Working in health care might sound scary at first. People tend to think that once you get into a career in this sector, you are doomed to work long hours and with no flexibility. Although that may be true for doctors, it does not mean that it should be the case for all health care workers.
A Master’s degree in Healthcare Administration may be the most suitable option if you’re looking for a smooth entrance into the world of healthcare. Students who earn such a degree have to complete a course of study and gain enough knowledge for careers in health administration. These careers involve the management of hospitals and other health services organizations, as well as public health infrastructure and consulting.
So, if you’re asking, “Is a master in healthcare administration worth it?” stay with us to find out the answer!
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Is an MHA Degree Worth It
Of course that with all the costs of the education, you’ll be asking yourself whether a Master’s degree in Healthcare Administration is even worth it? What will I get out of it?
Well, an MHA degree provides you with the chance to contribute to an emerging field, while impacting and improving the wellbeing of a wide range of individuals. If what you’re looking for is not just a sense of emotional fulfillment, let us walk you through other reasons why you should get a master’s degree in Health and Administration.
1. The Outlook Is Great
According to the U.S. Bureau of Labor Relations, the economic outlook for health administrators is nothing but optimistic. In 2014, the Health Administration was one of the largest fields of employment in the country, with more than 330,000 available positions.
And that’s not expected to change anytime soon. In fact, the BLS estimated a 17% career growth opportunity in this field for the next ten years, which is much higher than the percentage of the national average. And it gets even better. Despite relatively low entry requirements – the average work experience is less than 5 years.
2. What Can You Do With a Master’s In Healthcare Administration?
Considering the economic outlook from the BLS, it’s no surprise that an M.S. in healthcare administration opens doors to numerous careers. You can get involved in different positions on 3 of the main sectors employing MHA graduates:
a) Healthcare Suppliers
- Group physician practices
- Nursing homes,
- Home healthcare organizations,
- Mental health organizations,
- Rehabilitation centers
b) Health Insurance Organizations
- Consulting firms
- Healthcare management companies
- Companies that develop, manufacture and market healthcare supplies and equipment
- Pharmaceutical organizations
- Biotechnology companies
- Educational organizations
c) Healthcare Policy Organizations
- research analyst
- utilization manager
- quality improvement coordinator
- client manager
- director of strategic planning.
A master’s degree in healthcare administration equips professionals to manage hospitals or other medical facilities. It can make you more appealing to employers searching for management-level professionals with medical-specific skills and knowledge.
Moreover, a master’s degree in healthcare administration prepares you to be a leader in the rapidly evolving healthcare business. . In general, jobs in healthcare administration are in high demand and pay well. Below, we have listed the top 6 positions you can get with a master’s degree in healthcare administration:
- Practice manager – annual salary of $112,839.
Practice or clinic managers generally control daily operations at a private practice or specialty clinic. They are involved in all elements of the organization, including billing, business planning, budgeting, reviewing employee performance, hiring, and firing.
- Clinical director – annual salary of $99,003.
Clinical directors manage the day-to-day operations of clinics or practices, with a focus on patient care rather than business objectives. They are in charge of hiring, training, and evaluating medical personnel, as well as establishing work schedules.
- Director of rehabilitation – annual salary of $94,340.
Directors of rehabilitation are in charge of special facilities or divisions inside hospitals that offer mental, physical, vocational, or substance misuse rehabilitation treatments. They manage employees, review performance, keep operations on budget, design efficient procedures, and ensure the department complies with state and federal regulations.
- Hospital administrator – annual salary of $74,905.
Hospital administrators are in charge of the day-to-day functioning of entire hospitals. They generate budgets, determine service prices, design and maintain policies, and ensure that the staff is giving the best care to their patients. They are also active in public relations, personnel evaluation, and departmental communication.
- Health information manager – annual salary of $63,413.
Health information managers work in information technology in hospitals, government agencies, nursing homes, research institutions, and other settings. They create and maintain digital health data and information platforms for organizations.
- Medical records supervisor – annual salary of $55,975.
Medical records supervisors typically operate in a clinic’s records department and are responsible for managing and tracking health records and patient data both electronically and physically. Medical records supervisors are in charge of keeping this confidential info structured, up to date, and secure.
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3. It Works Well with Other Degrees
The healthcare administration sector is not limited to individuals with a bachelor’s degree in this field only. We constantly see former communication, management, nursing, or other graduates study and succeed in our M.S. in Healthcare Administration program.
That’s because the focus of an MHA program is not to narrow down your skills or ambitions. Instead, it aims to give you a broad understanding of the variety of functions that go along with managing a health-related organization. That’s why if you are interested in a career in healthcare, this degree can suit you just fine regardless of your professional or academic history.
4. Study Options Are at Your Choice
We receive inquiries from many potential students who are working as professionals in the field, and who can’t afford to quit their jobs and start studying full-time. That’s why it’s important to know that you have the option of earning an MHA degree online. It is the nature of the subjects that complies very well with online learning and makes this process a whole lot easier. Through our MHA program here at Potomac University, you can get your master’s degree while creating your own schedule of courses. You can take all of your classes in a single year or split them out in more semesters to adapt to your busy work-life routine.
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How Much Can I Earn with an MHA?
The opportunities that present to you with a master’s in healthcare administration allow you to obtain positions with increased responsibility. As such, you will be able to earn a higher salary as well. Although it depends on your location and position, we can assume that if you have a bachelor’s in Health and Administration, you are probably making somewhere between $32,000 – $52,000, annually. Whereas a master’s degree in healthcare administration can quickly turn tables for you and double the income you are making, regardless of your location.
According to Payscale, the average salary in bigger cities ranges from $63,918 in Los Angeles to $105,393 in New York City. Taking that into account, according to U.S. and News World Report, those who attend school in their home states pay somewhere between $6,500 to $36,000 for a master’s degree. So you could pay for your degree within the first two to three years of starting your new position — if not less.
How does that translate? Well, it basically means that your lifetime return on investment for an MHA could be tremendous. Through a 20-year career working solely in San Francisco, for example, and earning no more than the average salary of $103,187 per year, you would gross at least $2,063,740.
So do you like what you see, and wish to learn more about a Master’s degree in Health and Administration? Then do contact us to take the next steps towards a brighter career.