Is Earning a Master’s in Healthcare Administration Worth Its Cost?

Going back to school to earn a master’s degree in healthcare administration is costly in terms of time and money. But do the benefits outweigh the costs? Well, considering jobs in the healthcare field are expected to grow by 15% in the next decade — exceeding the growth projections for jobs in every career — it is certainly worth considering.

As a healthcare administrator, you would be responsible for a variety of tasks that ensure the smooth operation of a hospital or clinic. Here are just a few aspects you would manage:

• Budgets and finance
• Quality control
• Human resource
• Healthcare Policy
• Regulatory compliance
• Training and development
• Emergency planning
• Vendor communications

Since your responsibilities would encompass so many different tasks, you would need an education that is well-balanced. This is where a Master of Health Administration (MHA), which addresses all of these aspects, comes into play. You can opt for the traditional route or learn online. Many universities also offer part-time programs, which allow students the flexibility to continue working while earning their degree.

Why might somebody pursue an MHA? In most cases it is because they are interested in helping patients’ wellbeing, but do not want to take part in the hands-on care that physicians and nurses provide. Instead, they want to help the hospital or clinic run efficiently and staff it with the best possible people. If this sounds appealing to you, here are five healthcare administration jobs that you should consider:

1. Practice Administrator

Running a small to mid-sized dental practice, mental health clinic or physical therapy office takes a great deal of coordination. As the practice administrator, you would handle everything from hiring to budgeting to customer service issues. No two workdays would be the same, which is ideal if your goal is to avoid monotonous work.

2. Healthcare Consultant

When a healthcare organization is looking for ways to improve and grow, they prefer to hire an outside person. Your job as a healthcare consultant is to travel to these clinics and identify what they’re doing right and what they can do to get better. It helps to have previous experience as a healthcare administrator and a proven track record of success with helping the organization reach its goals. Having a background in data analysis is also necessary. Finally, you should be sociable and be okay with being on the road a lot.

3. Chief Operating Officer

When pursuing your MHA, you will learn a lot about how to hire and manage the right people for the healthcare organization as well as how to train them properly. These are the essential skills of the COO, an executive position within the hospital/clinic, and one who likely reports directly to the CEO. As a problem solver, you will determine how to keep the facility running efficiently. Before landing this job, you will need to gain years of experience in operations management.

4. Director of Operations

As the director of operations, you will coordinate the activities of the hospital/clinic’s workforce. In particular, you will determine their roles and plan out how they can best contribute to the organization. In addition, you might be tasked with negotiating with third-party vendors when making purchasing decisions, such as supplies and equipment. As a result, strong communication skills are a must. Technically, you would not be considered an executive, but you would nonetheless carry out many of the same duties as the COO. In fact, if you’re really good at the job it can be the pathway towards becoming a COO yourself.

5. Chief Executive Officer

Looking to run the show yourself? As CEO of a hospital or clinic, your job would be to develop the organization’s vision and make major decisions. Of course, having an MHA is the minimum requirement for this job. You also need years or even decades of experience as you climb up the ladder. The best candidates have strong leadership skills, business acumen, and the ability to make difficult decisions without hesitation.

Conclusions

If you love taking on multiple duties and want to make a difference in the lives of thousands of people, an MHA could be the right decision. Whether you would like to try your hand at operating a business, human resources, management, sales coordinating, or ensuring the organization is in compliance with government regulations, the options are plentiful. Plus, the average salary for a healthcare administrator is roughly $80,000 a year, but if you work your way to the top it can easily top six figures! So if any or all of that sounds appealing to you, search around for the right university to get started.