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9 Hospital Management Careers

October 6, 2021

 

The healthcare industry is booming. The U.S. Bureau of Labor Statistics projects the demand for medical and health services managers to increase by more than 30% between 2019 and 2029. The hospital industry especially needs strong leaders to spearhead change in this fast-paced, ever-evolving industry.

Aspiring healthcare leaders have a wide range of hospital management careers to choose from. A bachelor’s degree in healthcare administration is a steppingstone to a leadership role in the dynamic healthcare industry, paving the way to an advanced degree that can position a graduate for a role in the C-suite.

What Can You Do With a Healthcare Administration Degree?

A bachelor’s in healthcare administration covers healthcare management, community health, and aspects of the business, such as accounting and marketing. It is designed to prepare students for entry-level positions in the industry and provide a foundation for career growth and graduate-level coursework. As employees move up in their careers and continue their education with certifications and required professional credentials, their salaries can grow to match.

The following nine hospital management careers may be of interest to healthcare administration graduates:

1. Medical Records Manager

The Affordable Care Act of 2010 laid the groundwork for electronic health records (EHRs) to replace traditional paper files. Medical records managers maintain patient EHRs according to privacy laws and ensure they’re complete, accurate, and coded correctly. These professionals are responsible for ensuring all healthcare information is handled in a way that complies with regulations and that staff have the proper training in medical terminology, insurance codes, and policy. The median annual salary for a medical records specialist was $44,090 in 2020, according to the U.S. Bureau of Labor Statistics (BLS).

2. Training and Development Manager

Every industry requires training and development professionals. Hospital training managers use their knowledge of healthcare privacy laws and ethics, technology, and healthcare policy and procedures to develop effective training modules for healthcare staff. The median annual pay for a training and development manager was $115,640 in 2020, according to the BLS.

3. Healthcare IT Manager

Healthcare IT covers EHRs and other patient health records, electronic prescription information, and all privacy and security surrounding this data. Healthcare IT managers are responsible for protecting that data and ensuring only authorized users access it. The median annual salary for a healthcare IT services professional was around $82,600 in May 2021, according to PayScale.

4. Healthcare Data Research Manager

Hospital administrators and public policy makers use healthcare data to understand healthcare outcomes and support decision-making and strategy. Healthcare data research managers collect, clean (make accurate), and analyze datasets based on requests from data scientists, researchers, or executives. The median annual salary for a data analytics manager was around $97,500 as of May 2021, according to PayScale.

5. Healthcare Finance Manager

Healthcare finance managers are responsible for a hospital facility or hospital network’s financial well-being. With specialized healthcare industry knowledge, they provide additional insight into financial activities, such as investments, purchasing, or technology. They must understand the healthcare landscape, including clinical care, insurance, medical research, and more. The median annual salary for a financial manager was $134,000 in 2020, according to the BLS.

Healthcare Administration Leadership Roles

In addition to traditional leadership positions such as chief medical officer or chief nursing officer, the hospital industry is rife with opportunities for leadership roles across a variety of disciplines. For professionals who want to take their careers to a higher level, a Bachelor of Science in Healthcare Administration lays the groundwork for an advanced degree. The following hospital management careers generally require a master’s or doctorate.

6. Chief Compliance Officer

The healthcare industry is heavily regulated. A chief compliance officer (CCO) ensures employees are trained and up-to-date on policies, processes, and procedures. The CCO is responsible for working with the hospital leadership team to establish policies and assess operations for compliance. This is a forward-looking role, proactive rather than reactive. CCOs are aware of all legislation and industry policy changes and establish internal policies to comply with these changes. For example, CCOs must stay current on cyberthreats and work with the IT department to make sure employees are following protocols to prevent security breaches. The median annual CCO salary was about $120,000 as of May 2021, according to PayScale.

7. Chief Diversity Officer

Diversity, equity, and inclusion constitute a pressing issue in healthcare. Research shows that social determinants (housing, jobs, and wealth) are perhaps more important than medical care to health outcomes. The chief diversity officer leads efforts in working with community leaders and healthcare policy makers to ensure all patients are treated equitably. The median annual CDO salary was around $127,000 as of May 2021, according to PayScale.

8. Chief Transformation Officer

Although this title varies depending on the facility and is sometimes referred to as chief innovation officer, the executive in charge of transformation helps guide hospitals through constant changes. Telehealth, insurance and payments, a shift from fee-for-service care to value-based care, and community health initiatives are just some of the ways that healthcare is transforming. Chief transformation executives help their organizations navigate change and stay ahead of potential issues. The median annual salary was about $220,000 as of May 2021, according to PayScale.

9. Chief Executive Officer

Whether the leader of a single hospital or the CEO of an entire hospital network, the CEO is the most visible executive in the healthcare C-suite. They work with a strong leadership team comprising the chief operating officer, the chief medical and chief nursing officers, and chief financial officers to guide hospital operations and strategy. Some of the pressing decisions facing CEOs surround the transition from fee-for-service care to value-based care, changes in public policy, and the increasing integration of technology into healthcare. CEOs are the public face of a hospital. According to a 2019 study by Total Compensation Report, hospital CEO pay ranged from around $275,000 to $1.4 million.

Healthcare Administration Career Outlook and Salary

The BLS expects the total healthcare industry to grow 15% between 2019 and 2029. Many career paths require continuous education and certifications. Although compensation varies widely by occupation and years of experience, the median annual pay for medical and health services managers was just over $104,000 in 2020.

Explore a Healthcare Administration Degree

Are you ready to pursue a hospital management career? To learn more, visit AdventHealth University Online’s Bachelor of Science in Healthcare Administration page and see who you can become in this dynamic industry.

 

Recommended Readings

5 Types of Leadership Styles in Healthcare

How to Become a Medical Office Manager

What Do Healthcare Administrators Do?

 

Sources:

American College of Healthcare Executives, “Your Career as a Healthcare Executive”

The Balance Careers, “What Does a Health Care/Hospital Administrator Do?”

Becker’s Hospital Review, “Who Health Systems Are Adding to the C-Suite”

ConvergePoint, “5 Reasons Why CCOs Are Critical to Healthcare”

Healthcare Finance, “Study Sheds Light on Executive Pay in Healthcare Industry”

Healthcare Financial Management Association, “About HFMA Certifications”

The Houston Chronicle, “Job Description of a Medical Records Management Coordinator”

The Office of the National Coordinator for Health Information Technology, “Health IT: Advancing America’s Health Care”

PayScale, Average Analytics Manager Salary

PayScale, Average Chief Compliance Officer Salary

PayScale, Average Chief Innovation Officer (CINO) Salary

PayScale, Salary for Health Care Information Technology (IT) Services

Total Compensation Solutions, “Hospital Executive Compensation Report 2019”

U.S. Bureau of Labor Statistics, Healthcare Occupations

U.S. Bureau of Labor Statistics, How to Become a Medical Records or Health Information Specialist

U.S. Bureau of Labor Statistics, Medical and Health Services Managers

U.S. Bureau of Labor Statistics, Training and Development Managers