Increasingly, health care in the United States is administered through managed care, a method of controlling health care costs. Business development managed care professionals enjoy myriad opportunities to help health care providers develop new business strategies and maximize the managed care model. One path to this career opportunity in the expanding health care field can be enrolling in the online Master of Business Administration (MBA) in Healthcare Management program from Florida Institute of Technology.
Business Development Managed Care Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects that employment of medical and health services managers — the category that would likely include managed care business development professionals — will grow much faster than average through 2033. In fact, with a job growth rate of 29%, the health services management occupational category is among the fastest growing in the country.
A high job growth rate may not guarantee employment in the industry. Prospective students should conduct independent research regarding actual job growth rates, which vary according to location, education and experience.
Business Development Managed Care Job Duties
The main responsibilities in business development managed care are to improve cost-effectiveness, and to develop and manage new strategies for health care providers, enabling them to experience success in the managed care market. Duties may include leading strategic planning sessions, guiding the organization in setting goals and objectives, seeking ways to control costs and increase margins, and overcoming challenges in a competitive marketplace.
Responsibilities for these professionals may overlap with those of managed care specialists. Depending on the employer and location, business development managed care leaders may be responsible for developing new ways to streamline paperwork flow and increase productivity, pursue cost containment, establish staff productivity goals, tools and processes, and prepare cost analysis and profitable managed care contracts. These health care professionals may also develop and participate in training and education activities.
Business development managed care personnel often take the lead role in negotiating and developing the metrics required to maximize reimbursement. They may also be responsible for gaining new contracts and clients, or serving in a consulting role with senior management regarding managed care and business development. Typically, business development managed care professionals will also develop and implement business development plans and prepare an organization for future system changes.
The typical work environment for business development managed care directors is a comfortable office. They usually work 40-hour weeks, but overtime may be required. Depending on the employer, weekend hours and travel may also be required.
Potential Salary for Business Development Managed Care
According to BLS, the median annual salary for medical and health services managers was $110,680 in 2023, while the middle 50% earned between $86,080 and $157,640. The lowest 10% earned approximately $67,900, while those in the highest 10% bracket brought in around $216,750 per year.
Salary potential may vary depending on location, education and experience. As such, prospective students are encouraged to conduct independent research to determine actual earning potential.
Education and Training for Health Care Management Careers
Employers hiring for upper-level managed care positions are typically seeking appropriately advanced levels of education. A bachelor’s degree may suffice for some positions. Yet BLS notes that some employers prefer to hire candidates with a master’s degree.
Working toward a business development managed care career can begin with earning an MBA in health care management. Coursework typically covers subjects like managerial economics, health care policy, health care planning and marketing, strategic management, legal issues in health care, and information management in health care. Employers can be confident that individuals with an MBA in health care management are able to:
- Apply modern principles of business to support a medical organization’s objectives
- Assess, plan for and manage risk using economic, financial and statistical data
- Use critical thinking to make effective decisions in challenging circumstances
- Manage, plan, motivate and lead effectively in the health care environment
- Leverage advanced skills and knowledge to succeed in business development managed care
Some employers offer opportunities for continuing education. It may be possible to gain an entry-level position with a bachelor’s degree and use a tuition assistance program to obtain an MBA.
Does the Field of Business Development Managed Care Sound Intriguing?
The health care industry is growing constantly, driving the change and challenges that come with such growth. Skilled and knowledgeable professionals will be needed to lead organizations and help them remain viable.
Professionals who possess outstanding communication, analytical, leadership and interpersonal skills, have business or health care experience, and are looking for new career opportunities and challenges could be a great fit for a career in business development managed care. Earning an MBA in health care management demonstrates to employers a strong knowledge of the modern health care system, as well as a strong commitment to education and an advanced health care career. An MBA may give an aspiring health care business development professional the competitive edge needed to succeed.
Learn more about Florida Tech’s online MBA in Healthcare Management.
