Median Wages That Are Well Above the Average
The U.S. Bureau of Labor Statistics reports that the 2017 median pay for healthcare administrators was $98,350 per year. In contrast, the median annual wage for all workers in May 2017 was $37,690.
The Bureau of Labor Statistics also reported that in 2016, there were 352,200 healthcare administrator jobs in the industry, and it projected a 20 percent growth in those jobs through 2026. This is much faster than the average projected growth rate for all occupations of 7 percent.
As we discussed earlier, healthcare administrators may be employed by many different types of facilities. Here's a glimpse at median salaries at six different types of employer:
- Hospital -- Median Salary: $92,000
- Doctors' Office -- Median Salary: $72,000
- Hospice or Elderly Care -- Median Salary: $68,000
- Medical Equipment -- Median Salary: $98,000
- Insurance Company -- Median Salary: $122,000
- Public Care Facility -- Median Salary: $115,000
The following are expected to be high-growth careers in the next five to 10 years:
- Health Insurance Specialist -- 22 percent growth; median salary $37,710
- Social and Community Service Managers -- 21 percent growth; median salary $65,750
- Practice Manager -- 23 percent growth; median salary $87,862
Experience Matters
As with all careers, experience matters. According to PayScale.com, the average salary for a healthcare administrator is $61,414 annually. PayScale.com also reports that an entry-level administrator with fewer than five years of experience earns an average of $50,000, including bonuses and potential overtime pay. However, the average jumps to $63,000 for those with 5 to 10 years of experience. And for those with 10 to 20 years’ experience, the average increases to $71,000. Finally, with more than 20 years of experience, the average climbs to $87,000.
