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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