Health administration salary is an issue that is not typically discussed. Today, health care administrators or health managers have very high salaries and those figures are expected to increase. The need for health managers is higher than ever simply because there are not enough managers capable of being truly innovative in their respective organizations. Being a health care administrator can be both demanding and rewarding, however health administration salary issues highlight that the reward is certainly worth it.
In health technology positions, the salaries for the health administration staff are very high. According to the HIMSS Compensation Survey, four out of the six job categories on average made more than $100,000 per year. Senior management such as the CIO made on average $169,000 per year. Head managers of individual departments made $117,000 and general management staff made over $102,000 on average. Staff positions also yielded average salaries of over $70,000. Clearly health administration salary is quite high in the technology field within health care.
On the financial side, financial officers within hospitals made similar high end salaries. However, the average health administration salary depends largely on the size of hospital. For example, hospital CFOs in 25 bed hospitals average $80,000 to $100,000 per year while 200 to 300 bed CFOs average around $200,000 per year. If you are interested in larger hospital systems, salaries range from $300,000 to $500,000 per year. If you are interested in a career in hospital finance, the salaries are extremely high.
However, the highest health administration salary usually comes from top management positions such as the CEO. In 2010, a hospital CEO in Chicago made nearly $10 million dollars. On the for profit side, Wayne Smith the CEO of CHS made nearly $21 million in 2010. These are obviously the very high end, however most senior management positions within a hospital yield salaries above $200,000 per year. In children's hospitals, the 25 largest hospitals had CEO salaries ranging from $700,000 to $5 million.
Hospital administration is certainly rewarding financially, however it does require someone to pursue a health care administration degree. Most healthcare administration degree programs are on university campuses, however many can be found online. These programs will provide you with the necessary tools to excel in health care in hopes of earning large salaries. The programs themselves take anywhere from 1 to 3 years, but the salaries above prove that the investment is certainly worth the effort.