Healthcare management is one of the fastest-growing career fields in the country. Those who take advantage of this growth can enjoy excellent job security, mobility, and earnings, making it a great opportunity for individuals looking for a career change. Saint Mary’s University of Minnesota offers healthcare management degree programs for aspiring healthcare managers. Here, we discuss how our academic programs can help you start earning a healthcare management salary upon graduation.
What Is Healthcare Management?
The medical industry is going through a period of upheaval. America’s aging population demands quality healthcare. Meanwhile, the rising emphasis on health insurance and the prevalence of electronic records are transforming the industry. In the face of all these changes, healthcare providers and organizations need effective management to stay organized.
Healthcare management is the career field responsible for overseeing healthcare facilities. These roles are not directly involved with patient care. Instead, they serve to enhance medical treatments through effective organization. They look at the bigger picture, ensuring that the facility runs smoothly in its day-to-day operations. With policymaking, budget planning, staff training, and compliance practices, they make sure medical professionals are empowered to deliver the high level of care patients expect.
Healthcare Management Responsibilities
Healthcare management is a diverse field that encompasses a variety of roles, and responsibilities often depend on the specific role. In general, however, they may include:
- Developing and implementing organizational procedures
- Researching strategies to improve standards of patient service
- Recruiting, training, and managing staff members
- Managing finances, including budgets, patient fees, and billing
- Maintaining accurate records of facility services
- Ensuring compliance with health and data protection regulations
- Representing the facility at governing boards or investor meetings
With such a variety of tasks to complete, work as a healthcare manager will never get boring. There will always be new challenges to overcome – and every success is meaningful when it comes to improving medical care and saving lives.
Skills for Healthcare Management
Professionals in healthcare management positions utilize a wide range of skills, including both “soft skills” and practical competencies. Some important ones include:
Communication
Healthcare managers must be able to effectively communicate their goals with teammates, employees, governing boards, or shareholders. They must also listen and take feedback to best understand how their decisions affect others in their facility, healthcare network, and beyond.
Collaboration
As leaders, managers don’t work alone. They must coordinate with their team to maximize efficiency and eliminate costly mistakes. To do this effectively, they must build trust within their area and across the organization.
Problem-Solving
Healthcare managers are tasked with making several crucial decisions that impact nearly everyone in an organization. When unexpected expenses derail the budget, when sickness causes a staffing shortage, or when paperwork issues interfere with patient billing, it is the manager’s job to resolve the issue with strategic problem-solving.
Research
Healthcare managers must maximize their facility’s effectiveness and efficiency. Often, this requires research to identify the best solutions. Research skills are also necessary for gathering data on facility operations, such as budgets and billing, to identify strengths and areas for improvement.
Data Analysis
After gathering data through research, healthcare managers must analyze it to gain insightful, actionable information. The analysis is invaluable for identifying causes for inefficiency, forecasting outcomes, and identifying critical solutions to resolve issues or to optimize operations.
Finances
Healthcare managers are often responsible for their facility’s finances, including budgeting, patient billing, and insurance. By handling finances effectively, healthcare managers can make care accessible to patients while ensuring that their facility has the funding necessary to perform high-quality service and make improvements.
Staff Management
Healthcare managers are often responsible for employees. They must identify gaps in staffing or skills and work to fill those holes with recruitment, effective training, or scheduling. They must also advocate with their organization on behalf of staff members.
Project Management
Like any other business or industry, healthcare organizations have objectives. Managers must be able to effectively determine a realistic goal, lay out a reasonable project timeline, and proactively work to avoid obstacles or complications that may interfere with project completion.
Attention to Detail
In healthcare, even the most seemingly insignificant details can impact the lives of patients. Managers are responsible for ensuring a high quality of service without errors or gaps. Process and safety reviews are important tools in a healthcare manager’s belt. For these to be effective, however, the manager must have exceptional attention to detail.
Healthcare Management Salaries and Outlook
The diverse skill set required in healthcare management may make these roles challenging. Many individuals, however, find their work highly rewarding – both for the challenge itself and for the financial and career benefits it offers.
One of the most appealing rewards is income. According to the U.S. Bureau for Labor Statistics (BLS), healthcare management careers enjoy excellent earnings. Their average pay was $117,960 per year in May 2024. As with any career, workers can expect a range of salaries. The lowest 10% in 2024 earned less than $69,680, while the highest 10% earned more than $219,080. This range suggests many opportunities to grow one’s career and earning potential.
