​​Top 10 Highest Paying Healthcare Administration Jobs 2024 (Inc Salaries)

Are you considering a medical and health services administration career but find your skillset unsuited for direct patient care? A position in health care administration may be your perfect choice.

Jobs in this field allow you to have a positive impact and contribute to the efficiency of the healthcare system, with or without a medical degree.

Healthcare is one of the most stable and fastest-growing fields. Not only that, jobs in healthcare also pay considerably high, with managerial roles reported to have an average annual

salary of around USD 100,980 in 2019. According to the US Bureau of Labor Statistics, the job outlook for medical and health service managers is projected to expand by 28% until 2032, which is much higher than the average for all jobs.

The healthcare administration field offers a wide range of positions for many educational and professional backgrounds, with numerous opportunities for career advancement.

So, here’s what you need to know about the highest-paying healthcare administration jobs in 2024 that could be waiting for you.

Top 10 Highest Paying Healthcare Administration Jobs 2024 (Inc Salaries)

1. Medical Director

A medical director is a senior healthcare professional who oversees the operation of healthcare organizations, clinics, medical facilities, or hospitals.

He ensures quality service for patients by designing, managing, and coordinating strategic plans and protocols.

He is also responsible for supervising medical staff and other healthcare providers, implementing budget management strategies, and implementing policies and regulations. One key responsibility is to stay abreast of the healthcare laws, regulations, and the latest medical technologies to improve their practices and services.

Educational Requirements

To become a medical director, you need to have a bachelor’s degree in any health-related or pre-medical program. Then, you must complete medical school to become a Medical Doctor (MD) or a Doctor of Osteopathic Medicine (DO). A doctorate in healthcare administration is also acceptable.

Medical directors must also earn a board certification and license, gain at least 10 to 20 years of clinical experience or hospital administration exposure, and pursue health administration training.

Potential Income

The average pay for a medical director is around USD 226,000 per year. Because of this, a medical director also belongs to the highest paying medical and healthcare jobs as well as the highest-paying public health jobs.

2. Hospital Chief Executive Officer (CEO)

A hospital CEO is also known as the President or Executive Director of a hospital or any large healthcare facility, whether private or public. He is in charge of developing and implementing policies that direct the organization's operations in collaboration with a board of directors.

The primary responsibility of a hospital CEO is to coordinate and manage all operational activities to produce quality medical service for patients, a conducive work environment and conditions for health workers, and a stable financial situation for the business.

Educational Requirements

A hospital CEO needs a master's degree in healthcare administration (MHA) or a master of business administration (MBA).

To gain a competitive edge over other candidates, you must also obtain prior training, certifications, licenses, several years of experience, preferably in the healthcare industry, and a solid background in management and leadership positions.

Potential Income

The average annual pay for a hospital CEO is around USD 205,800. The estimated additional pay, including bonuses, commissions, tips, and profit shares, is about USD 78,200 per year.

3. Healthcare Chief Information Officer (CIO)

Healthcare chief information officers manage and implement the information technology systems of healthcare facilities and institutions.

Healthcare CIOs utilize information technology to streamline operations, enhance patient care, and ensure compliance with regulations and best practices.

These healthcare professionals develop procedures, standards, and policies for the organization's use and applications of data and technology. They are also responsible for upholding patient health records' privacy, integrity, and security.

Educational Requirements

To become a Healthcare Chief Information Officer (CIO), you need a bachelor's degree in healthcare management, information technology, business administration, health informatics, or computer science. Conveniently, you can even enrol in an online BBA program.

You may need a master’s degree in a business administration program, computer science, or management information systems, along with relevant certifications to enhance your qualifications.

You will also need several years of experience in healthcare IT for positions such as IT director, project manager, healthcare informatics specialist, or systems analyst.

Potential Income

Healthcare CIOs get an annual median salary of around USD 203,200, with about USD 148,000 additional pay in bonuses, commissions, and profit shares.

4. Hospital Chief Financial Officer (CFO)

Just as the title suggests, hospital CFOs handle the hospital's or similar organisation's financial and business aspects.

Hospital chief financial officers manage budgets, evaluate the risks and benefits of investments, minimize losses, and ensure that revenue is generated for continued operation.

They collaborate and cooperate with other health information management administrators when making decisions on financial matters. They play an essential role in the sustainability of medical services, reasonable pay for personnel, and profit for the hospital.

Educational Requirements

Becoming a hospital CFO requires at least a master’s degree in health care administration, healthcare finance, or business administration.

