Healthcare administration is a rapidly growing field, offering a variety of career paths for those interested in the intersection of the health field and management. With a master’s in healthcare administration (MHCA), professionals can access a range of rewarding and well-compensated roles.
This blog post dives into the average master of healthcare administration salary, examines factors influencing these salaries, and provides insights into some of the most common careers for healthcare administration graduates, complete with average salary information.
What’s the Average Salary With a Master’s Degree in Healthcare Administration?
Those who pursue a master of healthcare administration position themselves for higher earning potential compared to their bachelor’s degree-holding counterparts. According to recent data, the national average salary for professionals with an MHCA in a healthcare administration position ranges significantly depending on the specific job role, geographic location, and other factors. However, as a general benchmark, these health administration professionals can expect to earn an average annual salary of around $93,000 to $125,000 according to the Bureau of Labor Statistics.
While the average earnings of those with an MHCA are often above $80,000, some career median salaries do fall under that number. Careers that may be included in this category still present continuous growing salaries with years of experience and good job performance. For example, a practice manager at a healthcare facility may average a yearly salary of roughly $66,000. However, there are individuals on both sides of the spectrum in regard to this salary statistic. In comparison, the average U.S. salary is $59,000.
Factors That Can Affect Your Healthcare Administration Salary
Several key factors can influence the salary of a healthcare administrator with a master’s degree. Understanding these can help you navigate your career path more effectively.
Geographic Location
Location plays a crucial role in determining the salary of an individual with a healthcare administration degree. For instance, healthcare administrators in urban areas or regions with a higher cost of living, like New York or California, often command higher salaries than those in more rural areas.
Level of Responsibility
The type and size of the healthcare facility also impacts earnings for professionals. Larger facilities with more extensive budgets and staff usually offer higher salaries. This is due to the increased complexity and responsibility required to manage such institutions.
Certification
While certification isn’t obligatory for many roles in Healthcare Administration, it substantially influences salary expectations. A considerable number of Healthcare Administrators who have obtained certification through the relevant Board for Healthcare Administration Licensure Exam under the Department of Education earn up to $40,000 more than their non-certified (yet fully qualified) counterparts.
Prior Work Experience
Experience is a significant salary determinant. Those with several years of experience in healthcare administration or related fields usually earn more than entry-level candidates.
Popular Careers in Healthcare Administration
A master of healthcare administration opens doors to various high-level positions within the industry. Here’s a look at some common health administration careers and their average income ranges:
Hospital Administrator
Responsible for the overall management of a hospital, hospital administrators earn an average salary of approximately $266,052 per year. Their role involves staff management, budgeting, and policy implementation.
Clinical Manager
Overseeing specific departments like surgery or pediatrics, clinical managers oversee staff, budgets, and departmental policies. Their average salary is around $78,190 per year.
Health Information Manager
These professionals focus on managing patient health information and ensuring compliance with regulations. The average income for health information managers is about $97,500 annually.
Healthcare Consultant
Advising healthcare organizations on management and efficiency, healthcare consultants can expect an average salary of $105,085 per year.
Nursing Home Administrator
Managing nursing homes or long-term care facilities, these administrators earn an average of $128,014 annually. They are responsible for staff management and resident care.
Chief Nursing Officer (CNO)
This executive-level position is responsible for overseeing all aspects of a healthcare facility’s nursing. The average annual salary for CNOs is $155,000.
Healthcare Human Resources Manager
Healthcare human resources managers are responsible for dealing with the recruitment, training, and retention of staff within healthcare facilities. They also ensure compliance with employment laws and regulations. The average salary for this position is $117,806 annually. Their role is crucial in maintaining a skilled, motivated, and legally compliant workforce, which is the backbone of any successful healthcare organization.
Job Outlook for Healthcare Administration
The Bureau of Labor Statistics (BLS) projects a faster-than-average job growth (28%) for healthcare administrators and health services managers in the next decade, with nearly 145,000 new jobs within healthcare administration anticipated to be created within that time span. This growth is driven by an aging population and an increased demand for healthcare services. With this industry continuously evolving, those with a master’s degree in healthcare administration can expect a robust job market with diverse opportunities.
An MHCA offers a significant advantage in terms of earning potential and career prospects within the dynamic field of healthcare. By understanding the factors that influence salaries and the range of available career paths, individuals can make informed decisions to maximize their professional and financial growth in this rewarding field.
Why a Master of Healthcare Administration at Valpo?
Valparaiso University’s master of healthcare administration presents a well-rounded experience and educational launchpad for students to make an impact in the healthcare setting. A successful individual in the fast-paced environment of healthcare administration requires a balance between business acumen and healthcare expertise. Through our program curriculum, graduates are ready to walk into a wide variety of settings and provide leadership, analysis, and management skills to any administrative staff.
With a personal and tailored internship experience totaling 240 hours of real-world training, Valpo’s MHCA program teaches students to use critical thinking skills to effectively communicate and manage employees; to improve patient safety, clinical processes, and health outcomes; and to respectfully recognize the diversity of their patients and populations while executing the policies of their healthcare organization.
Through comprehensive coursework ranging from financial healthcare management to leadership in patient quality and safety, attending Valpo puts individuals in a position to thrive in the face of modern healthcare administration challenges.
Earn Your MHCA at Valparaiso University
If you want to advance your career in healthcare and move up in administrative positioning, Valpo’s Master of Healthcare Administration is right for you. This master’s program prepares graduates with the industry expertise and business acumen necessary to succeed in any healthcare administration role.
Schedule a call with an enrollment specialist or apply today!
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