technologist — oversee the information systems that power electronic medical records at health care facilities.
- Health care administrator — someone has to manage clinics, doctors’ practices, and hospital departments.
- Medical sales manager — companies that sell pharmaceuticals, medical devices, or supplies have inbound and outbound sales teams that need direction and management.
- Health care actuary manager — working for insurance companies or providers, they minimize financial risk.
- Clinical research administrator — researchers with their heads in clouds of research need down-to-earth people who can ensure that work meets regulatory requirements.
- Clinical department manager — someone needs to run the department, keep it on budget, get needed resources, and meet goals.
- Community resource advisor — some categories of patients, like the elderly, the disabled, and those on some form of government support may need extra help in getting information or obtaining potential resources.
- Trauma manager — many patients can experience emotional and mental trauma from battling a disease. The trauma manager runs the department that works to help these people.
- Revenue cycle manager — getting cash in the door from services provided can be a drawn-out process. Revenue cycle managers work to track costs and expenses as well as speed the receipt of payments.
- Marketing and public relations — like any business, a health care facility must promote itself, which means people who can run marketing campaigns and integrate them with the rest of the operations.
And those aren’t all the positions you might find. Health care informatics, purchasing, facilities — there’s a long list of work that needs to be done, and people that need to be hired.