What kind of salary can I expect with my Master’s Degree in Healthcare Administration?

Opportunities within the healthcare industry are numerous, however, with your online master’s degree you will have the competitive edge you need to afford you the best opportunities, as well as, the best possible salary. A career in healthcare, whether it be a bedside nurse or in an administrative position, can give you the opportunity to change the world for the better. Patients are benefited from the medical records keeper just as they are from someone in a nursing capacity. They all work together as a team to assure the patient a speedy and stress-free recovery.

Naturally, you are interested in potential salary earnings in the business of healthcare, as you should; after all, you have bills to pay, possible student loans and perhaps even a family to consider. Let’s look at a few career options and their average salaries:

The most obvious career to enter upon completion of your online master’s degree in healthcare administration is to become a Hospital Administrator. Your responsibilities may include the financial, human resource and business aspects of healthcare, in addition to, the day-to-day operations of overseeing the buying of supplies, marketing and groundskeeping. The average salary for a Hospital Administrator is $103,680 annually, with a range from between $55,890 – $161,150 per year, depending on experience and location.

The Chief Executive Officer in a hospital or other medical facility may have an average salary of between $176,550 to upwards of $386,000 annually, depending on experience, responsibility and job location. In this position, you are the primary contact for all department heads. You will work closely with them to assure quality assurance, develop new services and to streamline costs. In general, a Chief Executive Officer must be familiar with all aspects of the healthcare industry and capable of making urgent, yet effective, decisions.

The Facility Manager is responsible for assuring that the hospital or medical facility is being well-maintained and remains a clean, sterile and healthy environment for patients, employees and visitors. All equipment and machinery must be repaired in a timely manner and preventative maintenance must be scheduled and completed to assure smooth day-to-day operation. The average salary for a Facility Manager is $91,837 annually, with a range from between $78,225 – $109,680 per year, depending on experience, educational degree and job location.

A Medical Records Manager’s salary ranges from between $73,987 – $99,405 per year, with an average of approximately $85,761 annually, depending on experience and job location. In this position, you will oversee the personnel in the medical records department which may include medical coding and billing specialists, health information technicians, medical secretaries and clerks. Typically, you will be responsible for maintaining medical records and assuring that all privacy, legal and ethical practices are adhered to, in addition to, recording medical research statistics and hospital occupancy rates.

Perhaps you already have an online master’s degree in nursing, however, you may wish to transition into an administration position. A career as a Nursing Director will provide you a salary of approximately $81,495 per year.  A Nursing Director, or Nurse Manager, is responsible for the daily operations within a nursing unit. Their contact with patients is limited, however, they still work fervently to improve patient care but more so, in an administrative capacity by working closely with the nursing staff and physicians.

If you are interested in more information regarding a career in healthcare, check out our list of the Top 20 Online Master’s Degree of Healthcare Administration Programs to help you along your educational journey.