What can you do with a master’s degree in Healthcare Management?
Working in the healthcare sector can be extremely rewarding, using valued professional qualifications to really help to make a difference in the smooth running of operations around the management of hospitals, clinics and other health-related organizations.
The field of healthcare management is expected to grow by 17% through 2024—much faster than average.1 A master’s degree in Healthcare Management could open up new opportunities in this field—especially considering that, according to the U.S. Bureau of Labor Statistics, employers tend to prefer candidates with a master’s over those with only a bachelor’s.2
In addition, a master’s degree can show your passion for the field, demonstrate your knowledge of both the underlying theory and current practices, and underscore your professional experience. According to the U.S. Bureau of Labor Statistics, people who have a master's degree earn 18% more per week than those with a bachelor's degree.3
The Day-to-Day Role
Typically, healthcare managers work closely with physicians, nurses, and laboratory technologists and technicians. Their duties can include:
● Conducting and administering fiscal operations, including accounting, planning budgets, authorizing expenditures, establishing rates for services and coordinating financial reporting
● Directing, supervising and evaluating work activities of medical, nursing, technical, clerical, service, maintenance, and other personnel
● Maintaining communication between governing boards, medical staff and department heads
● Reviewing and analyzing facility activities and data to aid planning and cash and risk management and to improve service utilization
● Planning, implementing and administering programs and services
Directing or conducting recruitment, hiring and training of personnel
● Establishing work schedules and assignments for staff, according to workload, space and equipment availability
● Monitoring the use of diagnostic services, in-patient beds, facilities, and staff to ensure effective use of resources and assess the need for additional staff, equipment and services
● Developing and maintaining computerized record-management systems to store and process data such as personnel activities and information, and producing reports.2
Working in healthcare management often involves:
● Case management
● Process improvement
● Business development
● Staff development
1Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2016-17 Edition, Medical and Health Services Managers, on the Internet at http://www.bls.gov/ooh/management/medical-and-health-services-managers.htm (visited October 24, 2016).
O*Net OnLine, Summary Report for Medical and Health Services Managers
, on the Internet at http://www.onetonline.org/link/summary/11-9111.00 (visited June 27, 2016).