The average healthcare management salary for a bachelor’s degree holder is about $57,500. A master’s degree typically raises the average salary to about $67,500. With a doctorate, the average healthcare management salary rises to about $105,000 per year.
As of January 2015, the median income for all workers was $36,900 per year. However, this figure represents a wide range of incomes: from as low as $14,400 per year to as high as $80,000 per year. The most common occupations held by people with a bachelor’s or master’s degree in healthcare management are nurse practitioner and physician assistant.
Healthcare Management Salary With A Bachelor’s Degree
With degree options ranging from undergraduate to graduate levels, individuals interested in a career in Healthcare Management have the opportunity for a competitive salary. There is a salary level to meet each degree level. The median salary for all Healthcare Managers in the United States is $88,580.
Associates Degree in Healthcare Management
An Associate’s Degree in Health Care Management provides students with the skills to an entry-level position in the Health Care Industry.This is a good option for those who are unable to pursue a Bachelor’s Degree.
Professional Health Care Managers with an Associate’s degree generally start at the lower end of the pay scale as coordinators. The salary range is between $26,000 and $60,000 annually. The level of responsibility is lower and often leads these individuals to pursue an advanced degree in order to achieve promotions. Health Care Managers with an Associate’s degree may be paid an hourly wage because the position has limited responsibilities and does not entail having a number of employees reporting to them. They may also be eligible for overtime pay unlike other Managerial positions with a fixed salary. Entry-level positions may include employment in physician offices, but also in, chiropractic offices, nursing homes, clinics, hospitals or with insurance companies.
Bachelor’s Degree in Healthcare Management
With an estimate 100,000 employed in Health Care management positions in the United States today, those who possess a Bachelor’s Degree in Health Care Management will expect greater starting salaries according to United States Department of Labor and will receive more job offers and promotions. Although requirements for senior level positions in Health Care Management are demanding, they also provide the opportunity to improve the quality of care in this ever challenging and constantly changing field. With the Healthcare Management field projecting to grown an additional 22 percent by 2020, larger than the average rate of 12 percent growth, the largest growth in any other industry within the United States.
Many hospitals and Health Care Organizations will require a minimum of a Bachelor’s Degree to obtain employment in the field of Health Care Administration. The average salary reports for those who had a Bachelor’s Degree for 2012 were $87,000 per year. Those who possess a Bachelor’s degree in healthcare management will command greater starting salaries plus receive more job offers and promotions. Professionals with a bachelor’s degree find employment easier than those with only an associate degree.
Master’s Degree in Health Care Management in Healthcare Management
Currently, most institutions and organizations seek individuals who possess specialized Master’s Degrees in Health Care Management. Although hospitals employ over thirty percent of all Healthcare Managers and Administrators, according to the United States Bureau of Labor, other areas of employment are physician group practices, Outpatient Care Centers, home healthcare organizations, nursing care facilities and rehabilitation centers. Many choose to pursue subspecialties within their graduate programs including Long Term Care Administration, Health Care Services and Health Information Management. They direct and coordinate medical and health services to improve the quality of Health Care and how it is delivered.
Salary for those with a Masters Degree and some experience in the field can earn $144,000 per year according to the United States Department of Labor.
There are many new opportunities for employment in Health Care Management. Health Care Management is a rewarding and fast paced career but those who choose this path will be crucial in providing the quality care and delivery of Health Care in the future. Choosing to pursue an Associate’s Degree, Bachelor’s Degree or Master’s Degree will decide the level of responsibility and the salary that can be achieved.
