Understanding the Average Master’s in Health Information Management Salary: What You Need to Know

Understanding the Average Master’s in Health Information Management Salary: What You Need to Know

The field of health information management (HIM) is one of the fastest growing in the healthcare industry. With the increasing use of electronic health records and the need for accurate and efficient record keeping, HIM professionals are essential to the functioning of healthcare organizations.

If you’re considering a career in HIM, one of the most important factors to consider is salary. In this article, we’ll take a closer look at the average master’s in health information management salary, what factors affect it, and what you can do to maximize your earning potential.

What is the average salary for a health information management professional with a master’s degree?

According to the Bureau of Labor Statistics (BLS), the median annual wage for medical and health services managers, which includes HIM professionals, was $100,980 in May 2020. However, the exact salary for HIM professionals with a master’s degree may vary depending on various factors such as experience, location, and industry.

For example, those with less than five years of experience in the field may earn an average of $58,000 to $80,000 per year, while those with over 20 years of experience may earn an average of $90,000 to $120,000 per year. Moreover, factors such as geographical location, industry, and employer also have a significant impact on salary.

Factors that affect average master’s in health information management salary

Geographical location: The salary for healthcare professionals, including HIM professionals, varies significantly by location. For example, the median annual wage for medical and health services managers in major metropolitan areas may be higher than those in suburbs or rural areas. Similarly, cost of living, demand, and competition also play a significant role in determining salary.

Industry: HIM professionals work in a variety of industries including hospitals, clinics, long-term care facilities, outpatient centers, and government agencies. The industry you work in can impact your salary, with those working in outpatient care centers and government agencies earning slightly less than those working in hospitals.

Employer: The type of healthcare organization you work for can also impact your salary. For example, a HIM manager in a large hospital may earn more than one in a small, private clinic. Similarly, working in a for-profit organization may result in a higher salary than a non-profit one.

Experience and education: As mentioned, experience and education level can have a significant impact on the average master’s in health information management salary. In general, those with a master’s degree and advanced certification may earn more than those with just a bachelor’s degree or no certification.

How to maximize your earning potential as a health information management professional?

If you’re looking to maximize your earning potential as an HIM professional, there are several strategies you can employ:

Get advanced certification: Achieving an advanced certification such as Registered Health Information Administrator (RHIA) or Certified Health Data Analyst (CHDA) can significantly increase your earning potential.

Pursue higher education: Obtaining a master’s degree or a doctorate in health information management or a related field can enhance your knowledge and skills and make you a valuable asset to healthcare organizations, resulting in higher salaries.

Gain experience: As you gain experience in the field, you become more valuable to potential employers. Consider pursuing leadership roles, such as HIM manager, to increase your earning potential.

Negotiate your salary: When applying for a new job or negotiating a salary increase, do your research to determine the average salary for someone with your level of experience and credentials in your industry and geographical location. Use this information to negotiate for a fair and competitive salary.

Conclusion

The average master’s in health information management salary may vary depending on several factors such as location, experience, industry, and education level. While earning a higher salary is desirable, it’s important to also consider other factors such as job satisfaction, work-life balance, and opportunities for growth and advancement. By staying informed about industry trends and pursuing opportunities for advanced certification, education, and experience, you can maximize your earning potential as an HIM professional.