Medical Executive Management Leaders Command Excellent Salaries
As Baby Boomers age and begin to make larger demands on the American health care system, the need will also increase for medical facilities and for medical executive managers to run them. As a result, career prospects for aspiring medical executive managers are favorable. This is especially true for candidates with advanced degrees.
Medical executive managers are typically paid well for their services. Individuals at the executive level command salaries that sometimes reach six figures. Although some evening and weekend hours may be required to deal with emergencies, medical executive management leaders usually work a regular five day weekday schedule, leaving time to pursue leisure activities and spend time with their loved ones.
Career and Salary Prospects
Career opportunities in healthcare management are expected to increase 22 percent between 2010 and 2020, which is higher than the national average, according to the Bureau of Labor Statistics. The skills needed to excel in this position include subject matter knowledge in medicine as well as business savvy. The best preparation for a career in medical executive management leadership includes earning an advanced degree, along with work experience.
As of May 2010, the median annual salary for medical and health services managers was $84,270, according to the Bureau of Labor Statistics. The lowest average wage for medical and health services managers for the same period was $51,280. Medical and health services managers in the top 10 percent earned more than $144,880.
What Medical Executive Managers Do
Executives and managers in the medical field work closely with healthcare professionals, including physicians, nurses and technicians. They are in charge of ensuring that the facility runs efficiently, adheres to its budget and operates within the law and ethical regulations. They may operate within a single department or be in charge of every division within a research hospital.
Medical executive managers direct the purchase of new medical equipment. The transition from paper patient files to a computerized record keeping system falls under the direction of medical executive directors. Medical executive managers create and maintain work schedules for medical facilities staff, represent the facility during board meetings, and set policies for their facilities.
Preparing for a Career in Medical Executive Management
Although it’s possible to enter the field with an unrelated degree, a specialized degree in healthcare management, healthcare administration or a degree in a related discipline provides the most advantageous preparation for aspiring medical executive managers. A bachelor’s degree is almost always the minimum level of education required, according to the Bureau of Labor Statistics. Many positions require candidates to have advanced degrees, often a Master of Healthcare Management degree. Some programs offer a Master of Business Administration or a Master of Public Policy degree – with specializations in healthcare management or healthcare related fields.
Managers of nursing care facilities require licensure by all fifty states in the United States. Some states also require licenses for administrators of assisted-living facilities. In addition to education, on the job experience in related areas is important.
For instance, nursing services administrators frequently are registered nurses with extensive administrative experience, along with advanced degrees. However, candidates who have extensive relevant experience may be able to overcome the lack of formal education. One example cited by the Bureau of Labor Statistics is that of a physical therapist who has administrative experience obtaining a position as a manager of a physical therapy facility.
Educational Programs
Many respected educational institutions offer degrees in healthcare management, ranging from certificates and associates’ degrees to masters’ degrees and even doctoral degrees such as the Master of Health Services Administration at the University of Michigan and the Doctor of Philosophy in Health Policy and Administration at Yale. Online institutions allow individuals to earn degrees, including advanced degrees, from the privacy of their own homes, eliminating the necessity to quit their jobs or uproot their families.
Sarah Rawson is an avid blogger and independent researcher. She has recently been researching various online MPH Degree programs and reporting her findings to various higher education blogs.
For Further Reading
• ACHCA: American College of Health Care Administrators
achca.org/
• AHIMA: American Health Information Management Association
ahima.org/
• Bureau of Labor Statistics: Medical and Health Services Managers
bls.gov/ooh/Management/Medical-and-health-services-managers.htm
• Commission on Accreditation of Healthcare Management Education
cahme.org/index.html
• DHR International Executive Search: Physician Management – Evolving Medical Group Models Need Special Leadership Skills for Success
dhrinternational.com/about/pressroomview.aspx?pressid=1097
• Education Portal: Top Schools for Health Management and Clinical Administration
education-portal.com/articles/Top_Schools_for_Health_Management_and_Clinical_Administration.html
• Guide to Online Schools: Online Healthcare Management Degrees
guidetoonlineschools.com/degrees/healthcare/healthcare-management
• O-Net Online: Medical and Health Services Managers
onetonline.org/link/summary/11-9111.00#Education
• PAHCOM: Professional Association of Health Care Office Management
pahcom.com/
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