MBA in Healthcare Management Salary
If you're considering a career in healthcare management, you may be considering either a masters in healthcare administration or an MBA in healthcare management. Making a choice between the MBA vs the MHA can be difficult.
MBA vs MHA Salary
The highest paid professionals in healthcare are the CEOs of hospitals. If you'd like to learn how to become a hospital CEO, read our guide. If you look at the resumes on LinkedIn, many hospital CEOs have an MHA, not an MBA. This could lead us to the conclusion that MBAs may not make as much money as MHAs, as you are likely working as a health service manager with an MBA, and not as the CEO. However, that doesn't mean there aren't graduates with an MHA working as health service managers that are making less than graduates with an MBA.
Medical and Health Services Managers Salary
Medical and Health Services Managers made a median annual salary of $84,270 in 2010 according to the BLS. The salary range is between $51,280 to more than $144,880. In addition, earnings of medical and health services managers vary by type and size of the facility and by level of responsibility.
Factors that Influence Your Healthcare Salary
Whether you choose an MBA or an MHA, there are four primary factors that will influence your salary. The first is your ability to network. You can't expect to get a high paying management position if you don't have the right connections. Some of the top CEOs made it to where they are because of who they know.
Additional, your location will play an important role in determining your salary as well. Keep in mind that certain areas have a higher cost of living, so the associated salary boost may just be enough to help you keep up with your expenses.
The size of the medical practice you manage also influences pay. Smaller organizations are not going to pay as much as larger ones. For example, the Medical Group Management Association reported that, in 2010, median compensation for administrators was $86,459 in practices with six or fewer physicians; $115,000 in practices with seven to 25 physicians; and $150,756 in practices with 26 or more physicians.
Your level of responsibility will also effect your salary. For example, hospital CEOs make more than general health services managers.
The number of years experience will also significantly impact your salary. For example, an entry level management position may have a salary at the low end of the compensation range ($51,280), while those with 20 years or more experience can expect to make six digits.