A recent healthcare IT salary report from HealthITJobs.com reveals some great news for healthcare IT professionals, and those working towards a career in healthcare IT.
The 2020 healthcare IT salary survey reveals that health IT professionals are among the most well-paid, and happy with their careers in the workforce.
The mean salary for healthcare IT professionals, according to the survey, is $89,879.43.
Thirty percent of healthcare IT workers report receiving a an annual bonus, averaging about $13,100.52 based on those reporting a bonus.
Eighty percent of those working in the healthcare IT field report being satisfied with their jobs.
Healthcare IT Salaries by Gender
Unfortunately for women in the field of healthcare IT, men are paid substantially more, on average, in annual income than women in the industry, according to the Health IT Salary Survey.
The average income for men is $99,566.68 according to Wealthy Genius, while women earn just $82,036.39 in comparison. The potential causes for this difference of $17,000 isn’t explained in the data from the report, but authors note that “it’s certainly something the industry as a whole should consider.”
Healthcare IT Workforce by Age and Experience
According to the report, the healthcare IT workforce tends to “skew towards a younger demographic.” Fifty-two percent of respondents were under age 45. The average level of experience was eight years. The report did not break down
salary by age, but does provide some insight into salaries by experience level.
One’s experience level significantly impacts earning power in healthcare IT, according to the salary survey. The average salary of a professional with prior health IT experience is $89,241.53, while an inexperienced professional, new to healthcare IT, earns an average of just $54,237.98.
Additionally, the salary gap between the most experienced, and least experienced professionals is substantial. Workers with two years of experience or less, earned an average of $70,158.65, while those with 20 years or more earned more than twice that much! The average income for the most experienced professionals was $145,133.33. There are not many other healthcare professions in which one can more than double his or her income in the course of a career.
Health IT Income by Geography
The salary report also broke down incomes by region. The highest earners reside in the mid-Atlantic region (NJ/NY) earning an average of $105,923.00. Conversely, healthcare IT workers in the midwest region earn the lowest salaries, averaging $81,255.67. These salaries seem to be roughly in alignment with the cost of living variations by region as well.
Healthcare IT Salaries by Job Function
Project managers are reportedly the highest earners in the health IT workforce, according to the salary survey. Project managers earned an average of $116,000 in 2019.
Other high earners within the healthcare IT space include:
- Healthcare Informatics: $94,275.05
- Systems Analyst: $81,574.31
- Implementation Consultant: $80,907.41
Health IT workers in clinical applications and training functions were among the lower-paid functions, earning $78,147.27 and $74,227.27 on average, respectively.
How Much is a Healthcare IT Certification Worth?
Healthcare IT certifications are valuable and do directly impact one’s salary. The salary survey found that workers with applicable certifications earned about $10,000 more than workers without a certification.
Impact of EMR Experience on Healthcare IT Income
Even the type of EMR software one knows can impact average income. Professionals knowledgeable and experienced in Epic EMR software are the highest earners, at $97,115.99. McKesson was the second-highest at $80,905.50. MediTech ($78,015.63), AllScripts ($76,236.36), and NextGen ($68,688.33) rounded out the top five earners by EMR software capabilities.
What Types of Employers Pay the Most for Healthcare IT Professionals?
The HealthITJobs.com salary survey found that health IT consulting firms pay the most, at an average of $109,715.42.
Insurance companies and software vendors are also among the most lucrative employers for healthcare IT professionals, paying an average of $93,162.50 and $87,992.23, respectively.
Hospitals were fourth highest paying employers, ($85,367.72), which makes them about the average or mid-range, along with government employers ($75,354.17).
Physician groups (medical offices) and clinics were the lowest paying employers, at $68,820.37, and $66,842.50, respectively.
What’s the Bottom Line? How to Earn the Most in Healthcare IT:
The “moral of the story” illustrated by this salary survey is that the highest earning professional in healthcare IT is most likely a man, with 20 or more years of experience and the appropriate certification in Epic EMR, working in the mid-Atlantic region, who is a project manager for a healthcare IT consulting firm.
Does high pay equate to happy employees?
Regardless of which end of the pay scale healthcare IT professionals are, 80 percent of them report being happy with their job.
Respondents indicated that their happiness was due to professional growth, the ability to learn new skills, and upward mobility. Income potential was the third most common reason cited for job satisfaction.