Recent college graduates and experienced healthcare professionals can explore online master's in healthcare management degrees. Degree-holders may work as healthcare department managers or healthcare finance managers. Master's in healthcare management programs include classes like principles of health information technology and data-driven decision-making.
Applicants typically submit a resume, official undergraduate transcripts, and recommendation letters. Some programs limit applicants to those with relevant experience.
This article lists some of the best online master's in healthcare management degrees. Read on to learn about costs, common classes, and potential careers for graduates.
Questions About Healthcare Management
Q. How long does it take to get a healthcare management degree?
Most master's in healthcare management programs take 1-3 years. Some programs waive specific academic requirements for learners with healthcare experience. Students earning an MBA with a concentration in healthcare management may need longer to graduate.
Q. What do healthcare managers do?
Healthcare managers administer a hospital or clinic's business operations. They schedule workers and create budgets. These managers collaborate with healthcare administrators who oversee specific departments.
Q. Is healthcare management in demand?
The Bureau of Labor Statistics (BLS) projects jobs for medical and health services managers to grow 32% from 2020-2030. The BLS also projects high growth for related positions.
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Best Online Master's in Healthcare Management Degrees
Why Get a Degree in Healthcare Management?
Online master's in healthcare management degrees help professionals advance their careers. Graduates may work in hospitals, clinics, or nursing homes. They can positively impact the healthcare field, ensuring patients receive quality care in a timely manner.
Many students earning a master's in healthcare management online continue working while in school. They complete asynchronous coursework when convenient. This benefit also lets them apply what they learn on the job. Online degree-seekers can attend a top out-of-state program without relocating.
How Much Does a Healthcare Management Degree Cost?
Master's degrees cost an average of $66,340, according to EducationData.org. However, cost varies by school, learners' residency status, and program length.
Master's in healthcare management degrees from top universities can cost nearly $90,000. Some programs may cost much less. Students should compare their prospective programs' costs and graduate outcomes before applying.
Degree-seekers can limit their expenses by researching private and institutional scholarships. These awards may require a separate application. Students with financial need should submit the FAFSA annually to qualify for federal grants and loans. Many university grants also require FAFSA results.
Additional Online Student Fees
Online degree-seekers may pay higher fees than on-campus learners. Universities charge these fees to cover online learning delivery. Students in a hybrid program should also budget for commuting costs. Many schools charge a one-time graduation fee.
Recent graduates can advance their career by earning professional certifications. The Professional Association of Health Care Office Management (PAHCOM) awards a certification to experienced information technology healthcare managers with at least two years of experience. Other requirements include passing an exam. As of Feb. 2022, PAHCOM members pay $385 in certification fees.
How Much Do Healthcare Management Majors Make?
Professionals with a master's in healthcare management earn an average annual salary of $87,000, according to Jan. 2022 Payscale data. However, many factors influence salary, including employer and geographic location.
Medical and health services managers working for government agencies earn a median $116,380 annually, according to the BLS. Top executives working in the healthcare field earn over $160,000.
Earning a master's in healthcare management or an MBA with a healthcare focus can help candidates stand out in the job market.
Courses in Healthcare Management
Online master's in healthcare management degrees typically take two years to complete. Some programs offer a dual-degree option that let learners earn a master of science and a master of business administration.
Typical core classes include navigating managed care, healthcare financial management, and healthcare informatics. Programs may offer electives like gerontology or population health. Most programs end with a final-semester capstone.
The following core classes emphasize healthcare management fundamentals. Keep in mind that classes vary by program. Students should check with their prospective schools for details.
Navigating Managed Care
The private insurance industry and federal insurance programs impact healthcare delivery. This class requires students to analyze how different insurance programs operate. Enrollees research the last 50 years of U.S. healthcare delivery trends. Students develop analytical reasoning skills and learn how to create balanced budgets.Healthcare Financial Management
Healthcare managers must know how to keep their employer profitable. They must understand funding models, different mathematical formulas, and budgeting best practices. Degree-seekers develop their financial skills by analyzing how healthcare providers create and manage budgets. Assignments include reviewing case studies and the latest news.Healthcare Informatics
Healthcare managers base their decisions on financial data and patient outcome statistics. This class trains students in this skill through coursework in data analysis. Assignments include critiquing care-management programs. Graduates apply their skills to create affordable programs offering excellent patient care.
Career and Salary Outlook for Healthcare Management
Online master's in healthcare management degrees can lead to many careers. Degree-seekers can work with a career advisor to explore potential jobs. Students can also take career interest inventories and use their school's career center resources to prepare for job interviews.
Graduates with a master's in healthcare management may pursue the jobs below. Please note that this section highlights only primary job responsibilities. Day-to-day tasks vary by employer.
Medical and Health Services Manager
These professionals recruit and train staff, create budgets, and coordinate other managers' work. They work at hospitals, nursing homes, and other clinical settings. Workers need some professional experience and a degree to qualify for this position.Healthcare Executive
Top executives in the healthcare field need at least an undergraduate degree and five years of relevant experience. They lead a company or organization by setting goals, managing employees, and negotiating contracts. They also hire new managers and reduce costs. These professionals may work as executive officers or general managers.Health Facility Administrator
Health facility managers and other management analysts determine their employer's improvement areas. They interview staff and review financial information. This data helps them make recommendations to senior managers. Administrators also create improvement plans. Many positions require at least a bachelor's degree and some experience.
| Career | Median Annual Salary | Projected Growth Rate (2020-2030) |
|---|---|---|
| Medical and Health Services Manager | $104,280 | 32% |
| Healthcare Executive | $107,680 | 8% |
| Health Facility Administrator | $87,660 | 14% |
Source: Bureau of Labor Statistics
