Why Is the Healthcare Industry a Growing Field?
So what makes the Healthcare Administration job outlook so good? According to the BLS:
Increased demand for healthcare services from an aging population and people with chronic conditions will drive much of the expected employment growth.
Bureau of Labor Statistics
This aging population are known as the ‘Baby Boomers’. According to the US Census, by 2029 all of the baby boomers will be 65 years and over. At this point, more than 20% of the total U.S. population will be over the age of 65. By 2056, the number of people 65 years and over is projected to be larger than the population under 18 years! This will have a tremendous affect on the health care industry.
In fact of the 30 fastest growing occupations, 18 are in healthcare and related jobs. Between 2018 and 2028 the healthcare industry growth is predicted to grow by 14% creating 1.9 million new jobs. Among those jobs include:
- Medical Records and Health Info Techs: 11% Growth Rate
- Nurse Practitioners: 26% Growth Rate
- Nursing Assistants: 9% Growth Rate
- Registered Nurses: 12% Growth Rate
- Medical Assistants: 23% Growth Rate
- Healthcare Administrators: 18% Growth Rate
Healthcare Administration Job Growth
When you think of the healthcare industry, you may think of doctors, nurses and other specialists, but the reality is that behind every great hospital is a team of healthcare administrators who help ensure that patients receive the best care possible.
As already noted, the Healthcare Administration Job Outlook is estimated to grow 18% from 2018 to 2028. Compared to the average growth rate, this is much faster than average. It translates to over 71,000 new jobs in that 10 year span.
It is the job of a Healthcare Administrator to make sure hospitals and other medical facilities run efficiently and effectively. They hire staff, prepare budgets and keep records of the hospitals services. As such, an ideal healthcare administrator has a strong background in both leadership and healthcare.
According to the BLS, Medical and health services managers typically need at least a bachelor’s degree to enter the occupation. However, master’s degrees are common and sometimes preferred by employers. With a 2018 median annual pay of $99,730, now may be an excellent time to enter the healthcare work force.
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