Although healthcare management salaries are satisfying, compensation isn’t the only attractive factor. People also want security in their positions and the confidence that they can find employment wherever they go. Medical management offers these benefits, too. BLS predicts a skyrocketing 29% growth in employment for medical and health services managers over the next decade. This rate is far higher than most other careers, signifying an extremely high demand. With about 61,400 new openings expected annually, there are many opportunities for employment.
Healthcare Management Specializations
Healthcare management also offers the option to specialize. The field encompasses a wide variety of roles, each with a valuable part to play in their organization, including:
- Administrator: Oversees a hospital’s overall operations to ensure that patient care is delivered effectively and efficiently.
- Medical director: Provides leadership and guidance to clinical staff, monitors patient care, and identifies areas for improvement.
- Health information manager: Responsible for the secure collection, storage, and retrieval of paper and electronic patient documents.
- Human resource manager: Manages a healthcare organization’s staffing needs, including recruitment and training.
- Financial manager: Expertly manages an organization’s financial operations to ensure tight budgeting and accurate accounting.
- Insurance specialist: Responsible for insurance claims and billing processes, making sure the facility receives appropriate payment for services provided.
You can further specialize depending on your work setting. Healthcare managers can find employment at hospitals, clinics, nursing homes, social services, rehabilitation centers, and more. You can follow your passion in pursuing a placement that is meaningful to you.
How to Become a Healthcare Manager
If healthcare management sounds like a career for you, Saint Mary’s University of Minnesota can help you get started. Most employers require a bachelor’s degree as the standard entry requirement. We help students meet this requirement with high-quality online degree programs.
Additionally, we offer graduate-level certificates and a master’s degree, which can help graduates stand out in the job market while preparing them for more advanced roles. Find a strong start to your career with the following program selections:
Healthcare Management Bachelor’s Degree Program
Whether you’re just starting your college journey or ready to continue your bachelor’s degree, our online Bachelor’s in Healthcare Management program is designed to fit your needs. Fully online, it allows you to begin or complete your degree while also offering courses that can count toward a future master’s, helping you fast-track your graduate education.
Healthcare Administration Certificate
The Healthcare Administration Certificate program is designed for working professionals who want to advance their careers with new credentials. This graduate-level certificate prepares students for managerial and leadership positions within the healthcare industry. The 100% online format provides the flexibility needed to maintain work commitments while working toward certificate completion. Credits may also be applied toward a master’s degree for those who wish to further their education.
Healthcare Analytics Certificate
The Healthcare Analytics Certificate program is another option for professionals looking for additional credentials. This program focuses on the intersection between healthcare and technology, including electronic records, data analytics, artificial intelligence, and more. This is delivered with the strong ethical foundation necessary for healthcare careers. Credits may be applied toward an online Master’s in Business Intelligence and Data Analytics for an extra edge in a competitive field.
Healthcare Administration Master’s Degree
A Master’s in Healthcare Administration degree is the highest credential for would-be healthcare managers. Our program enhances students’ skills in a variety of areas, including care delivery, finance, technology, and project management, empowering them to serve as strategic and effective leaders. The program is fully online, giving students extra flexibility when balancing school and life responsibilities, and can be completed in under two years to fast-track students toward their future careers.
The Saint Mary’s Difference
Saint Mary’s University of Minnesota is a private, nonprofit Lasallian Catholic university committed to academic excellence. We offer a variety of highly respected and affordable programs in the state of MN and beyond. Founded in 1912 and accredited by the Higher Learning Commission, we now serve 850 full-time undergraduate students and 3,285 graduate and professional students. We welcome all eager learners to study with us in pursuit of new career opportunities, whether in healthcare management or in other leading industries.
In every Saint Mary’s classroom, whether online or at one of our three campuses, students will find a relationship-driven, person-centered education. We encourage intense inquiry to help students uncover valuable truths about the world and their own characters – giving them a strong ethical foundation that will carry them into a successful healthcare career.
Become a Healthcare Manager at Saint Mary’s University of Minnesota
Start your journey to earning a healthcare management salary at Saint Mary’s University of Minnesota. Request information to learn more about our healthcare management programs. If you are ready to start learning, apply for admission today.
