Much of what a Healthcare Manager will do involves oversight of the day-to-day operations of a healthcare provider, hospital, or nursing home. Managers also work with medical staff personnel in order to formulate plans for budgeting and help create and communicate the goals the organization agrees upon for their success in the future. While a Healthcare Manager, also known as a Medical and Health Services Manager, will do well to have a basic working knowledge of some of the key components and technology surrounding medical equipment, medications, and supply needs of the facility, a manager must also have the leadership and decision-making skills needed to help support and motivate the staff and employees. These duties combined may seem like a high level of expectation is put upon a Healthcare Manager. This may be all the more reason why this lucrative career is currently one so high in demand. According to payscale.com, a Healthcare Manager can expect a median salary of $58,209, this is based on a salary report which can be as low as $37,361 or as high as $93,240.
Professionals within Healthcare Management can expect to work full-time, 40+ hour work weeks and be on call as issues may arise in areas of facility and personnel management. Managers can also expect to work hours outside the typical nine-to-five work day as many healthcare facilities are open 24 hours a day. Some Healthcare Managers enjoy the fast-paced problem-solving based career which allows them to spend time not only working out budgets and spreadsheets, but also working on a team of like-minded medical professionals. One positive attribute a seasoned Healthcare Manager can expect throughout her career is a steady increase in pay. While a manager who draws upwards of $50,000 in annual salary during the first five years of his career can see a pay increase of $10,000 in five to ten years of experience, some late-career earnings have been reported at a level of $65,000 annually.
The Bureau of Labor Statistics reports that the most lucrative positions for Medical and Health Services Managers are found within state, local, and private hospitals which reflect a median annual salary of $104,340. Just under this environment is work at the Government level which reports a median salary of $104,110. The next few types of offices a Medical and Health Services Manager can find more attractive pay is within a physician’s office, home healthcare services, and nursing or residential care services, which reports wages of $87,540, $84,740, and $80,340 respectably. The highest ten percent within this field of Healthcare Management reported an annual salary of over $172,240.
Advancement in the Healthcare Management field can depend on several factors but there are likely no other greater ones than experience and education. While some of the best management schools in the nation offer 100% online degrees in Healthcare, many Healthcare Managers have been able to further their career and demand higher wages by pursuing a top on-campus or Online Master’s of Business Administration in Healthcare. One of the nation’s most affordable online MBAs in Healthcare Management is featured at the School of Business and Economics at Fayetteville State University in Fayetteville, North Carolina. The business school enjoys exceptional accreditation through the AACSB and offers the 39-credit hour program for just $6,443 in total tuition. This is a prime example of how one can receive a favorable return on the investment of education within the Healthcare Management field.