To boost your chances of getting this position, you need a solid background in leading and managing businesses, ideally through roles as an accountant, financial analyst, or financial manager.

Obtaining Certified Healthcare Financial Professional (CHFP), Certified Public Accountant (CPA), or Chartered Financial Analyst (CFA) certifications are also advantageous.

Potential Income

A Hospital Chief Financial Officer's average yearly healthcare administration salary is about USD 191,300.

5. Chief Nursing Officer

A chief nursing officer is an administrative position that oversees nurses and monitors patient care.

This professional may or may not perform clinical duties within the healthcare system but is still involved in designating tasks, scheduling staff, setting goals and priorities, and implementing protocols and standards of practice among nurses.

A chief nursing officer may also be responsible for recruiting, hiring, training, and managing the nursing staff. They ensure that all personnel comply with regulatory standards and are well-versed in the organization's policies, vision and mission.

Educational Requirements

To qualify for a Chief Nursing Officer post, you need to obtain a bachelor's degree in nursing (BSN) and pursue advanced degrees such as a Doctor of Nursing Practice (DNP) or a Master of Science in Nursing (MSN).

You must also pass the nurse licensure exam and gain years of clinical experience as a registered nurse or work in healthcare administration.

Work experience in different healthcare settings, such as community health centers, long-term care facilities, clinics, and hospitals, preferably in management or leadership roles, is highly recommended.

Potential Income

The expected average salary for a Chief Nursing Officer is around USD 140,400 per year, with an estimated additional pay of USD 14,900 annually.

6. Clinical Informatics Manager

Clinical informatics managers are experts who work as both information technology experts and healthcare managers.

They supervise an organization’s informatics program for the safe and secure storage and access to health records. They are also responsible for collecting and analyzing data to identify improvement areas and adjust policies or practices accordingly.

Additionally, they collaborate with clinical staff and other IT professionals to lead the implementation of clinical information systems. They are in charge of studying the workflow and looking for opportunities to optimize technology systems.

Educational Requirements

A clinical informatics manager position requires at least a bachelor's degree, usually in pharmacy, medicine, or nursing, combined with a degree or background in health informatics. However, most employers prefer candidates with a master's degree.

You also need experience in healthcare informatics, database management, and related areas. For better chances of getting the role, consider getting relevant certifications.

Potential Income

The average annual salary for Clinical Informatics managers is around USD 120,500.

7. Ambulatory Care Director

Ambulatory care directors are in charge of outpatient healthcare services, which include clinical duties, outpatient surgery, and urgent care. They typically work with mental and behavioral health specialists, social workers, nurses, and other professionals.

Their duties may also include managing finances, monitoring regulatory compliance, evaluating the quality of patient care, and supervising staff.

Educational Requirements

To qualify as an ambulatory care director, you need a bachelor's or master's degree in healthcare or human resources.

After that, you need to obtain years of experience in nursing, healthcare management, or many other healthcare-related roles that will provide the needed skills and knowledge of healthcare to excel in this role.

Lastly, you could pursue higher education, certifications, and training for better chances of employment.

Potential Income

An ambulatory care director position pays an average salary of USD 108,800 annually.

8. Nursing Home Administrator

Nursing home administrators lead and manage the staff and residents in a nursing home. Aside from ensuring smooth daily operations, they also monitor compliance with regulations and the best practices for patient care.

As supervisors, nursing home administrators are also concerned with financial management, hiring and training, facility upkeep, and ensuring that residents are safe, comfortable, and cared for.

Lastly, they are also in charge of organizing entertainment, outreach healthcare programs, and enrichment events.

Educational Requirements

To become a nursing home administrator, you need a bachelor’s degree, ideally in long-term care, health administration or a similar field.

To improve your prospects of landing this position, you must pass a licensure exam, complete a state-approved training program, gain years of experience, and obtain certifications.

Potential Income

The average nursing home administration salary is about USD 108,200 yearly.

9. Database Administrator

Like clinical informatics managers, database administrators manage the data for healthcare facilities and medical organizations.

However, these healthcare administrators work by focusing on organizing, backing up, and storing data securely. They ensure that healthcare information is readily accessible but also protected.

Other duties of database administrators include troubleshooting systems, coding data, and solving technical issues. Because of this, they must have advanced computational and analytical skills in various database platforms.

Educational Requirements

To become a database administrator, you need a bachelor's degree in computer engineering, computer and information technology, business, or a related field.

It’s also recommended that you complete a master's degree focused on information systems, computer science, information technology, or database management.

Having certifications and proficiency training for software and products will also be advantageous.

