Factors that Decide the Salary of a Medical Practice Manager


The job profile of a medical practice manager is complex and requires one to be a master of various skills. And, there are other major conditions that decide the ultimate salary figure of a manager. Check this good read and note these important check lists that will ensure a higher pay for a medical practice manager.

1.Experience

One’s experience is the most crucial factor in this field. The more experience one has, the more chances one will receive. If one has assisted similar physicians in the past, or has been involved in similar specialty, one is sure to receive a positive response for a good pay as well.

2.The specialty & number of physicians in the organization

It could be single-specialty, multi-specialty, primary care or sub specialty care that the manager is involved in. The organizational structure is the key factor that helps in deciding the salary figure. If the manager is fortunately working at a bigger organization, he/she will receive a higher and better pay.

3.What the decision maker offers & the status of the competition

The ultimate decision is absolutely the task of the human resources and the interviewer. The status of the competition is also considered-what other managers are being paid in the healthcare industry. The last salary figure of the manager is also taken into consideration. What a consultant or a financial advisor comments on the salary structure is also crucial.

4.Medical equipment and references

The healthcare industry is evolving and new innovations lead to the technological updates. The availability of medical equipment play a huge role as well. The better the equipment in the organization, the better the financial soundness of the organization will be. The references one has can also contribute to a rise in the salary figure.

5.Cost of living & financial soundness of the entity

Whether the region where the manager is working is financially sound also matters. The living costs also determine the salary structure of the manager. These are extremely crucial factors and are basic in determining the salary figure of the manager.

6.Other key factors

There are other key factors that also determine the salary figure of the medical practice manager. These include billing in house or outsourced, entity’s competition in the community, stability of jobs in the past 10-15 years, the number of ancillary services and whether if firm is hospital owned or not.

The compensation of a medical practice manager, hence, depends on such factors. In today’s competitive era, one must know these various factors that help in making one successful in the world of healthcare management. This field is surely competitive, but, if one can comprehend these vital factors, one will rise.
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