Before you start studying for a Master’s in Health Informatics, it is important to research costs and average salaries reported in the field following graduation.
With a Master’s degree majoring in a discipline like Health Informatics, you will study advanced curriculum focused on both information technology and health subject areas. Thee purpose of the degree is to help you develop an expertise in the use of information technology to improve health care services and the outcomes of treatments in various settings.
To determine if earning a degree is worth the financial investment and the investment of time, read on and learn about salaries and demand in the field.
What is the Cost of a Master’s in Health Informatics?
The cost of an advanced degree can be extremely high. Before you can determine if a degree is worthwhile, you need to know what it will cost you out-of-pocket in form of tuition and in the form of student loans later down the line. The actual cost of your degree depends entirely on the school that you attend, but the cost of a Master’s degree ranges between $80,000 and $120,000. Some students pay for all of this out-of-pocket, some pay for it through financial aide and awards, and others apply for student loans and pay these back after completion.
Is There Demand in Health Informatics?
If you are going to spend an extra 2 to 3 years studying advanced curriculum, you want to be sure that the field that you are studying is high in demand. If the field is not in demand, you may have trouble landing an upper-level position after you have spent a great deal of time and money in school. With doctors and hospitals leaning on technology and database systems to store health records and collect their insurance reimbursements, there is a much higher need for health informatics professionals.
According to experts, the field is exploding and will only continue to grow at twice the rate of employment as a whole. With your Master’s degree, you will fulfill a role that many who are already in the field cannot.
How Much Will You Earn with a Master’s?
As employers struggle to find highly trained experts in health informatics to fill in vacancies, the average salary for advanced degree holders will rise. The average salary for clinical informatics manager, which is a position that many graduate degree holders will compete for, is $92,819 per year. The average for a health informatics specialist with a Bachelor’s degree is $61,050 per year. As you can see, the difference is more than $30,000 each year. If you do the calculations, it may only take you 3 to 4 years to make back the cost of your degree, depending on how much you spent for your education and how much you make in your region.
There has been a push by local and federal governments to standardize medical records and other electronic technology that helps improve the quality of care delivered. If you would like to work with technology, but you want to benefit from working in healthcare, informatics is a great option. If you have your Bachelor’s degree, it is time to study for your Master’s in Health Informatics for quick advancement.