There are many factors that influence the amount of money you will make within careers in Healthcare Administration or Management. One of the most relevant factors and most important factors is the type of degree you earn.
This is a list of some of the most common degrees available and the average corresponding salary:
Master of Business Administration
A Master of Business Administration (MBA) is geared to those individuals who want to concentrate on the management of community health services, such as health education or outreach and graduates of MBA programs may work in general surgical and medical hospitals. Because of the high level of demand for expert healthcare managers with an MBA, this specialty offers strong career growth and excellent salaries. The Bureau of Labor Statistics (BLS) reports that the demand for medical and health services managers will increase by 22 percent by 2020. The BLS also reports that the top 10 percent of individuals with at least a Master’s Degree in this area of employment earn more than $144,000 annually.
Master of Health Administration
Professionals possessing a Master of Health Administration (MHA) will soon find that the salary level with this degree varies largely upon place of employment. According to Payscale.com with the median income for a healthcare executive with an MHA is between $82,000 and $117,000 per year. The income also varies based on the size of the organization and the extent of your healthcare industry experience. Some of the areas of employment can include: Chief Executive Officer, Chief Operations Officer, Clinic Manager, Department or Division Director, Department or Division Facility Manager, Consultants in Healthcare, Health Services Manager, Hospital Administrator, Manager of Medical Records, Nurse Manager/Director and Operations/Program Manager.
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Master of Arts of Science in Healthcare Management
A Master of Arts of Science in Health Management (MAHM) (MSHM) allows health care professionals with considerable experience in the health delivery system, to enter careers in the management and administrative aspects of health organizations and the health system. The MSHM degree program prepares graduates to assume management and leadership roles in a wide range of healthcare settings, including health and hospital systems, service provider organizations, insurers and managed care companies, consulting firms, pharmaceutical companies, public health organizations, and medical device and biotechnology firms. While salaries vary by job, the top 10 percent of medical and health services managers with an MA or MS in Healthcare Management can earn up to than $150,000 annually, according to the BLS.
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Master of Science in Health Informatics
According to the U.S. Bureau of Labor Statistics, Health Informatics Managers fall into the larger employment category of medical and health services managers. Employment of health Informatics managers are expected to grow faster than average at 22 percent between 2010 and 2020. The BLS reports a median average annual salary of $88,580 for this position as of May 2012. While hospitals are expected to employ the largest number of these healthcare professionals, many new health services manager jobs will be created in healthcare practitioners’ offices during that decade.
Salaries for Those with Master of Public Health
The salaries for different jobs within the Public Health Field can also vary greatly. There are many different fields within public health, but the salary ranges below are what you can expect after you graduate with an MPH and have worked about one year.
- Health Services Administration: $37,500-$162,000
- Biostatistics: $33,000-$63,000
- Epidemiology: $38,100-$136,235
- Health Education: $33,000-$86,400
- Clinical Research Worker: $38,000-$51,500
- Executive Director: $60,200-$137,000
- Environmental Health: $44,500-$143,600
- International Health: $32,000-$84,000
- Nutrition: $32,000-$71,000
- General Public Health Practice: $41,200-$102,000
Additional Miscellaneous Salary Information
- Hospital CEO average salary is $106,000
- Hospital Administrator average salary is $82,000
- Hospital CFO average salary is $106,000
- Pharmaceutical managers average salary is $90,000
- Medical practice manager’s average salary is $79,000
- Health informatics manager average salary is $89,000
Its is important when choosing a Master’s Degree Program in Healthcare Management to understand that there are many factors that influence the salaries including locations, size of facility, levels of responsibility, number of years experience and specific degree chosen.