The best healthcare management salaries exist in a variety of facilities, not just hospitals, and are readily available to those who have an advanced degree such as a Masters in Health Administration. Professionals can find rewarding careers with health insurance organizations, clinics, rehabilitation centers, universities, public health departments and even a career as a nurse practitioner. By expanding the environments in which to seek a healthcare management career, professionals can find a growing resource for their job-hunts. With an estimated 3.1 million jobs becoming available in this industry for managers in the next five years, potential to grow a lasting career is high.
Healthcare Managment & Administration Salaries and Healthcare Reform
The healthcare reform that was hotly debated recently is finally impacting the industry, and as organizations prepare to manage these reforms, they’re going to be looking out for the best-educated leaders to hire on. Recent graduates from programs like the Online Masters in Health Administration will find themselves with a head start on their competition for the best positions because of their updated expertise in this industry. It seems that in current times, an education could prove more valuable than experience for professionals who wish to acquire upper management positions in healthcare.
Highest Level of Pay in Healthcare Management
The opportunity for growth in management careers in the healthcare industry is perhaps the most attractive quality for ambitious professionals. An advanced degree can provide strong credentials for professionals who wish to have the type of background that companies are happy to promote to higher paying roles within an organization. The worst-case scenario is that through dedicated work in one position, professionals can at least expect a raise through advanced education. To get a better idea about how to much to anticipate from the best healthcare management salaries, consider what the top 10 percent of managers make in this common positions:
- Medical assistant: $39,570
- Health information technician: $50,060
- Nursing home administrator: $136,290
- Health specialties teacher: $136,290
- Health services manager: $137,800
Looking quickly, professionals will take note that some careers have a much higher payout than other positions, which is why most will aspire to advance from lower paying positions into higher paying roles. Investigating the difference in pay within a certain position can be a good indicator of how much opportunity there is for growth within a certain position, though. Typically professionals begin their careers in healthcare management as assistants then move up to become department heads and eventually assume general management roles.
Graduate from a MHA Program in Order to Achieve Competitive Salaries
Entry-level positions in healthcare management can be achieved with just a bachelor’s degree, but advancement possibilities are restricted without an advanced degree. An Masters in Business Administration with a Concentration is Healthcare is a natural requirement for some organizations when hiring healthcare management positions. Please see our article on healthcare management careers to learn more. To gain the best understanding of how the best healthcare management salaries can vary according to one’s education and experience levels, compare these lower-level salaries in desired management jobs with what the majority of professionals earn in the same positions.
Entry-level Salary Earnings for Healthcare Management
- Health information technician: $20,440
- Medical assistant: $20,600
- Health specialties teacher: $38,610
- Nursing home administrator: $45,400
- Health services manager: $48,300
The above listed salaries reflect what the Bureau of Labor Statistics reports as the earnings for the bottom 10 percent of management salaries in these jobs. Sometimes, the difference in pay between the lower-level earners and the average earner contrasts by more than $30,000 when compared with what the middle market earns.
Median Salary Earnings for Healthcare Management
- Health information technician: $30,610
- Medical assistant: $33,050
- Nurshing home administrator: $62,170
- Health services manager: $80,240
- Health specialties teacher: $84,390
Healthcare Management Salaries for Specialty Practices
Other aspects of the healthcare industry can impact the amount of money managers can earn in a given position, too. Oftentimes the pay is higher for professionals working with a specialty physician. In 2009, healthcare managers reported the following annual salaries earned in various specialty practices:
- Gynecology: $44,910
- Ophthalmology: $48,793
- Orthopedics: $51,263
- Pediatrics: $51,466
- Dermatology: $54,201
- Gastroenterology: $54,314
- Cardiology: $58,899
Healthcare Management Salaries Impacted By Other Factors
Physicians’ offices, residential care facilities, nursing homes and hospitals employ half of healthcare management professionals. Out of that selection of professionals, 38 percent work in hospitals. It often follows that the larger facilities are able to pay higher salaries. The Medical Group Management Associated reported that administrators who work in facilities with more than 26 physicians earn on average $119,000, whereas those who work in smaller offices with six or less doctors typically earn $83,423. So, size of a facility should be a consideration for professionals seeking the best healthcare management salaries.
Overall, the primary considerations professionals should make in order to ensure they earn the very best healthcare management salaries are the type of practice, the size of the organization, and the level of their own education. An advanced degree like an Online Masters in Business Administration MBA is often an impressive part of a resume that can have an immediate impact on earnings.