1. University of Pennsylvania
Philadelphia, PA • Private
In-State Tuition
$55,584
Enrollment
10,764
If you desire to work in the healthcare field but are not interested in giving direct care to patients or clients, then pursuing a career in administration as a practice manager may be an ideal role for you. It's an exciting role with lots of varied work, plenty of career rewards, and lucrative salaries. Besides having a high salary potential, a career as a practice manager provides benefits like being in one of the most recession-proof industries, ensuring a high level of job stability. You might be wondering who exactly is a practice manager. A practice manager is a healthcare professional who oversees the business side of the medical practice. They ensure the day-to-day operations run smoothly and meet the financial objectives. Whether your title is manager, physician practice manager, practice administrator, or executive director, as a practice manager, you may wear several different hats in making sure that medical practice runs smoothly and efficiently. Working as a practice manager, in addition to managerial tasks, your duties may include hiring and training administrative staff, keeping records, and managing budgets and payments. Being a practice manager, you may not only work under the supervision of a single-specialty physician, but you may work in a variety of settings, including hospital-based practice, diagnostic imaging center, ambulatory surgery center, or even in academic centers. Generally, working in a medical facility, you may work during regular business hours, but you may work during weekends when your medical office opens. Occasionally, you may work overtime or may travel for meetings and conferences.
To take the role of a practice manager, like any other administrative professionals in the industry, you may require a bachelor's degree in business management, human resources, or a related field. However, earning a master's degree in public administration or healthcare management may help fuel your resume. Most employers prefer an individual with a strong administrative, educational background, having a proven experience working in a managerial position in a clinic or medical setting. To be successful, you must have an eye for detail, excellent communication and organizational skills, and an ability to manage employees with different personalities and backgrounds effectively.
Working as a practice manager, you may also receive the emotional rewards of working alongside physicians, insurance representatives, healthcare staff members, and patients in handling the daily operations of your medical facility. Additionally, you may earn an average annual wage of $91,000. However, your additional years of experience in medical practice management may lead to sizable salary increases in the future. Above all, the demand for practice managers may expect to rise dramatically over the next decade. In fact, according to the Bureau of Labor Statistics, the employment of practice managers may grow at a rapid rate of 23 percent before 2022. This projected growth rate is more than twice the nation's average 11 percent increase across all other occupations. As the demand for medical services grows among the large aging baby boomer population, the job prospects become foreseeable to you as a practice manager.
