Have you ever wondered how much money do people in healthcare administration make ? Or how much does a medical coder or medical biller make ? This salary comparison based on actual data will give you the right answer about every salary in healthcare administration.
How much do healthcare administration professionals make
A new healthcare administration professional takes home a starting pay of around $35,443 per year. Among the benefits of healthcare administration professionals include an annual bonus of around $9,884 and annual profit sharing ranging from $250.00 to $10,000.
Why do you need to become a healthcare administrator professional
Healthcare administration professional is very much in demand just like any health related professions. The Bureau of Labour and Statistics projected the job outlook from 2010 to 2020 for healthcare administration professionals at 22%, faster than the average of all professions. It is estimated that there will be an unprecedented growth of the number of health administrators working in the offices of health practitioners as health group practices become more complex and larger due to advancement in technology.
Aside from the annual bonus and profit sharing, healthcare administration professionals also enjoy lots of perks and benefits such as 401(k), paid holiday and vacation, paid sick leave, life and disability insurance, company pension plan and cell phone incentives. Healthcare administration professionals are also provided with reimbursements for trainings, certification, tuition and other educational upgrading expenses.
How to become a healthcare administration professional
The entry-level for aspiring healthcare administration professional is a 4 year bachelor’s degree. Professionals with health related experience such as nurses are sometimes tapped to occupy the position of health administrators because of their knowledge and experience in direct healthcare. For executive and high-level positions, a 2 to3 years graduate education such as an MBA, master’s degree in health or a doctorate degree in health administration is required. In graduate programs, aspiring healthcare administrators should include health information management or healthcare services in their course of studies. The programs that healthcare administrators involve themselves must be recognized by the Commission on Accreditation of Healthcare Management Education (CAHME)
In most cases, licensing for healthcare administration is not necessary with the exception of administrators assigned in a long term nursing care facility and other assisted living facilities. Optional certification for healthcare administrators in long term healthcare facilities can be obtained by passing the examinations provided by the Professional Association of Health Care Office Management (PAHCOM) while healthcare administrators who work as medical practice mangers must pass the exam provided by the American College of Health Care Administrators (ACHCA).
Healthcare administration tuition and scholarships
There are many accredited schools that offer scholarship grants for aspiring health care administrator. Among these is the University of Phoenix where scholarship is being offered for outstanding students full tuition for undergraduate or master’s degree worth 16 full tuition fees. Other scholarships include Albert Dent Graduate Student Scholarship which offers help for minority, Corris Boyd Scholars Program>, Foster McGaw Graduate Student Scholarship, David Winston Health Policy Scholarship Program, Richard Stull Student Essay Competition in Healthcare Management, HIMSS Foundation Scholarships, Stuart Wesbury, Jr Postgraduate Fellowship, a scholarship awards assisting graduate students of association management and health care and Healthcare Management Research Award that allot $25,000 scholarship grants to ACHE affiliates who teach in schools that offer health care administration programs. You may also look for scholarships offered in your state. Subscribe to the site’s RSS feeds so you can be informed of the updates on these scholarship programs.
Average salary of healthcare administration professional
Healthcare administration professional pay per year in US ranges from $35,443 to $103,488. Ten percent of healthcare administrators receive an average of $35,000; twenty five percent takes home around $49,000, fifty percent collects around $63,000; seventy five percent receives around $100,000 and ninety percent enjoys the top pay of around $100,000.
The hourly rate for healthcare administrator by years of experience is as follows: those with less than a year of experience collect from $17.50 to $28.50; those with 1 to 4 years of experience receive from $12.22 to $34.90 and those with 10 to 19 years of experience take home from $19.52 to $39.28.
The salary range by popular industries is as follows: Healthcare, $40,964 to $109,058; hospitals, $41,682 to $109,229, home healthcare, $40,016 to $110,126; nursing and convalescence homes, $40,565 to $104,215 and prison or correctional facility, $42,474 to $110,670.
Healthcare administration salary by state
The highest paying states for healthcare administration based on pay per annum are Florida, where HC professionals receive salary ranging from $31,319 to $120,518, Texas, from $37,095 to $106,654, New York, from $52,452 to $78,611, California, from $45,781 to $62,645, Georgia, from $70,750 to $82,231, Michigan, from $60,000 to $92,000 and Virginia, from $48,605 to $90,545.