In the age of changing healthcare plans, the role of a healthcare consultant is constantly shifting and more important than ever. Like any job, the salary a healthcare consultant may be expected to receive depends on a wide variety of factors, including level of prior experience, level of industry knowledge, degree and type of formal education, level of professional certification, type of employer, and state of the industry.
Because a healthcare consultant’s primary responsibility is advisement of company operation and policy to expand profit and sustainability, the ideal candidate for the job is someone with extensive experience in the industry. Experience entails foresight, contacts, and specific contribution to day-to-day workings that will yield practical results. Someone with over ten years of experience may expect to earn approximately $100,000 per year, and someone with over twenty years of experience may expect to earn approximately $120,000 per year - often even more. At that level of experience, the significance of other factors such as degree of education and level of professional certification lessens because such a candidate is likely to provide insight more valuable than the majority of his/her younger competitors. A candidate with one year of experience will need exceptionally strong qualifications to offset a lack of practical experience, and may expect to earn approximately $50,000 per year. A candidate with one to four years of experience will need strong qualifications as well, and may expect to earn a slightly higher salary of $64,000 per year. A candidate with five to nine years of experience may or may not boast a more practical knowledge of the industry. Only with this capability may the candidate expect to receive a slightly higher salary of $80,000 per year.
The type of employer one chooses to work for is also a substantial factor to one’s salary. The federal government offers its consultants the highest salaries, but also offers positions that are hardest to get. A healthcare consultant for the federal government may expect to earn approximately $100,000 per year, depending upon experience. Lower on the chain is statewide and local government organizations, which offer approximately $60,000 per year. Even lower on the chain is colleges and universities, which may offer a relatively unqualified applicant as low as $30,000 per year.
The candidate's degree of education has a tremendous influence on any employer. In the healthcare industry, it is highly advantageous to hold a Bachelor’s degree, yet even more impressive to have studied nursing or business management. A Master’s degree in either of these subjects only enhances one’s application. A candidate without any college degree will have a difficult time finding even the lowest paid position available as a healthcare consultant. A candidate with a relevant Master’s Degree, however, will be able to offset lack of experience to break into the industry at the highest possible salary.
What must also be considered in a healthcare consultant’s salary is extent of benefits. Healthcare consultants enjoy exceptional packages that include yearly bonuses of approximately $6,000, two weeks paid vacation time, and annual commission. Added to some packages is a 401k-retirement plan, life insurance, and company property such as cars, cell phones, or computers.