Online Masters in Health Administration Programs

If you want to advance in your career as a health administrator, one of your choices is to get your masters in health administration (MHA). This advanced degree prepares you for a career running a hospital, heading a non-profit healthcare organization, starting your own consulting company, or otherwise leading a medical company. One of the biggest advantages to getting your MHA degree is that you’ll be qualified for jobs that pay more. How much you’ll earn depends on what career path you choose. Here are some of the jobs you can choose, along with the average salaries that you can expect:

• Chief Executive Officer (CEO): $180,000
• Chief Operating Officer (COO): $128,380
• Practice Administrator: $80,000
• Hospital Administrator: $77,195
• Healthcare Consultant: $70,839

With an MHA degree, your pay rate also depends on the type of employer. According to Payscale.com, the average salaries for the following types of employers, when you have an MHA degree, are as follows:

• Foundations: $79,000
• Federal Government: $74,865
• Private Practices: $73,470
• Hospitals: $72,691
• State and Local Government: $67,404
• Non-Profit Organizations: $64,963
• Colleges and Universities: $51,250

Of course, your salary with an MHA degree isn’t the only consideration when it comes to choosing a job, even in terms of finances. Healthcare administrators are typically eligible for a number of bonuses throughout the year, and the average bonuses expected for different types of administrators are as follows:

• CEO: $22,500
• COO: $19,000
• Vice President of Operations: $15,000
• Executive Director: $9,500
• Private Practice Administrator: $5,087
• Healthcare Consultant: $4,045
• Hospital Administrator: $2,300

Vacation weeks are also a consideration, and most administrators can expect two and a half to three and a half weeks of paid vacation. You also need to review benefits packages offered to you. Works with higher degrees are typically not only offered better salaries, but also better benefits, which include your health insurance, life insurance, retirement plans, and more. Depending on the type of employer that hires you, you could also receive profit sharing options with the company.

Getting your MHA isn’t the only way to increase your salary, but it is one of the most sure-fire things you can do to be offered that bigger paycheck. In addition, you can make more money by being flexible about where you live, reaching goals set by the company (especially relating to the company’s budget), going through extra training or certification programs, registering with national organizations, and simply gaining experience in your field. If you’re loyal to a single employer, you’ll also likely get a higher salary over time, as compared to someone who bounces around from employer to employer.

Luckily, getting your MHA doesn’t take long, and many employers will actually allow you to go back to school on their dime. As part of tuition reimbursement programs, you can get an advanced degree without spending any of your own money, which makes your degree even more valuable. Although MHA programs are a lot of work, most people find them to be well worth the effort.