Potential Income

These healthcare administrators earn an average salary of USD 106,000 annually, with about USD 7,700 in extra pay.

10. Healthcare Quality Improvement Manager/Consultant

Healthcare quality improvement managers or consultants are responsible for optimizing healthcare products and services.

They ensure that all resources are utilized to their maximum potential through careful planning and execution of projects.

They perform quality assessments and ongoing evaluations to identify and address issues in healthcare services.

On top of that, they also collaborate with a healthcare team to devise strategies and develop policies, quality indicators, and performance measures to reach the organization’s objectives. These goals include enhancing patient experience and reducing medical errors.

Educational Requirements

Becoming a healthcare quality improvement manager or consultant requires at least a bachelor's degree in healthcare administration, quality management, nursing, public health, or a relevant field.

Some employers prefer candidates with a master's in public health or healthcare administration degree and certifications in healthcare quality management and patient safety.

You also need substantial experience as a clinical quality analyst, healthcare consultant, quality improvement specialist, or quality assurance manager.

Potential Income

You can earn an average of USD 101,800 yearly as a healthcare quality improvement consultant or manager.

In addition to these professions, other high-paying jobs in healthcare administration and the annual median salary for each include:

• Hospital administrator (USD 96,800)

• Health care marketing manager (USD 90,200)

• Government Agency Healthcare Administrator (USD 75,700)

• Hospice Administrator (USD 70,700)

Conclusion

In summary, healthcare administration offers many roles that serve as the backbone of the medical and healthcare services sector. Careers in this field are among the most secure and rewarding positions today, and their job outlook and compensation are expected to remain that way in the years to come.

The downside, however, is that the industry is also evolving to become increasingly competitive and demanding regarding skills and educational background.

If your goal is to land high paying jobs in healthcare , adding a BBA or MBA degree to your credentials is worthwhile. This will make your resume stand out and impress employers with a broader range of value you can offer.

A business background on top of your medical or technical degree will expand your horizons, especially if you are going for executive, managerial, or administrative roles.

Offering globally-recognized online business programs, Nexford gives you an opportunity to secure your advanced degrees and diversify your skillset anywhere, anytime.

Frequently Asked Questions about Healthcare Administration

What is the highest paying healthcare administration job in 2024?

The Medical Director position will be the highest-paying healthcare administration job in 2024. This role receives an annual salary range of USD 228,000 to USD 425,000, averaging around USD 226,000.

Additional pay in the form of bonuses, commissions, and profit shares can reach up to USD 77,700 each year.

According to the Bureau of Labor Statistics, which healthcare administration jobs are projected to have the highest level of growth?

The healthcare administration positions are expected to have the highest growth in the next few years, including medical director, clinical informatics manager, and nursing home administrator. All of these fall under medical and health services managers, and the number is projected to grow by 28% by 2032.

What is the best healthcare administration career path in 2024?

In 2024, the healthcare administration industry is all about combining management and leadership skills with clinical experience.

With that in mind, the best position out of all healthcare administration careers is a Medical Director in terms of job satisfaction, outlook, and compensation.

What skills or expertise is required for high-paying healthcare administration jobs?

Given that the healthcare field is focused on patient care, service, and management of staff and resources, the right combination of soft and hard skills is necessary for a high-paying healthcare administration job.

Soft skills include communication, time management, attention to detail, adaptability to a dynamic work environment, and the ability to motivate others.

On the other hand, hard skills are technological know-how, a solid understanding of regulations and policies, data analysis, and financial and project management skills.

Download Our Free Report now to find healthcare skills that will help you shine in the healthcare administration industry.

What qualifications are required for high paying healthcare administration jobs?

Healthcare administration opens positions in healthcare administration with high salaries for applicants with a wide range of educational backgrounds, skillsets, and experience. The most common qualifications are:

• a bachelor’s or master’s degree in healthcare, management, or a niche-related program,

• years of experience in entry-level or supervisory roles and

• specialty training and certifications.

Why is it beneficial to gain a BBA/MBA degree to gain a career in healthcare administration?

A BBA or MBA degree will benefit any candidate looking for a leadership or supervisory position. A BBA will allow you to understand and explore the business aspect of healthcare administration roles.

An MBA degree from a traditional or online MBA program provides valuable knowledge and skills for a high-paying role in healthcare administration. These will allow you to:

• effectively set and reach business objectives,

• improve operations through well-executed strategic plans and policies,

• manage resources and workforce effectively, and

• have a competitive advantage for career development and advancement.