2005 Salary Survey Results: Median income up this year, continuing trend
2005 Salary Survey Results
Median income up this year, continuing trend
The exclusive 2005 Healthcare Risk Management Salary Survey was sent to 1,173 readers in the July 2005 issue. A total of 161 were returned, for a response rate of 14%. The results were tabulated and analyzed by American Health Consultants, publisher of HRM.
The median income for health care risk managers in this year's survey is $85,000, up from last year's $75,000, 2003's $70,000 and 2002's $65,000. (See the chart below.) The increase in income continues a long trend. Prior to 2000, the median income for directors of risk management was in the high $50,000 range.
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Most receive 1%-3% increase
Despite the increase in reported income, respondents still report a median salary increase over the past year of only 1% to 3%, the same as in previous years. (See the chart below.) Fifty-three percent report increases in that range, up slightly from last year. Twenty-two percent report increases of 4% to 6%, about the same as last year
Only 13% of respondents indicated that their salaries had not changed this year, down from 20% in 2004. The number of respondents reporting a decrease in their income was down to less than 1%, much less than the 3% reported in 2004 and comparable to the 1% figure in 2003.
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Working 40-60 hours per week
Risk managers are working longer hours. Thirty percent reported working 46 to 50 hours per week, up from last year's 26%. (See the chart below.) The year before, 35% said they worked those hours. Sixteen percent reported working 51-55 hours per week, down from last year's 19% and the previous year's 23%. Thirteen percent reported working 56-60 hours a week, up from last year's 9%, and 3% reported working 61-65 hours, up from last year's 2%.
The survey results are in line with the findings of the U.S. Department of Labor's 2004 National Compensation Survey released recently, which indicates that wages are on the rise for a small segment of highly skilled workers, including doctors and nurses. Overall, average hourly wages for American workers were $18.09 in July 2004 when the survey was conducted. That figure was up 1.9% from $17.75 in July 2003. Physicians, nurses, and other skilled medical professionals were at the forefront of the income gains.
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