When it comes to acquiring the necessary skills to protect an organization from financial and legal risks that are associated with health care systems, a Certified Healthcare Risk Manager (CHR) is the ideal professional to turn to. The CHR designation is quickly becoming the preferred option for health care organizations seeking qualified and certified risk managers.
As with most services, the salary expectations associated with certified healthcare risk managers vary depending on certain factors. The experience of the CHR professional and the size of the health care organization that he/she is employed by are two of the most important factors that will influence salary.
For a basic salary range, the annual income of a Certified Healthcare Risk Manager is typically anywhere between $50,000 and $80,000, which can increase with added experience. The longer a CHR is employed with the same organization and the more responsibilities he/she is given, the potential for a higher salary significantly increases.
In addition to base salary, many health care organizations also offer competitive benefits packages as well, which may include a sign-on bonus, childcare assistance, or 401(k) and pension plans. Some employers also choose to increase the CHR’s salary incrementally over time as a reward for recognized long-term commitments or for demonstrated excellence in their field.
Additionally, certified healthcare risk managers have the potential to obtain multiple certifications that are designed to recognize certain levels of expertise and experience. Each new certification acquired may open the door to more job opportunities and may even increase a CHR’s salary.
In summary, the salary range of a CHR is determined by the position, the experience and dedicated tenure of an individual to an organization, and any certifications they obtain. Ultimately, the salary of a Certified Healthcare Risk Manager is certainly worth the investment that is made into their professional development.
Certified Healthcare Risk Manager Salary
A Certified Healthcare Risk Manager (CHR) is responsible for assessing, managing and preventing medical risks across an organization or medical facility. In order to become a CHR, one must complete a professional certification program and pass a certification test, which takes on average 6 months to complete. The salary of a CHR depends on the level of experience, the organization they work for and the geographic region of the job.
Average CHR Salary
According to PayScale, the average base salary of a CHR is $78,409 per year. Additional compensation includes bonuses, profit sharing and commissions, which can add anywhere from $3,615 – $14,529 per year.
Salary by Level of Experience
The salary of a CHR varies greatly depending on the experience level of the position.
- Entry Level: Entry level CHR positions usually earn between $49,000 and $71,000 per year.
- Mid-level: Mid-level CHR positions typically earn between $70,000 and $95,000 per year.
- Senior Level: Senior level CHR positions generally earn between $82,000 – $126,000 per year.
Variation by Region and Organization
The salary of a CHR may also vary greatly depending on the geographic region of the job. The cost of living and the average salaries in the medical industry can vary greatly by region. In addition, CHR salaries may also vary depending on the nature of the organization or medical facility where the CHR is employed.
Conclusion
Certified Healthcare Risk Management is an important and specialized profession. The salary of a CHR can vary greatly depending on the experience level, the region and the organization where the CHR is employed. On average, CHR salaries range from $49,000 – $126,000 per year.
Certified Healthcare Risk Manager Salary
For professionals looking to specialize in healthcare risk management, becoming a certified healthcare risk manager is an ideal option. Being a certified healthcare risk manager entails analyzing and assessing the potential risks inherent in a medical or health care institution or organization, as well as creating methods of minimizing those risks and avoiding potential liability. A Certified Healthcare Risk Manager (CHRMP) is one who has the knowledge and experience necessary to take on such a position.
Average Pay
The average pay of a Certified Healthcare Risk Manager is between $68,000 and $84,000 per year, with additional bonuses and benefits added in depending on the organization. This can go up to $100,000 with experience and extra certifications.
Benefits
In addition to the monetary benefits of the job, Certified Healthcare Risk Managers gain a great deal of experience in the healthcare sector. They are able to work with a highly knowledgeable team, develop a comprehensive understanding of healthcare regulations and keep up to date with their professional development.
Skills
Being a healthcare risk manager requires several skills and abilities. Additional qualifications such as an MBA are highly recommended for those looking to enter this profession. The ability to recognize potential threats or issues, effectively communicate with other healthcare professionals, and adequately recognize the potential financial or medical implications of risk management decisions are all skills necessary to become a successful certified healthcare risk manager.
Career Growth
The healthcare sector is growing at a rapid pace, and this is creating more opportunities for health risk managers. Over the past few years, there has been an increased demand for this profession, and this trend is only expected to continue in the near future. This demand is partly driven by the increasing complexity of the healthcare system and its regulatory framework, as well as increasing concerns about patient safety. Additionally, certified healthcare risk managers are in high demand as organizations look for ways to mitigate potential risks and reduce their liability.
Providing a unique combination of experience and knowledge of healthcare risk management, a Certified Healthcare Risk Manager can be a valuable addition to any organization. The potential salary and benefits associated with the profession can be highly lucrative, making it an attractive career option for those looking to specialize in healthcare risk management. Most people assume that a certified healthcare risk manager salary is generous, and it can be, depending on experience, the degree of responsibility and the size of the healthcare organization. A certified healthcare risk manager is responsible for mitigating the risk of financial loss within a healthcare system.
The base salary for a certified healthcare risk manager typically ranges from $70,000 to $100,000 annually. The median salary is $94,000 per year. Experience in the field may also increase the range of a certified healthcare risk manager salary to as high as $140,000.
In a larger healthcare system, a certified healthcare risk manager might be paid more for a broad range of jobs. Some of the duties of a certified healthcare risk manager can include educational risk management training, which may come with an additional financial bonus from 5 to 10 percent. There are also deferred compensation packages that could include bonuses up to 25%.
The senior level position of a certified healthcare risk manager could pay up to $200,000 a year. With this position, the certified healthcare risk manager might be expected to supervise other individuals, conduct annual risk assessments, review and analyze contracts, and work with various departments to reduce risk.
In addition to a higher salary, there are other benefits. Healthcare risk managers may qualify for medical and dental insurance, life insurance, disability and retirement packages as well as a flexible spending account.
Certified healthcare risk managers play a very important role in the healthcare system. The certified healthcare risk manager salary is reflective of the knowledge and expertise they must possess in order to properly do their job. Because of the vast responsibilities associated with this profession, it is one of the best paid job options in the healthcare industry. Those who decide to pursue a career as a certified healthcare risk manager can expect to be very well compensated.