The world economy is facing a significant recession in 2023. Companies across the globe are preparing to lay off workers or significantly cut their salaries.
However, the healthcare industry is almost immune to the effects of a recession. Medical diagnosis and treatment do not stop when the Dow Jones Industrial declines.
Career fields like medical assistants can weather the storm of a poor economy. Did you know that the number of medical assistants is expected to grow by 16% through 2031?
Read on if you are asking yourself, how much do medical assistants make in Virginia? Explore all the details behind a medical assistant salary in Virginia.
Medical Assistant Requirements
Before we dive into the salary expectations for a medical assistant, it is important to discuss how to become one. Let’s start off with the topic of medical assistant education.
Medical assistants do need some level of postsecondary education. Vocational schools and technical colleges typically offer one-year medical assistant programs. Some community colleges offer two-year associate degree programs for this career field.
You can expect a mix of classroom and hands-on training. At the end of your educational program, you will possess either a professional certificate or diploma.
Many people choose the medical assistant path because they can start earning income shortly. Instead of a four-year bachelor’s program, they can start working in half the time or less. Also, they are not left with the same student loan burden as a four-year program.
Compensation for Medical Assistants
The median annual wage for a medical assistant is $37,190. This amount varies depending on where the medical assistant is working.
For example, you may earn more money working in a hospital or outpatient care center. On the other hand, medical assistants working in a physician’s office are going to earn less.
The state that you work in also dictates compensation levels. In Virginia, the mean salary is more than $38,000.
Those medical assistants in the 75th percentile earn more than $43,000 per year. The top 10% of wage earners bring in more than $48,000 annually.
Compensation Factors
You may wonder how medical assistants rise to the top 10% for compensation. There are various factors that affect a professional’s compensation.
Of course, experience is the number one salary driver. The more years of experience that you have, the more your employer is going to have to pay.
Education only prepares a medical assistant so much. You cannot teach the many lessons learned over a long career working in the field.
Location may impact pay rates as well. A densely populated urban center like Arlington or Richmond is likely to pay more. This is because they have more patients and a greater demand for support workers.
There may be smaller cities that also pay well. This is determined by factors such as mean income in the city. More affluent areas are naturally going to pay employees who work there more.
In the end, employee compensation is a matter of supply vs. demand. Greater demand results in more opportunities for medical assistants. They can leverage these conditions to secure higher pay and benefits.
Quality of work is another driving factor. The best performers are often rewarded with higher pay. Doing the bare minimum or making frequent mistakes does not translate to higher pay.
Education level and quality also play a part. A professional certificate from a highly reputable institution may increase your earnings potential.
Negotiation skills may also increase your compensation. You can increase your hourly rate by communicating with your employer. Let them know what you brought to the table and fill them in on your many accomplishments.
Employers are committed to retaining their best workers. Initiating a discussion about your compensation often ends in a pay increase if the quality is evident.
Lastly, mobility is another way to increase your pay. Many labor studies conclude the best way to get a pay raise is to change employers. Quality employees are always in demand and many employers are willing to pay top dollar.
Medical Assistant Benefits
Salary is just one consideration in an employee’s overall compensation package. Benefits are equally important when determining the best position for you.
For instance, health insurance is a critical benefit in your overall compensation package. Without employer-based health insurance, you are forced to shop for a plan on the Affordable Care Act marketplace. These plans notoriously have high premiums.
Even if you are eligible for tax subsidies, many of the plans have high deductibles that make the insurance ineffective until you incur significant medical expenses.
This makes it important to find an employer who offers affordable and quality health insurance. When comparing an employer’s compensation offer, make sure to consider health insurance premiums, copays, coinsurance, and deductibles.
There are other forms of medical benefits to consider. Does your employer offer dental and vision benefits? These are other perks that will increase your overall compensation level if included.
Life insurance is another potential benefit. This helps you alleviate the burden on your family due to an unexpected passing.
Company size is another important consideration when looking at prospective employers. A larger employer can pool together their employees to offer cheaper insurance rates. This is often why hospitals can offer higher compensation packages than a small physician’s office.
Retirement savings benefits are another thing to consider. The inclusion of a 401(k) savings plan or pension is another way to increase your overall compensation.
Many companies today offer a 401(k) plan where they match the employee’s contribution up to a certain percentage point. For example, many employers match contributions up to 5%. If you earn $40,000 per year, this means your employer contributes up to $2,000 to your retirement account.
How Much Do Medical Assistants Make in Virginia?
You now have an understanding of a medical assistant salary in Virginia. It varies based on many factors but you can expect to earn between $38,000 to $48,000 over time.
Experience and mobility are two factors that go a long way. In addition to salary, you should also place a heavy emphasis on benefits. A quality health insurance plan or retirement savings account makes a big difference.
If you are still wondering how much do medical assistants make in Virginia, contact us today to speak with a professional.
Nancy L. Kimmel obtained her PhD in Environmental Engineering in 2002, then went on to teach Physics and Mechanical Engineering at Lawrence Technological University, Henry Ford College and Oakland University. She obtained her Associate in Nursing from Henry Ford College and then went on to earn her Master Degree as a Family Nurse Practitioner and became Board Certified working as a licensed FNP in the State of Michigan. She then went on to Medical School where she is now in her 3rd year, and is also in the process of obtaining her Doctorate in Nursing Practice through Chamberlin University. She has authored the NET Study Guide, as well a several books on subjects of Math, ECG/EKG and Phlebotomy. She holds a patent on an Air Filter through the U.S. Patent Office.