Healthcare continues to be one of the fastest-growing sectors of the economy. The U.S. Bureau of Labor Statistics states that healthcare is one of the fastest growing occupational fields with nearly 1.8 million job openings projected each year until 2033.
While rapid growth is ongoing, the industry also faces increased financial pressures, the implementation of innovative technology and an uncertain regulatory environment.
Read on to learn more about the challenges health care is facing.
Technology
Electronic healthcare records were just the beginning.
Healthcare administrators must now assess the wealth of software options available. The possibilities are already numerous and continue to grow.
Some of the software can provide ease in sharing patient records over various computer platforms in different departments while other, more advanced software can help medical professionals make real-time decisions based on available data while patients are being treated. Administrators have the task of determining the cost-to-benefits of various software systems and deciding what can and cannot be implemented. It requires not only financial factors but also time spent on training staff.
Competition For Talent
With the rapid growth in the number of healthcare jobs available, it’s become a “buyer’s market” for those seeking a job. That’s good news for medical professionals. But due to a shortage of qualified professionals in some areas – including nursing – administrators will compete against other hospitals and medical operations to attract and retain the best talent. That means administrators must offer competitive pay and benefits to employees and have expertise in recruiting.
Need For Specialization
More specialty clinics have begun popping up over the past decade, serving specific medical needs. Some physician groups, for example, have started outpatient surgery centers. Health care administrators must conduct their own studies to determine what types of specialized care a hospital can provide, then work to implement the plan efficiently and effectively.
Managing Medicare and Medicaid
This has been an issue for many years. It is only becoming more of a challenge in healthcare as the country’s population ages. Because payments are capped by law for those who use Medicare and Medicaid, hospitals and other medical operations can make less money when seeing such patients. Administrators must find a way to balance the mission of helping those in need by offsetting the cost with more efficiency or bigger revenue streams.
Managing Change
These healthcare challenges are why those with education in healthcare management and leadership are in demand more than ever. Earning a graduate degree in health care management, such as a doctoral program or an MBA, can place graduates in the perfect position to earn the top jobs in the field.
Learn more about the possibilities that await you by contacting your admissions counselor through the form below.
