Do you want to join the management team of a hospital or clinic? Are you interested in eventually leading an office or a hospital as the CEO? If you answered yes, it may be time to start pursing a degree with a concentration in Healthcare Management. There is no denying the fact that the public and private health sectors are on the rise, and there is a growing need for Healthcare Administration professionals to lead facilities from behind the scenes. It is extremely important for students to research career options before investing time into earning a degree that does not open up the right opportunities.
If you are interested in being a part of Healthcare Management and Administration, you should be sure to research current salaries and the potential for industry growth so that you know you are making a safe and practical choice. The best choices offer the opportunity for growth and good compensation packages. Here is your guide to average salaries reported in the field of Healthcare Management.
Healthcare management is one of the fastest-growing industries in the country, and healthcare management salary information is available for a wide variety of jobs. Not only are these jobs experiencing rapid growth, but they offer excellent salaries as well as professional perks, such as job satisfaction, personal autonomy and transferrable skills. Because these jobs offer good pay, most employers expect managers to have extensive professional experience and education, including a bachelor’s degree, postgraduate certification or a master’s degree. Continue reading to learn more about the types of jobs available.
Average Salaries in Healthcare Management Based on Title
If your goal is to manage a practice, you will be a small scale administrator. Salaries paid to practice managers depends entirely upon the demographic area, the size of the practice, the age of the practice, and experience. In areas where the cost of living is high, salaries for practice managers will be higher than average. By averaging out the high and low salaries reported, the average salary for a practice manager is $79,000.
If you would prefer to oversee information and technology, another popular occupation in the field is health informatics manager. Informatics managers will be in charge of hardware and software, along with the flow of information throughout hospitals and other medical facilities. Information must be kept private and still reach different departments within an organization, and this means that managers in charge of the flow are highly paid. The average pay for a health informatics manager is reported to be $89,000 per year.
For professionals who want to work in a fast-paced setting as an administrator, the position of hospital administrator could be the perfect choice. This highly compensated professional plays a crucial role in the operations of hospitals, inpatient clinics and outpatient facilities. While compensation depends on the budget of the facility, the average salary is $110,000 per year for administrators in 2013.
Demand in the Field of Healthcare Management
Healthcare is a field that changes very rapidly, and to keep up with the constant changes there is a need for a team to manage and implement new procedures. With a growing diversity in the sector, there is a need for managers and administrators in a wide range of settings. More and more aging baby boomers are requiring healthcare, and upcoming medical insurance changes are going to rise demand for services. Now is a great time for anyone who is pursuing a career in the complex field of healthcare management.
Hospital or Clinic Chief Executive Officer
The CEO of a hospital or clinic has many responsibilities, so the salary for this position can be quite high. According to the U.S. Bureau of Labor Statistics, hospital CEO jobs are expected to grow by up to 32 percent over the next decade, which is much faster than the national average of 5 percent. Because the CEO is the highest executive position of an organization, becoming one typically requires extensive experience and education. The need for top executives in the healthcare industry is great, so there are many opportunities for healthcare management graduates to move up the ladder in their organizations. The median annual salary for this job is around $200,000 while the highest-earning hospital CEOs can take home seven-figure salaries.
Hospital or Clinic Chief Compliance Officer
The CCO of an organization ensures that all operations are in compliance with the laws and regulations of the industry. In the healthcare profession, the CCO works with other executives and managers to carry out the rules and regulations of the healthcare industry according to local and federal guidelines. The CCO is one of the top executive positions in a hospital or clinic, and this position is very important in organizations that deal with the health and well-being of members of the public. Like other healthcare management jobs, hospital and clinic CCO positions are expected to increase much more rapidly than the national average. Specialized education and training is usually required for certification in compliance with government regulations of the healthcare industry. Earnings for this position are typically around $180,000 per year and above.
Hospital or Clinic Chief Operating Officer
The COO of a hospital or clinic reports directly to the CEO and is the second in command of the organization. The duties of the COO include oversight of all hospital operations and facilitating coordination among the various units and departments throughout the hospital. This job requires administrative experience and knowledge as well as management training and education. It is one of the top executive positions in a hospital, so annual earnings for this position are excellent and usually exceed $200,000. While the need for hospital executives is high, competition for the top positions can be intense, and candidates must have years of experience to be considered. Traditionally, COOs and other top executives have needed only a bachelor’s degree to be considered for employment, but as their roles become more complex and specialized, most candidates for these positions have master’s degrees. Many candidates also have postgraduate certificates.
Hospital or Clinic Administrator
Hospital administration is a top function of any healthcare facility. The top administrators work directly with executives to ensure the efficient operation and administration of all areas of a hospital. They oversee operations throughout the various units of the hospital and administer executive orders to the management and staff of every department. Administrators must have excellent management skills to work effectively with the people in the departments they supervise. According to the BLS, a bachelor’s degree is required for this position although a master’s degree or postgraduate certificate may be necessary in competitive markets, such as large cities. Hospital and clinic administrators earn a median annual salary of around $105,000, and the top 10 percent can take home $189,000 per year.
