Where Can You Work in Healthcare with a Business Degree?
When you think about the healthcare industry, you might not instantly consider a career business. But, jobs that combine business and health often go hand-in-hand. Business jobs in the healthcare industry are essential!
Business jobs in hospitals are more abundant than we realize. When you think about it, the healthcare industry functions as a business. If commercially-minded people didn’t work behind the scenes to keep things going, the doctors, nurses, etc., would lack the resources and the planning to do their jobs.
There are many benefits to working in the medical field. One of the positives is that it’s a continuously-growing industry. As the baby boomer generation continues to age, more need healthcare services.
As a result of this growth, more business leaders are needed. You’ll have tremendous job security, enjoy a high salary, and gain satisfaction through the work that you do each day.
Table of Contents:
- 1 Best Medical Careers with a Business Degree
- 1.1 Healthcare Executive
- 1.2 Budget Analyst
- 1.3 Pharmaceutical Sales Representative
- 1.4 Human Resource Specialist
- 1.5 Marketing Communications Specialist
- 1.6 Community Service Manager
- 1.7 Product Manager
- 1.8 Healthcare Management
- 1.9 Health Insurance Sales Agent
- 1.10 Medical Equipment Sales Representative
- 1.11 Administrative Positions
Best Medical Careers with a Business Degree
You can use the skills and education you have for business. This will help the medical industry to function optimally making sure patients are getting the proper care that they deserve.
Let’s look at some of the business jobs in hospitals and elsewhere that are currently experiencing growth.
Healthcare executives (health service managers) are in charge of directing different medical departments. The coordinate facilities and make sure that everything is running efficiently. The business side of this job comes into play by looking and finances and analytics.
They use this information to improve efficiency. They are typically hired by large hospitals or clinics. But, health service managers can also work in nursing homes or home health centers.
A degree in business or health administration is usually required for this job. Skills like accounting and budgeting can also be beneficial. Healthcare executives should have strong organizational skills and be able to communicate effectively.
By staying on top of the business side of a hospital, healthcare executives allow medical professionals to perform their duties optimally. More patients are regularly seen, and they have the best resources.
On average, a medical service manager makes over $61,000 per year. How much you make will depend on the area of the country you work and what type of facility.
If you’ve always been good with the ‘numbers’ side of the business, you could consider becoming a budget analyst for the healthcare industry.
Budget analysts work for both public and private healthcare organizations. Some work for public hospitals, others work for research organizations, etc. Where you work will better determine your pay. But, on average a budget analyst makes about $75,000 each year.
Strong numerical skills are needed for this job. It’s the responsibility of a budget analyst to create reports and track spending for medical facilities and organizations. They can also develop budgets for those facilities to cut down on spending and use finances more efficiently. Without budget analysts, many organizations wouldn’t know how much money they could invest or where they should make cuts.
To become a budget analyst, you’ll need at least a bachelor’s degree. A degree in finance or accounting is recommended. But, if you have a business degree, there’s a good chance you took financing classes.
You can use the skills picked up there to do this job. Business communication is incredibly important for this career. It’s about more than just building financial reports. You must be able to communicate those reports to managers and the heads of different organizations.
Pharmaceutical Sales Representative
If your business degree has given you a knack for sales and promotion, being a pharmaceutical sales rep could be your perfect fit for a long-term career in healthcare.
As a sales representative, you’ll have the responsibility of working for a pharmaceutical company. You’ll be required to sell different medications to healthcare facilities, private practices, etc. Many sales reps focus on one medicine at a time to meet their sales quota.
Working as a pharmaceutical sales rep requires skills in marketing and communication. But, you also have to have a lot of knowledge about the products you’re selling, and not only how they can benefit patients, but the facility you’re selling them to as well.
A bachelor’s degree in the business field is ideal, but a degree in science or marketing can be useful and may be more likely to get you hired by a company.
The salary of a sales rep is around $125,000 each year. But, you can make a lot more as a specialty rep. There are many opportunities in this career for growth and advancement. So, if you’re good at selling the products you’re working with, you can end up earning a lot of money in healthcare.
Human Resource Specialist
Human resource specialists recruit employees to work in different positions.
They can be employed by hospitals, clinics, private practices, nursing homes, and more. There are specific human resources degrees, but many employers prefer to hire a specialist with a business degree, or at least a minor in business. This is because business graduates usually have the skills to make more administrative decisions.
Business graduates often help with payroll. They may also be more ‘business-minded’ when it comes to the hiring process. A human resource specialist needs to make sure they hire someone with the right skills for a job.
But, they also need to hire someone who will be of benefit to a particular hospital, clinic, etc., from a business standpoint. So, some combination of these degrees can be the perfect fit.
An HR specialist can make about $50,000 each year. It all depends on the size of the facility or organization. It also depends on how many extra responsibilities you have when recruiting employees.
You can find more information about this career at the North American Human Resource Management Association (NAHRMA) website.
Marketing Communications Specialist
Healthcare services need to be marketed just like any other business. It’s not so much the service itself that needs to be promoted. After all, if someone is sick, they’ll go to a doctor. But, as a marketing communications specialist, it’s your job to promote a particular physician, facility, service or product.
A marketing or business degree is usually required. You’ll be in charge of promoting products or services using things like web development and social media.
You’ll likely be a part of a team where each has a specific job to do. A marketing staff for a hospital usually consists of people who do market research, analysts, designers and more.
Healthcare marketing is currently growing as fast as the industry itself. Because more people are using healthcare services, facilities are in need of specialists.
On average, this position pays about $67,000 each year. But, it can range up to almost $80,000, with many factors coming into play.
Community Service Manager
A community/social service manager can work in hospitals or clinics.
