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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
The demographic aging trend is primarily driven by the ‘Baby Boomer’ generation. According to the US Census, by 2033, every Baby Boomer will have reached the age of 65 or older. Consequently, at this juncture, over 16.8% of the entire U.S. population will belong to the 65 and older age group. The projection for 2056 suggests that the number of individuals aged 65 and above will surpass the population under 18 years of age. This demographic shift will exert a profound impact on the healthcare industry.
In fact of the 30 fastest growing occupations, 19 are in healthcare and related jobs. Between 2023 and 2033 the healthcare industry growth is projected to grow much faster than the average for all occupations creating 1.9 million new jobs. Among those jobs include:
- Medical Records and Health Info Techs: 9% Growth Rate
- Nurse Practitioners: 40% Growth Rate
- Nursing Assistants: 4% Growth Rate
- Registered Nurses: 6% Growth Rate
- Medical Assistants: 15% Growth Rate
- Healthcare Administrators: 29% 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 29% from 2023 to 2033. Compared to the average growth rate, this is much faster than average. It translates to over 509,500 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 2023 median annual pay of $110,680 , now may be an excellent time to enter the healthcare work force.
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