Modern medicine involves doctors, nurses and patients, plus a profusion of data that can help providers and insurance companies better serve patients. Health analytics directors analyze data to implement advanced methods of identifying, managing and measuring risks, keeping costs down and targeting patient coverage. A career as a health analytics director can begin with enrolling in the online Master of Business Administration (MBA) in Healthcare Administration program from Florida Institute of Technology.
Job Outlook for Health Analytics Careers
Health analytics directors could fall under several occupational groups, as categorized by the U.S. Bureau of Labor Statistics (BLS). For instance, a job in this area might align most closely with that of operations research analysts, an occupation that BLS reports will see 23% growth between 2023 and 2033.
Yet, as a managerial or leadership role, health analytics directors might more closely fit the occupational group medical and health services managers. BLS projects employment for these professionals will increase 29% through 2033.
As a point of reference, the average projected job growth rate for all occupations between 2023 and 2033 is 4%, meaning employment in analytics, operations and management in health care is growing much faster than average. Job growth will occur as technology advances and the demand for efficiency in the health care field continues to grow. Individuals with advanced degrees should have the best job prospects.
Health Analytics Director Job Duties
Health analytics directors typically work with cutting-edge technology to identify employee benefits, health care trends and project costs. These professionals collaborate with senior health care managers and decision-makers to clarify objectives and ensure successful implementation of methods to achieve them.
Creating “what if” scenarios to compare objectives to plan variances could be one aspect of a health analytics director’s job. Another typical duty is using a universally recognized underwriting method to forecast health care claims. Health analytics directors have traditionally used predictive modeling and other analytics to set rates. New models include financial and clinical algorithms, which allow for advances in managing and measuring risk throughout a population.
Communicating results of data analysis is another important duty for analytics directors, including those in health care. They often produce executive-level reports for administrators, governing boards and executives. They may also contribute to lowering employee medical insurance payments by identifying wellness programs and recommending incentivized benefit packages.
Health analytics directors usually work a 40-hour week in a private office. At times, they may work in the field conducting direct observations. Depending on the employer, travel might be required.
Salary Potential for Health Care Data Analytics Jobs
BLS data indicates that the median annual salary for operations research analysts was $83,640 in 2023. The middle 50% earned between $66,250 and $115,190 per year, while the lowest 10% brought in around $52,930. The top 10% of professionals in this occupation category earned approximately $148,920 annually.
However, as noted above, the health analytics director is a management or leadership position, and salaries should reflect that fact. BLS reports that medical and health services managers made a median annual salary of $110,680 in 2023, with a typical salary range of $86,080 to $157,640. Salary levels are typically commensurate with education, professional credentials and experience; those holding advanced degrees often earn salaries at the top end of the range.
Health Analytics Director: Education and Training Requirements
While some entry-level positions may require a bachelor’s degree, many employers prefer advanced degrees for high-level positions. In addition, experience in the health care sector is generally required. A background in mathematics, engineering and management can also be helpful.
Individuals seeking to enter the health analytics field and compete for a director position can gain an advantage by earning an MBA in health care management. Coursework typically covers subjects such as organizational behavior, managerial accounting, health care policy, legal aspects of health care and health care marketing. In fact, Florida Tech’s online MBA in Healthcare Management includes a course focused on information management in health care — an appropriate area of study for health analytics directors. Employers can be confident that professionals with an MBA in Healthcare Management are able to:
- Apply skills beyond the classroom to real-world challenges
- Demonstrate a combination of academic principles and practical application skills
- Assess risk using financial, statistical and economic data and create manageable solutions
- Make critical decisions using analytical thinking
- Apply contemporary business principles integral to a medical organization
- Leverage advanced knowledge and skills to succeed as a health analytics director
Setting Sights on a Career as a Health Analytics Director
A solid foundation of health care business acumen plus professional and technical ability will prepare professionals for the challenges of a health analytics director career. In addition, they’ll need to be detail-oriented, with quantitative skills and a knack for performing complex research.
Those aspiring to this fascinating role can acquire the specialized knowledge they need by earning an MBA in Healthcare Management from Florida Tech. With solid skills and an MBA, becoming a health analytics director could be an excellent career choice with a great deal of advancement potential.
Learn more about Florida Tech’s online MBA in Healthcare Management program.