Chief Nursing Officer
The Chief Nursing Officer of a hospital oversees all nursing units, administrators and staff throughout the organization. The CNO of a hospital must have a healthcare management degree, such as a Bachelor of Science in Nursing or a Master of Science in Nursing. Most CNO positions at large hospitals in populous cities are competitive, so candidates can set themselves apart from the competition by obtaining a MSN degree. As with other healthcare management occupations, earnings for this profession are high. The median annual salary for CNOs is over $100,000, and the highest 10 percent of salaries exceed $180,000 per year.
Nursing administrators work with the CNO to administer hospital policy and facilitate daily operations of the various units of the hospital. Competition for these jobs is not as intense as competition for CNO jobs, and the number of positions available is expected to grow rapidly over the next 10 years. The number of nursing administrators on staff in a particular hospital coincides with the size of the facility and the number of patients admitted to it. According to the BLS, a bachelor’s degree is required for this job, and the median annual salary is about $79,000. The upper end of the pay scale exceeds $120,000 per year. With a master’s degree, nursing administrators can expect greater employment prospects and earning potential. Experience in nursing is also a requirement for most administrative positions, especially in competitive markets such as big cities and medical centers.
Healthcare Department Manager
Healthcare department managers work for organizations such as businesses, government agencies, hospitals and clinics. They oversee the daily management and operations of the healthcare department or office within their organization. These professionals must have a background in healthcare management, and most employers require at least a bachelor’s degree as well as postgraduate certification for this position. The median annual salary for healthcare department managers is around $105,000, and the top 10 percent can earn over $180,000 per year. Depending on the type of organization, the healthcare department can play a big role in the daily responsibilities of the staff and administration. The healthcare management staff of a university or hospitality company must work directly with members of the public.
Healthcare Finance Manager
Some healthcare management jobs require a Master of Business Administration or a similar master’s degree in management. Healthcare finance management requires advanced education because it involves knowledge of financial management and business operations. The finance manager of a healthcare organization is responsible for developing plans and making investments for the future of the firm. These professionals may work for hospitals, clinics or other types of businesses. Their main concern is ensuring that their employers have enough funding to provide healthcare services to employees, customers or patients. The median annual salary for healthcare finance managers is around $130,000 while the highest-earning 10 percent can make over $208,000 per year. Jobs in this industry are expected to increase by 15 percent over the next 10 years.
Healthcare Program Director
The healthcare program director of a company works with managers and executives to craft and implement healthcare outreach programs and initiatives. Their days are spent gathering information and planning the details of the projects for which they are responsible. They work with staff members who help to communicate their ideas to other employees in the organization and to members of the public. Healthcare program directors earn a median annual salary of around $79,000. With advanced education or experience, they can earn salaries in excess of $150,000 per year. Jobs for healthcare program directors are expected to grow by 32 percent over the next decade, which is much faster than the national average.
Healthcare consultants work independently with large firms and small businesses seeking professional insight about providing healthcare for their employees or members of the public. Because consultants typically work in a freelance capacity, there are no requirements for work experience or education. However, most healthcare consultants have at least a bachelor’s degree, and the highest earners usually have a master’s degree, postgraduate certificate or a combination of the two. Healthcare consultants analyze the profits and efficiency of an organization and offer advice about how to reduce healthcare costs and increase revenue. The annual salary range for most workers in this profession is $40,000 to $80,000 while experienced healthcare consultants can earn more than $120,000 per year. Jobs in this profession will grow at the same rate as other healthcare management jobs, which is 32 percent over the next decade.
Physician Practice Manager
The manager of a physician practice performs a crucial role in coordinating the function of staff, nurses and doctors while promoting an organized office environment. A physician practice can employ dozens of people in various roles, and the manager oversees these employees to ensure that each department, from accounting to human resources, performs as expected. Physician practice managers earn a median annual salary of $104,000, and the top 10 percent earn more than $179,000 per year. Jobs in this field will grow at the same rate as jobs throughout the healthcare management industry, which is expected to be 32 percent over the next 10 years. Most physician practice managers have at least a bachelor’s degree although a master’s degree is recommended for competitive markets, such as large metropolitan areas.
Health and Human Services Manager
Health and human services is an important part of the healthcare industry. Workers in this occupation deal with the health and well-being of large populations, and their job can be compared to social work or case work. Health and human services managers work with teams of caregivers, therapists, nurses and doctors to provide physical and mental healthcare to communities that need assistance. The median annual salary for a health and human services manager is around $59,000, and the highest-earning 10 percent can make over $80,000 per year. A bachelor’s degree is required for most positions in this field, but some jobs may require additional certification or experience. Employment in this field is expected to grow at the same rate as other healthcare management jobs.
With so many types of healthcare management jobs available for college graduates, choosing a career path can seem overwhelming. When it comes to earning a good healthcare management salary, it’s important to stay open-minded and flexible about where to work and when to search for a new job. Consider all of the management careers that you can pursue, and research average salaries individually. With so many different options, you are bound to find a position that interests you and pays well.