High-Paying Careers in Healthcare Administration – The Healthcare Administration sector has taken a significant leap in terms of promising and high-paying careers recently, especially after the beginning of the pandemic in 2019.
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Healthcare Administration Careers
If you are unsure about opting for healthcare as your major and don’t want to deal with patient care directly, you can be a part of an administration team. That is why you should opt for a career in this field if you have the following inherent qualities in you.
- Able to work in a hospital environment, in case you can handle yourself well in a chaotic situation and love to work in such an environment.
- Able to lead a team or be part of a team that is into finances, administration look after, and the business side.
You can easily obtain a Healthcare Administrator degree through many special programs in any of the leading universities, either going for an associate degree, a bachelor’s, a master’s, or a doctorate.
Some Major Universities Provide Degrees in Healthcare Administration
- University of Florida
- University of South Carolina
- University of Pittsburgh
- Texas State University
- Cornell University
- University of Washington
- Rutgers University
The majority of these universities provide a Masters in Health Administration as their main course. Their fees range from 35,000 to 50,000 USD annually.
What is the duty of a Healthcare Administrator?
You generally interact with the hospital or clinic receptionist, nurses, a doctor, and ward boys whenever you visit a hospital.
There is an admin team responsible for work other than patient care like financing, hospitality management, managing sales, human resources, managing all the medical records, legal, and maybe insurance claims.
We live in a digital era where information sharing is very fast and, most of the time, accurate. Nowadays, various devices can track the health condition of any individual and, in case of emergency, can also notify nearby hospitals.
Gadgets like a smartwatch were once able to predict a possible heart attack and immediately notify the emergency number of a hospital. Now, in this case, we need an expert back-end team at the hospital who may intercept such an event and work on it, so this healthcare administrator plays a vital role in the overall functioning of a healthcare institution.
10 High-Paying Careers in Healthcare Administration
A government survey in the USA found that the average income from healthcare and medical services was more than $100,000 in 2019. The jobs or career path one can opt for while doing a course in Healthcare Administrator.
Health Information Manager
- As the name suggests, one has to manage the information that various departments receive in a health clinic.
- If you are good with the data and processing it, you might also need some coding and software-related experience.
- According to a mandate by the American government nowadays, this position is becoming extremely important.
According to a recent survey, the average salary compensation of a Health Information Manager is around $95,000.
Healthcare Consultant
- They are the ones handling the operational issues in a healthcare institution.
- They are required to communicate with clients, analyze the operational revenues, collect different financial statements, and act on those findings.
- Healthcare consultants are required to communicate with clients to pinpoint operational issues and resolutions, analyze employment figures and revenue, and collect all these facts and figures. They are also liable to figure out the best performance by optimum use of resources.
The average salary compensation of a Health Consultant is around $90,000 as of a recent survey.
If you are looking for college, then you must read this article 12 Most Generous Universities for Financial Aid.
Nursing Home Administrator
- Nursing home administrators act as the patient’s liaison between staff and doctor.
- The one who is playing this kind of role in a hospital has to ensure quality healthcare through frequent and necessary communication between both parties.
- They also have to ensure the regular visits of nurses and doctors.
There can be various other roles that may depend on the expertise and experience level you possess. Depending on which one can become a Healthcare Manager, Healthcare Administrator, Hospital Administrator, Pharmaceutical product head, and Hospital CFO.
The average salary compensation of a Nursing Home Administrator is around $110,000 to $140,000 as of a recent survey.
Pharmaceutical Product Manager
- A pharmaceutical product manager understands the market’s needs and notifies the manufacturer accordingly.
- The entire product cycle, from manufacturing to branding and sales, comes under the supervision of a pharmaceutical product manager.
- It is important to understand medical codes, which may depend on their research, as warnings and interactions are always listed on the labeling.
According to a recent survey, the average salary compensation of a Pharmaceutical Product Manager is around $130,000 to $140,000.
Healthcare Marketing Manager
- A healthcare marketing manager is more of a market expert; their role might be pharmaceutical product managers.
- They have a strong marketing knowledge as well as the in and out of all the healthcare laws.
