How Much Do Medical and Health Services Managers Really Earn? A Look at their Salary
Have you ever wondered how much medical and health services managers really earn? Medical and health services managers are responsible for planning, directing, and coordinating medical and health services. They ensure that healthcare facilities provide effective and efficient care, manage staff, and keep up with ever-changing regulations and technologies. Let’s take a closer look at their salary and the factors that affect it.
Factors that Influence Medical and Health Services Manager Salary
The salary of medical and health services managers can vary depending on several factors. Firstly, the level of education and certification they possess can impact their salary
significantly. Typically, those with a higher degree such as a Master’s in Health Administration (MHA) or Business Administration (MBA) can expect to earn more than those with a bachelor’s degree or less. Moreover, obtaining certifications such as Certified Healthcare Financial Professional (CHFP) and Certified Medical Manager (CMM) can increase earning potential.
The type of healthcare facility can also impact a manager’s salary. Those managing larger facilities or hospitals can expect to earn more than those managing smaller facilities such as clinics or nursing homes. The location of the facility is another significant factor, with managers in major metropolitan cities earning more than those in rural areas.
Median Salary for Medical and Health Services Managers
According to the U.S. Bureau of Labor Statistics, the median annual wage for medical and health services managers was $100,980 as of May 2020. The lowest 10 percent earned less than $58,820 and the highest 10 percent earned more than $189,000. The industries that paid the highest salaries were pharmaceutical and medicine manufacturing and insurance carriers, while state and local government paid the lowest salaries on average.
Benefits of Being a Medical and Health Services Manager
Apart from the potential high salary, there are several other benefits of becoming a medical and health services manager. These professionals enjoy job security, as there is always a demand for healthcare services. They also have the opportunity to make a significant impact on healthcare and people’s lives by improving patient outcomes through effective management.
Conclusion
Medical and health services managers play a vital role in the healthcare industry. Their wages are influenced by several factors like education level, certification, and the type and location of the facility. Although their salary might vary, they enjoy job security, impact, and an opportunity for growth in their profession. So whether you’re already in the healthcare industry, or considering a career change, understanding the salary of medical and health services managers can help you make informed choices.
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