Professionals who want to work in healthcare consulting typically will earn a business degree with a focus on healthcare administration or healthcare management – either a bachelor’s or master’s degree. With an education in healthcare administration, healthcare management and business, it is possible to be well qualified for many healthcare consulting and related positions.
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To understand what your salary could be in the healthcare consulting and related fields with these types of degrees, it is important to understand the following factors:
- Whether you earn a bachelor’s or master’s degree
- The type of career you select
- How many years of work experience you have
- Geographic location
- Company
Once you have collected this information, you can get a better idea of the salary you could have in the healthcare consulting field.
Level of Healthcare Degree Required
There has been a lot of research conducted in recent years about how earning a master’s degree can get you a higher salary over the years in your career. For example, the Bureau of Labor Statistics has found that the median salary for all workers with a master’s degree is $68,000, and it is $56,000 for people with just a bachelor’s degree. This is a difference of $12,000.
BLS also has found that many positions in the healthcare and business fields can pay a higher salary when you have a master’s degree.
For example, one of the most common positions you may have is that of healthcare management analyst. BLS states the median salary for all management analysts is $82,450. But the top 10% are reported to earn a median salary of $152,000. Many professionals who work as management analysts can earn a higher salary with a higher degree, such as an MBA in healthcare management or a master’s degree in healthcare administration (MHA).
Type of Healthcare Career Needed
A huge influence on the salary you can earn is the exact profession that you choose in business or healthcare. Below are some of the common positions that people choose who are interested in healthcare consulting:
Healthcare Consultant
A healthcare consultant handles many responsibilities for healthcare clients, such as conducting research in and outside the company to identify areas of improvement, researching potential solutions to the issue, and talking with managers and employees about how to improve company performance.
Healthcare consultants are usually employed by large healthcare organizations or sometimes by consulting companies that contract with healthcare organizations.
Payscale.com reports the average salary in this field is $75,500 per year with a range between $50,000 and $120,000. Glassdoor.com reports the average base pay for healthcare consultants is $76,292.
Management Analyst
A management analyst is also referred to as a management consultant. It is common for healthcare consultants to work as management consultants or analysts for healthcare-related companies. Management analysts are responsible for advising managers and executives on how to make their organizations more profitable and to increase revenues. See top 15 business management degree programs online.
Many management analysts work in specific areas, such as healthcare. These professionals are relied upon heavily today to assist healthcare organizations to reduce costs and be more competitive in the marketplace.
Many healthcare management analysts work for large consulting organizations, while others may work for the specific healthcare company.
Management analysts earn a median salary of $82,450, with the highest earners getting $152,000 per year. According to BLS, the following industries pay these types of median salaries in the management analyst field:
- Professional, scientific and technical services: $87,800
- Management of companies and enterprises: $82,900
- Finance and insurance: $81,800
- Government: $78,100
Payscale.com states the average salary for management analysts is $64,500, with a range between $46,000 and $97,000.
Medical and Health Services Manager
Some professionals with a healthcare consulting background and a degree in healthcare administration or degree in healthcare management may choose to become a healthcare executive. These professionals are responsible for planning, directing and coordinating medical and health services.
Medical and health services managers may be the managers for an entire healthcare facility, a certain clinical area or department or a medical practice for a group of doctors.
The median wage for healthcare executives according to BLS is $98,350, but the top 10% can earn more than $176,000 per year. Salaries break down by specific job type:
- Hospitals: $107,200
- Government: $106,200
- Outpatient care centers: $89,900
- Offices of doctors: $89,700
- Nursing and residential care facilities: $82,500
Computer and Information Systems Manager
Another common occupation for people with a healthcare consulting and business background is that of computer and information systems manager. These professionals are responsible for planning, coordinating and directing the computer related activities in a healthcare organization. They are responsible for determining the IT goals of the healthcare organization and implementing them to reach those goals. See top 10 information systems degree programs online.
This role is extremely important in healthcare organizations and hospitals today as there is such a strong focus on the security of data as well as the ability to share patient information with other healthcare providers.
The median salary for computer and information systems managers is $139,200 per year, with the top 10% earning more than $208,000 per year.
Healthcare Consultant Work Experience
The level of experience you possess as a healthcare consultant will influence your salary. Payscale.com reports the average salary for healthcare consultants is as follows according to years of experience:
- Less than five years of experience: $69,000
- Five to 10 years of experience: $85,000
- 10 to 20 years of experience: $102,000
- More than 20 years of experience: $116,000
Healthcare Consultant Location
Where you work in the US as a healthcare consultant will also influence your compensation. Payscale.com reports the average salary of healthcare consultants is $78,800. But your wage can go up or down depending upon which city you live in. Below are some examples of how much your income can vary as a healthcare consultant by city:
- Seattle: +47%
- Los Angeles: +22%
- Dallas: +20%
- Denver: +16%
- New York: +15%
- San Francisco: 0%
- Washington DC: -1%
- Atlanta: -7%
- Indianapolis: -18%
- Kansas City: -28%
Healthcare Consulting Company
Many professionals want to work as healthcare consultants because of the salary potential. There are large consulting companies that pay consultants very well, and healthcare is no exception. According to The George Washington University, who offers a MBA in Healthcare Online, below are some of the top consulting firms that employ healthcare consultants and potential starting salaries for professionals with a master’s degree:
- McKinsey and Company: $140,000
- Deloitte Consulting LLP: $140,000
- Boston Consulting Group: $147,000
- Accenture: $135,000
- Bain and Company: $135,000
When you consider all of the above factors about a healthcare consulting career, you will get a better idea of what your potential income could be in this growing field.
References
- Should I Get a Master’s Degree? (2015). Retrieved from https://www.bls.gov/careeroutlook/2015/article/should-i-get-a-masters-degree.htm
- Medical and Health Services Managers. (2017). Retrieved from https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
- Management Analyst. (2017). Retrieved from https://www.bls.gov/ooh/business-and-financial/management-analysts.htm
- Healthcare Consultant Salary. (n.d.). Retrieved from https://www.payscale.com/research/US/Job=Healthcare_Consultant/Salary
- Guide To Careers in Healthcare Consulting. (2016). Retrieved from https://cdn1.mha.gwu.edu/content/0ed9304a1d8949e483a8a33899940738/GWU-MHA_IC-1054_Guide_tp_Careers_in_Health_Care_Consulting_FINAL.pdf?_ga=2.40500002.1679475172.1526333564-668840123.1526048364
