27 Jun MHA career and salary expectations – The sky is the limit!
You’ve decided you want to pursue a Master of Healthcare Administration (MHA), but do you know what you can expect your salary and job perks to be once you enter into a career? There are a lot of careers to choose from, and many of them offer excellent salaries. Below, we discuss some of the more lucrative career paths for MHA graduates.
Job growth and future prospects
Employment prospects for professionals with a Master of Healthcare Administration are expected to grow substantially in the next 10 years. MHA graduates can find jobs with healthcare providers, healthcare suppliers, consulting firms, biotechnology companies, health insurance organizations, federal and state public health organizations, non-profits, and the list goes on. There are so many career paths to choose from with an MHA that it can make your head spin.
There will be many new opportunities available to graduates with an MHA as the healthcare industry continues to grow. The type of job you get and how much you can expect to earn depends on your interests and ambition.
First steps: expected salary and benefits of entry-level jobs
The ultimate goal for many MHA graduates is to find a position as a medical and health services manager, but these management positions require healthcare experience. There are many entry-level administrative positions in healthcare that can help you get on track for healthcare management. Many of these entry-level jobs pay around $50,000 per year. The budgeting and operations management learned in an MHA program helps put graduates on the higher end of the pay scale.
These entry-level jobs have excellent pay and give you the real-world experience you need to move up to healthcare management:
- Medical office administrator – in charge of day-to-day duties of the healthcare facility
- Medical executive assistant – work with c-suite executives on projects, ensure facility communication is in working order, and write grant proposals
- Healthcare HR manager – direct the administrative functions of an organization (recruiting, interviewing, hiring) and serve as a link between the organization and its employees
- Health information – in charge of maintaining the security of all patient medical records
- Social and community service manager – work with other healthcare professionals, social workers, and community members to coordinate social service programs and community organizations
Some MHA students work in these positions as they pursue their degree. Students with this type of experience have a better chance to enter careers as healthcare managers upon graduation. These positions often pay well, and the perks associated with these beginning positions are all about getting experience and networking. They also help you figure out which next steps you want to take in healthcare administration.
Healthcare Administrator and Senior Management
After you have earned a bit of healthcare experience, most MHA graduates work as healthcare administrators, also known as medical and health services managers or healthcare executives. These professionals take on many roles in hospitals, doctor’s offices, outpatient care centers, home healthcare organizations, and nursing homes. They direct medical facilities so that they conform to changes in healthcare laws, regulations, and technology. They may also oversee the financial management, marketing, public relations, and employees of the facility where they are employed.
According to the Bureau of Labor Statistics, the median pay for healthcare administrators in 2018 was $99,730 per year, and that is before you calculate in the various benefits packages offered by the organizations where they work. Senior managers in healthcare administration can expect to make even higher salaries with even better benefits. Health service managers often move on to positions with more responsibility and a higher rate of pay as they gain experience in their area.
For the ambitious: Hospital C-Suite Executives
After about 15 years of working in an administrative role and a few years in a senior management position, an MHA graduate has enough experience to pursue a career as a hospital C-Suite executive. This includes the CEO, CFO, and COO of a hospital. These positions are the highest paying jobs for MHA graduates to aspire for, and they come with expansive benefits packages.
Hospital CEO – The Chief Executive Officer of a hospital is responsible for making sure all aspects of the facility are running smoothly.
CEO Responsibilities typically include:
- Ensuring patient safety
- Maintaining financial stability
- Promoting quality healthcare and patient satisfaction
- Ensuring policies and procedures comply with laws and regulations
- Recruiting for management and senior positions
Hospital CFO – The Cheif Financial Officer at a hospital is responsible for the financial aspects of running the facility. They also make sure that the other members of their organization understand the financial management aspects of hospital operations. In short, if it has anything to do with how the hospital spends money, the CFO is in charge.
Hospital COO – The Chief Operating Officer at a hospital is responsible for the overall performance of the hospital by studying safety, clinical, and physical results and by ensuring that the quality of medical care meets the hospital’s goals. A COO also ensures the hospital has the necessary medical and administrative staff to meet patient demands and budget constraints.
C-Suite executives make anywhere from $95,000 to $1 million per year depending on their experience, the size of the facility, and location. They also receive additional compensation, such as performance bonuses, retirement packages, and other benefits packages.
Your MHA career: it’s up to you!
Going to school for an MHA is your first step toward a very lucrative career in healthcare administration. Ambitious graduates that pursue hospital C-suite positions can expect to earn very high salaries and excellent benefits. With so many opportunities available, the sky is the limit if you have an MHA!
Get on the right path to a career in healthcare administration with an MHA from Auburn University at Montgomery!
Whether you’re just finishing an undergraduate degree and looking for a next step, or already well on your way down a career path, the MHA program at Auburn University-Montgomery offers a convenient and affordable way to pursue a valuable degree. You can earn your graduate degree in as few as three semesters. And you have the flexibility to take classes entirely online, on campus, or a combination of the two.