Healthcare Administration Salary
Individuals who are detail-oriented and who possess excellent analytical, communication, interpersonal, leadership and technical skills may be well-suited for a career in healthcare administration. Healthcare administrators are also known as medical and health services managers or healthcare executives.
Healthcare administrators are responsible for planning, directing and coordinating services for either entire healthcare facilities — like hospitals or nursing homes — or smaller entities such as a specific department or physician group. It’s extremely important for healthcare administrators to stay abreast of changes in laws, regulations, insurance and technology.
Healthcare administrators work closely with doctors, nurses, lab technicians, health insurance representatives and agents, and sometimes even patients. Their most important day-to-day job responsibilities include:
- Implementing compliance standards pertaining to new laws and regulations
- Recruiting, training and supervising staff
- Continuously improving efficiency and quality of care
- Maintaining records
- Communicating with staff
- Creating, monitoring and adjusting budgets
- Serving as a representative at meetings
Healthcare administrators generally work full time. Healthcare administrators who work for facilities that are open 24/7, such as hospitals and nursing homes, may be expected to work evening, holiday and weekend shifts.
The Bureau of Labor Statistics expects employment of medical and health services managers to increase 17 percent by 2024, much faster than the average for all occupations.
Healthcare administrators earn a median annual wage of $94,500.
The education required for healthcare administrators depends on the employer. At a minimum, candidates should have a bachelor’s degree. However, employers almost always prefer candidates with a master’s degree. An MBA in Healthcare Administration, M.S. Nursing and Master of Public Health are all acceptable for someone pursuing a career as a healthcare administrator.