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Why Get a Master’s Degree in Healthcare Management?

Image: Why Pursue an Online Master's Degree in Healthcare Management

If you’re thinking about pursuing an online master’s degree, you may want to consider a master’s in healthcare management. The healthcare industry is one of the fastest-growing, most dynamic industries. Why? As the population grows, ages and stays active well into their senior years, it only makes sense that there will be a greater demand for all types of health-related products and services. Managers, administrators and leaders of all levels will be needed to help oversee all of this growth and change.

The need for healthcare managers is projected to grow a whopping 22% from 2010 to 2020, according to the Bureau of Labor Statistics*. But opportunity isn’t the only reason why you should consider breaking into or advancing in this complex industry. Here are five reasons why getting your master’s degree in healthcare management could be a smart career move:

Variety. Getting your degree in healthcare management doesn’t mean you have to work in a hospital. On the contrary, the healthcare industry is vast, and managers have a great deal of choice with regard to what type of organization they can join and what types of functions they manage within an organization.

Types of healthcare organizations include:

  • Nursing care facilities
  • Medical practices
  • Insurance companies
  • Medical supply
  • Pharmaceutical companies
  • Research labs
  • Consulting firms
  • Medical technology firms
  • Government agencies
  • Charities
  • Associations

Competitive Pay. It’s important to consider compensation in any industry you hope to enter. The median annual wage for a Medical and Health Services Manager was $84,270 in 2010*.

Degree Required. A bachelor’s in business administration or health administration is required for many healthcare management jobs, but master’s degrees are also a common requirement. Many healthcare workers seek a master’s degree in healthcare management to accelerate their careers or gain the specialized skills and knowledge they need to lead more effectively.

Versatility. Advanced degrees in healthcare management are specialized, but the course of study also teaches skills across many disciplines: business, accounting, finance, ethics, technology and marketing. Should you decide to exit the healthcare industry, those skills and experiences likely will still be very much in demand.

Rewarding work. The need for healthcare touches everyone, as maintaining good health is important no matter who you are, where you live or what you do. As a manager in the healthcare industry, you could have the power to effect change, improve the health and well-being of those in your organization’s care and even touch the lives of entire communities.

*Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012 – 2013 Edition, Medical and Health Services Managers, August 12, 2013