In recent years, the healthcare industry has become one of the largest employers in the country. In addition to the professional services provided by nurses, doctors, techs and other types of clinicians, healthcare requires professionals on the business side of the industry, too.
Just How Big Is Healthcare?
According to the Committee for a Responsible Federal Budget, the U.S. spends more than twice the average of other developed nations on healthcare. In 2017, the United States spent about $3.5 trillion on healthcare — 18% of the country’s GDP. Of that amount, $1.5 trillion, or 8% of the economy, was financed by the federal government.
It is estimated that by 2028 the government’s portion will grow to $2.9 trillion — 9.7% of the economy. When it comes to healthcare spending both by private citizens and by the federal government, there’s no slowing down in sight, so the industry is expected to thrive for years to come.
Healthcare Jobs Come in All Shapes and Sizes
In 2017, the healthcare industry surpassed both retail and manufacturing to become the largest source of jobs for the U.S. workforce.
There are many reasons for this growth, chief among them being an aging population with increased healthcare needs. Job growth in the healthcare sector comes largely from the demand for support professionals with administrative and management functions. An MBA with an emphasis in Healthcare Leadership positions graduates for these roles within the healthcare realm. A specialized MBA can also help healthcare professionals like doctors, nurses and other clinicians become more familiar with the business side of their industry.
Healthcare jobs will only continue to grow in number in the coming years — the U.S. Bureau of Labor Statistics predicts that five of the 10 fastest-growing job categories are either in healthcare or in elderly assistance. It also projects that over the next decade the healthcare industry will account for one-third of all new employment.
According to the Henry J. Kaiser Family Foundation (KFF), the United States employed 16,866,020 people in healthcare as of May 2018, with California (1,670,370), Texas (1,333,710), New York (1,246,530) and Florida (1,034,670) topping the list for healthcare employment.
What an MBA in Healthcare Leadership Can Mean Financially
Earning an MBA with an emphasis in Healthcare Leadership can position graduates for well-paying careers.
Career opportunities with the degree include:
- Medical and Health Services Manager
- Medical Director
- Medical Practice Manager
- Risk Director
- Clinical Director
- Quality Assurance Director
- Hospital Administrator
The majority of the aforementioned positions pay well over $100,000 per year. Medical directors average $224,000 per year, according to PayScale, with base pay touching $274,000 at the high end.
Why Pursue an MBA in Healthcare Leadership?
Simply put, the U.S. healthcare industry is a financial behemoth, slated to become the country’s largest provider of jobs. It shows no sign of slowing down as Americans and the federal government continue to pour money into healthcare. This growth means a corresponding increase in the number of leadership and management positions, and earning an MBA in Healthcare Leadership puts graduates on the fast track to securing lucrative jobs in a burgeoning field.