2006 Salary Survey Results
HRM data show salaries holding steady, more hours
Salary levels appear to be holding steady for risk managers after a slight increase the previous year, according to the results of this year's Healthcare Risk Management Salary Survey.
The exclusive 2006 Healthcare Risk Management Salary Survey was sent to about 1,200 readers in the June 2006 issue. A total of 134 were returned, for a response rate of 11%. The results were tabulated and analyzed by AHC Media LLC, publisher of HRM.
The median income for health care risk managers in this year's survey is $85,000, the same as last year. (See the chart below) The median income in 2004 was $75,000, compared with $70,000 in 2003 and $65,000 in 2002. Though this year's median income held steady, risk managers have seen a steady increase over time: The median income for directors of risk management before 2000 was in the high-$50,000 range.
As is the case nearly every year, respondents report a median salary increase over the past year of only 1% to 3%. (See the chart below) Forty-six percent report increases in that range, down somewhat from last year's 54%. Thirty-two percent report increases of 4% to 6%, up significantly from last year's 22%, suggesting that some risk managers are seeing fatter paychecks even if the number is not enough to swell the median salary increase figure.
Seventeen percent of respondents indicated that their salaries had not changed this year, up from last year's 13% and climbing back toward the 20% seen in 2004. Less than 1% reported a decrease in their income, the same as last year and much less than the 3% reported in 2004.
In a continuing trend, risk managers are working longer and longer each week. Thirty-nine percent reported working 46 to 50 hours per week, up from last year's 30% and the previous year's 26%. (See the chart below.) In a big leap, 28% reported working 51 to 55 hours per week, up from last year's 16% and the previous year's 19%. Sixteen percent reported working 56 to 60 hours a week, up from last year's 13% and the previous year's 9%. Two percent reported working 61 to 65 hours, compared to 3% last year, and 2% the year before.