Business Leadership Opportunities in the Healthcare Industry
Leadership hierarchies are less evident in healthcare settings than they are in the business world. Nurses do receive promotions and raises, but generally on a scheduled basis. Their responsibilities may shift a little with seniority, but for the most part, their focus is on patient care.
The “business,” aspect of medicine is kind of funny. Patients have almost no knowledge of what goes on behind the scenes. Doctors and nurses know a little bit more, but what they learn often displeases them. This is where money meets patient care. How can healthcare be both cost-efficient and effective for the people who are relying on these services?
If you have an answer to that question, you certainly have a bright future ahead of you.
How do you pursue leadership positions that reflect the business side of healthcare? In this article, we take a look at what degrees are required, and how you can find rewarding work.
Why Leadership?
If you’re interested in a healthcare career, you might question whether you are best suited to work directly with patients or from a desk. Here’s the thing you should keep in mind—as a doctor or a nurse you will definitely feel the impact you are having on the community more directly. You’ll meet the patients, and maybe even get to know their family members.
As an administrator, you won’t get any of those experiences but the decisions you make will potentially have a much wider impact. Hospital administrators can influence care for thousands of patients through policy changes. Their budget decisions can improve entire departments at once.
Leadership roles let you create systems that help many patients and staff members at the same time. While you may not see the direct results, your work can improve healthcare for your whole community.
Degrees You Need to Make This Happen
Can you get to the top with only an undergraduate degree? Maybe. But it’s not common. Most administrators who go the distance will have a master’s degree. Some might go on to get a doctorate.
Even jobs that don’t specifically require a graduate degree will most often favor candidates who have one. Many schools offer special programs in healthcare leadership that can boost your chances.
Remember that the higher the position, the more applicants the hospital will receive. The stronger your credentials, the more likely it is you will get the job. Many successful healthcare leaders start with clinical experience and add education over time.
Nursing Leadership
There are several directions you can take leadership in a nursing role. Charge nurses lead shifts on hospital floors. They help other nurses and solve problems as they come up. Unit managers run whole departments. They need a BSN degree and special training.
These jobs still focus on patient care. But they also include tasks like scheduling and meetings.
There are bigger jobs too, but they’re harder to get. The Chief Nursing Officer (CNO) is the top nursing boss in a hospital. This job needs a Master’s or Doctoral degree in nursing. Many CNOs also study business.
CNOs make between $150,000 and $300,000 each year. The bigger the hospital, the more they earn.
All hospitals have a CNO. Small hospitals might have one person do this job plus other work.
CNOs have many jobs:
- Set nursing rules and standards
- Make big plans for nursing staff
- Handle large budgets
- Make sure the hospital follows laws
- Report to the CEO
- Speak up for all nurses
It’s rewarding and certainly strategic work but you should understand that this position will put you several big steps removed from direct patient care. This job is very much a business position.
Yes, you are helping your local healthcare system but you are doing it from the C-Suite.
You Might Need to Move
Hospitals are literally always hiring, but at the administrative level, positions tend to be more competitive. For one thing, you’re likely going to be competing with candidates from all over the country. People who may very well have both a graduate degree and years of relevant experience. For another, there’s simply a limited number of positions out there. A big hospital might have many dozens of doctors and nurses on the payroll. They might only have twenty high-level administrators. Healthcare administration jobs typically have a ratio of 5-7 clinical staff for every administrator.
The fastest route to your dream job is having a willingness to go where the work is. Because hospitals are very regional—one system might cover hundreds of miles—you’ll need to either wait your ideal job out or apply to positions all over the country. Healthcare professionals who are willing to relocate increase their job opportunities by approximately 70% compared to those limited to a single geographic area.
Remember that this is one of the hardships that come with pursuing highly sought-after jobs. The more specialized and advanced the position is, the more competitive. Executive healthcare positions often require candidates to interview in multiple rounds over several months before making final decisions.
Here’s one thing you should keep in mind if moving isn’t in the cards for you. Most hospitals will have more entry-level positions open than top-shelf leadership jobs. If you’d like to stay local, you might have some luck finding a starting position and working your way up.
Conclusion
Is business leadership in healthcare right for you? While the jobs are difficult and certainly competitive they are a rewarding way to make a difference in your community. They also have the added benefit of commanding high, often six-figure, salaries.
No, you don’t get to save lives with your two hands. You can change them with your groundbreaking thoughts on policy and efficient systems.
If you are interested in working as a healthcare leader, start looking for graduate programs that provide the unique combination of skills that the work requires.
