Product Manager, Healthcare Salary
In a profession for which the median take-home is approximately $92K, about a third of overall earnings for Product Managers of Healthcare arrives through commissions. Cash earnings for Product Managers of Healthcare — including $17K in bonuses and $15K in profit sharing proceeds near the top of the pay scale — generally stretch from $58K to $130K depending on individual performance. Geography is the biggest factor affecting pay for this group, followed by career length. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Men working as Product Managers of Healthcare who took the survey just slightly outnumber women at 53 percent. Most workers in this position report high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
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
- Establish a production schedule and ensure staff can meet set deadlines.
- Ensure and uphold quality and safety standards.
- Analyze production process to create and implement operational improvements.
- Manage daily production operations.
Product Manager, Healthcare Job Listings
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Popular Skills for Product Manager, Healthcare
Product Managers of Healthcare seem to require a number of specific skills. Most notably, skills in Strategic Marketing, Product Management, Product Marketing, and Product Development are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Strategic Planning, Project Management, and Data Analysis. For most people, competency in Product Development indicates knowledge of 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.
The median compensation for relatively untried workers is $85K; in the five-to-10 year group, it's higher at around $95K. After one to two decades on the job, professionals can reap plentiful salaries that average out to the six-figure sum of $110K. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $104K.
Pay Difference by Location
For Product Managers of Healthcare, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Product Managers of Healthcare can also look forward to large paychecks in cities like Boston (+21 percent), Minneapolis (+17 percent), Seattle (+16 percent), and San Diego (+12 percent). The lowest-paying market is Charlotte, which sits 25 percent below the national average, proving that location is a significant contributor to overall pay. Employers in Pittsburgh and St. Louis also lean toward paying below-median salaries (18 percent lower and 2 percent lower, respectively).