They are responsible for coordinating and managing programs that can either affect an entire facility or specific community groups. They often work with children, veterans, the elderly, etc.
Most employers prefer their community service managers to have a bachelor’s degree in business. This is because of the skills it takes to manage programs like these.
Business graduates are also excellent at evaluating how well a program works. You can collect data and put together reports on specific events or entire programs over time. Putting together reports like these can help to improve the programs in the future.
If you have strong leadership skills and want to be able to give back locally through the healthcare system, this is a great position and opportunity.
The average salary for a community or social service manager is around $65,000 each year. Depending on where you’re located, you may be able to make over $100,000 per year.
As a product manager, you’ll be managing different medical products or medications. You’re responsible for everything from product development to sales. You also need to focus on everything between, including marketing and the final results/data from those sales.
Product managers see a product through from the beginning and then look at data and reports to determine what went right and what could be done better in the future.
Constant improvement is the goal, making it the perfect job for a business graduate. You have to use business-like strategies to move the products you’re trying to get into people’s hands.
A business degree is the most common type of certification a product manager has. But, degrees in marketing or advertising can also be helpful. Courses in communications, economics or statistics can give you an edge, too. Experience in this career can be what sets you apart, especially if you have a knack for promoting things and making sure they’re made with high standards.
Product managers can make around $108,000 each year. It’s a lot of work to see different products from start to finish. But, the lucrative salary and satisfaction of selling a product/medication can make it all worth it for most business-minded people.
There are different types of healthcare management situations you can get into. Healthcare managers typically have a bachelor’s degree in business with a focus on healthcare and managerial positions.
You’ll be in charge of everything from planning and directing health care services to the supervision of them. A manager who works in the healthcare system is no different from a manager anywhere else.
It’s their responsibility to make sure everything is running smoothly, most commonly in a hospital or emergency clinic. If there are issues or if a patient has a problem, the manager can help to deal with it.
Healthcare managers should be able to think on their feet and have strong communication skills. You also need to be able to multitask, especially if you find work in a busy hospital.
Healthcare management positions average over $88,000 each year.
Health Insurance Sales Agent
Health insurance sales agents may not work in hospitals or clinics, but they play a significant part in the healthcare system. They work to sell insurance policies for medical care.
This includes things like emergency services, assisted living, dental, and more. They work with people to determine the best plan on an individual basis or for a family.
Health insurance is a huge benefit to many people since it can save thousands of dollars a year from even just one hospital visit. But, most people choose to shop around for their insurance so they can get the best deal on the best policy.
Health insurance agents work for larger companies. A high school diploma or a GED is needed to work for most companies. But, many of them prefer their employees to have a degree in business or a related field. Insurance agents also have to be licensed in the state where they are selling their policies.
The good news is most people are willing to pay for health insurance (even if it’s through their employer). The bad news is that it’s a competitive market.
The national average salary for a healthcare insurance agent is almost $30,000 each year.
Medical Equipment Sales Representative
This position is like a pharmaceutical sales rep. But, instead of working for a pharmaceutical company, medical equipment reps work for businesses that develop new pieces of medical equipment. You’ll sell to hospitals, clinics, and private practices all over the country.
As a medical equipment salesman, it’s your job to know the ins and outs of the product you’re selling. Typically, these products will be new and innovative. They could be the ‘next big thing’ in medical technology. But, you have to convince medical facilities of that so they can see how they might benefit.
There can be a lot of traveling involved in this type of position. Many sales reps go all over their state or the country to show their product(s) and try to make sales.
You should have excellent communication skills. You should also be confident and patient with what you’re doing, without being pushy. Being able to make connections with people is a huge part of being a rep.
On average, medical equipment sales reps make about $147,500. This salary is based off two things. The company you sell equipment for will start you off with a base salary. When you’re able to sell pieces of equipment, you’ll end up making bonuses, which can add up quickly.
So, the sky is the limit when it comes to how much you can make. The better you are at sales, the more money you’ll earn. It’s an excellent career for businessmen who are good at sales.
If you do have a business degree, you may prefer to work in an office.
A college degree isn’t always needed. But, a degree can certainly help and may allow you to earn more money from the start. Administrative assistants are often given a variety of different tasks.
Having skills in the business world can help you when it comes to working with numbers, scheduling, etc. If you’re looking for an entry-level position, this is a great way to use your degree.
What is the Importance of a Business Degree in the Healthcare Industry?
Hospitals, clinics, and other medical facilities are starting to realize they need to be competitive to stay relevant. They are more willing to hire people with business degrees to keep them running smoothly and promote their services.
It makes sense that people with business degrees are benefitting from its rapid growth. This shows no signs of slowing down as technology continues to move us forward.
Using a business degree in healthcare can help with everything from financial planning to the use of leadership skills to move the industry forward.
As a result, the industry will continue to grow in the right direction. The primary benefit for you, as a business graduate, is the ability to help people while doing something you have a skill for. Plus, as you can see from the jobs listed here, most of these careers have a lucrative salary!
Can I Work in the Medical Industry with a Business Degree?
There are many opportunities for business graduates. In fact, without business-minded individuals, the medical field wouldn’t be able to grow and thrive as rapidly as it has in recent years.
Most business professionals that work in medicine have behind-the-scenes jobs. They may not get the same kind of attention and recognition as doctors or surgeons. But, they are just as important when it comes to making sure patients get the care they need on a regular basis.
Maybe you want to sell equipment or medication. Or, maybe you want to make sure a hospital is running at peak performance. No matter what, there is a business position available for you.
It’s time to start thinking about the medical field as more of a business. The more people who do that, the better the industry will become. It will continue to become more competitive. As it does, patients will continue to demand better care and can receive what they deserve.
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