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Healthcare Consultant: Salary and Job Description

Date
May 1, 2023
Image
A healthcare consultant talks with a physician in a crowded hospital hallway.

The goal of any hospital or other healthcare organization is to provide patients with the highest standard of care, promoting the best possible outcomes while minimizing potential risks. In order to uphold these high standards, clinical excellence is a must. At the same time, healthcare organizations require a strong administrative structure. To do their job well, and to deliver quality care to patients, healthcare providers rely on efficient procedures and equitable policies. And to ensure they have the right resources at their disposal, providers also need to reduce wasteful or unnecessary expenditures.

To develop these time and money saving approaches, hospitals and other organizations often enlist the expertise of a healthcare consultant. Consultants help healthcare organizations improve their processes, operate more efficiently, treat patients equitably and prioritize their investments. By earning an advanced degree in a health administration field, consultants can make a positive impact while also making a competitive healthcare consultant salary.

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What Does a Healthcare Consultant Do?

Healthcare consultants work with healthcare organizations to identify financial inefficiencies, develop process improvements and ultimately improve patient care. Healthcare consultants are recognized as specialists within their field, and they draw on their background and formal training in healthcare policymaking to help organizations identify and find solutions for particular challenges or bottlenecks. Healthcare consultants work specifically with administrators and executives, helping them to locate the areas where quality of care could be improved.

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Where Do Healthcare Consultants Work?

Healthcare consultants work in a number of different environments, including the following:

Consultants may be hired by any healthcare organization that has an interest in saving time, conserving money or ensuring a smoother experience for patients.

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Healthcare Consultant Salary

When considering a career in this field, it’s only natural to wonder about salary expectations. The median annual healthcare consultant salary is approximately $80,000, according to June 2022 data from Payscale. Those in the lowest 10th percentile of the salary range had annual salaries lower than $56,000, while those in the highest 10th percentile had annual salaries higher than $123,000.

A number of factors can affect a healthcare consultant’s specific pay level. Some of these factors are:

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The Skills of a Healthcare Consultant

Honing the right set of skills is crucial to succeeding as a healthcare consultant and making a positive impact on healthcare organizations. Some of the most important healthcare consultant skills are:

One way to demonstrate knowledge, expertise and competence to potential clients and employers is to pursue certification. The National Society of Healthcare Business Consultants is the largest professional society in the U.S. for healthcare management and financial consulting services. It offers three certifications: certified healthcare business consultant (CHBC), practice accounting and finance specialist (PAFS) and practice management and operations specialist (PMOS). Certification requires successful completion of an examination. It can open the door to more professional opportunities and potentially higher levels of pay.

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Optimizing Healthcare Management

To be able to deliver the highest levels of care, as cost-effectively as possible, healthcare organizations must run efficiently.

Healthcare consultants can play a major role in boosting that efficiency. To pursue this vocation, consider earning an advanced degree, such as the George Washington University’s Healthcare Master of Business Administration degree. The curriculum focuses on health financing, business analytics and policymaking, and students can choose from among seven optional graduate certificates, including Regulatory Affairs, Health Care Quality and Clinical Research Practice certificates. Find out how GW can help open the door to the next chapter in your career.

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Sources

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