Product Manager, Healthcare Salary
Product Managers of Healthcare in the United States pull down an average of $88K per year. Overall cash earnings for Product Managers of Healthcare stretch from $54K on the lower end to $129K near the top, and the heftiest packages can encompass around $18K from bonuses and $15K from profit sharing. Residence and years of experience each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to almost all, and a large number earn dental coverage. For the most part, Product Managers of Healthcare enjoy their work and report high levels of job satisfaction. Women are just slightly outnumbered, with male Product Managers of Healthcare making up 51 percent of survey respondents. The data in this summary comes from the PayScale salary survey.
Job Description for Product Manager, Healthcare
Healthcare product managers are responsible for maintaining and managing products throughout their life cycle, from the launch of the product until its retirement. Product managers perform a variety of tasks, including overseeing sales staff to ensure that they have the expertise and materials to sell a product; they also salespeople and clients have promotional materials, training on how to use the products, and clinical papers, as needed. They are also responsible for making sure that the people in the healthcare field are kept up to date on new developments or changes to their company's products. Often, healthcare product managers do market research projects with a team, as well as help develop marketing plans, advertising, and sales forecasts/reports.Read More...
Most healthcare facilities look look for product managers who have excellent communication skills (written and verbal), are able to lead a team, are able to give persuasive presentations, and are able to travel for demonstrations and fairs. They must have knowledge of Medicare and Medicaid processes, as well as common healthcare terms. Other requirements are a bachelor's degree in a relevant field, with a master's of business administration, or MBA, typically preferred. Some companies require a minimum of three years' experience as a product manager or five or more years working in a healthcare field. Some healthcare companies also see a technical background to be a huge plus.
Product Manager, Healthcare Tasks
- Analyze production process to create and implement operational improvements.
- Manage daily production operations.
- Establish a production schedule and ensure staff can meet set deadlines.
- Ensure and uphold quality and safety standards.
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Popular Skills for Product Manager, Healthcare
Survey results show that Product Managers of Healthcare use a fair number of skills. Most notably, skills in Strategic Marketing, Product Development, Product Management, and Product Marketing are correlated to pay that is above average. Skills that seem to negatively impact pay include Strategic Planning, Project Management, and Data Analysis. Those familiar with Product Development also tend to know Product Marketing and Strategic Marketing.
Pay by Experience Level for Product Manager, Healthcare
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $83K, but survey participants with five to 10 years of experience earn a significantly higher median of $96K. Between 10 and 20 years, pay surpasses six figures; at this stage, the average professional scores around $107K. Product Managers of Healthcare with more than 20 years of experience report incomes that are no higher than those with 10 to 20 years on the job.
Pay Difference by Location
For Product Managers of Healthcare, busy San Francisco offers a higher-than-average pay rate, 24 percent above the national average. Product Managers of Healthcare will also find cushy salaries in Minneapolis (+22 percent), Boston (+19 percent), Seattle (+17 percent), and New York (+10 percent). Product Managers of Healthcare in Charlotte report much lower salaries than the rest of the country — 24 percent below the national average — proving that residence is a major factor in overall pay. Employers pay around 19 percent less in Chicago and 17 percent less in Pittsburgh, below-median salaries for those in this field.
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Key Stats for Product Manager, Healthcare
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