- They act as a bridge to understanding the needs of patients and make them aware of different healthcare programs introduced by hospitals, healthcare insurance companies, etc.
The average salary compensation of a Healthcare Marketing Manager is around $75,000 to $80,000 as of a recent survey, with a prediction of 6% growth by 2029
Chief Nursing Officer
- The chief nursing officers are the highest position in healthcare management in a nursing department.
- The main responsibility of the chief nursing officer is managing the nursing department.
- For this role, you need to have a Bachelor’s degree with an equivalent level of experience level.
The average salary compensation of a Chief Nursing Officer is around $130,000 to $135,000 as to a recent survey, this role has an expected growth of over 20% in coming years.
Hospital Administrator
- Hospital administrators are in charge of planning and managing the everyday operations of a hospital or healthcare facility as well as the medical services provided.
- Among other tasks, they supervise the management of personnel and budgets, coordinate between various departments, and ensure quality patient care.
The average salary compensation of a Hospital Administrator is around $200,000 to $300,000 as to a recent survey.
Hospital CFO
- A hospital Chief Financial Officer (CFO) manages all the possible financial operations in the health institution.
- One of the many responsibilities of a hospital CFO is making the budget, managing the overall budget, and formulating different financial strategies to increase productivity and revenue.
The average salary compensation of a Hospital Chief Financial Officer is around $200,000 to $220,000 as to a recent survey.
Hospital CEO
- The role of a Chief Executive Officer in a hospital is crucial; like the other industries, they manage the overall management responsible for running a hospital.
- Their prime job is allocating efficient resources to improve patient care.
The average salary compensation of a Hospital Chief Executive Officer is around $200,000 to $250,000 as to a recent survey.
Nursing Director
- The chief role of the Nursing Director is to make sure the best practices of nursing are going to be implemented, such as infection prevention procedures and other duties to oversee shift changes, recruiting new nursing staff, and their robust training.
- You can move up in the hierarchy and get a position of Nursing Director if you have managerial acumen and are excellent in patient care.
The average salary compensation of a Nursing Director is around $140,000 to $180,000 as to a recent survey.
Above are various roles in which you opt to pursue your career in Hospital Administration. These are the roles in different departments you can climb up in the hierarchy and have a promising career out of it depending on your expertise and experience level.
Below are questions and answers that can arise in the mind of individuals before choosing Healthcare Administration as a career.
Is having a higher qualification beneficial for working in Healthcare Administration?
You get experience working in low-level marketing, operations, risk management, and managed care analysis positions by doing simple entry-level or graduation-level courses from the colleges mentioned above.
A higher degree and good hands-on experience will boost your career. You may opt for getting a Master’s Degree or even a Doctorate.
Below are questions and answers that can arise in the mind of individuals before choosing Healthcare Administration as a career.
Frequently Asked Questions
What should be the inherent qualities one should have to opt for Healthcare Administration?
The major skills and characteristics one should have to enter Healthcare Administration.
1. Problem-solving skills, you may be bombarded with lots of tight situations. You need to handle them calmly, showing your people’s skills.
2. You need to have some leadership qualities. You are a member of the core management committee; hence, you are responsible for smoothly running things.
3. You need to have strong interpersonal skills, including a strong hold on verbal and written communication.
4. You are ready to work odd hours in a strong-pressure situation. You will act as a facilitator, not just any employee.
What are the major key responsibilities you have once you choose to enter this field of Healthcare Administrator?
The major responsibilities of a Healthcare admin area
Managing finances, marketing, and overall revenue drive of your hospital. May deal with the patients for fees and service-related issues. Maintaining laws and regulations, responsible for abiding by all the compliances. Training the team about new technologies and ways to work effectively.
What is the opportunity and growth level in this field?
There is immense growth in terms of developing the skillsets and career growth in monetary terms. As per your experience level, you go high up in the working hierarchy, getting a huge career lift in terms of exposure and money.
What may be the most significant challenges faced while working in the Administration field?
Unavailability of trained workforces. Limitations in terms of technological advancement and finances. Managing the workforce working in different domains.
So these were the 10 Glorifying and High-Paying Careers in Healthcare Administration you can start your career with.