If you find the financial and healthcare sectors to be interesting and want to pursue a career in both fields, you may have found yourself wondering what types of financial jobs in healthcare exist. Below you will find an answer to this question and several others that pertain to vocational options that pertain to finance within the field of healthcare.
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Financial Jobs in Healthcare – A Brief Overview
Individuals who have given consideration to obtaining a financial job within the healthcare sector should know that there will be a plethora of rewarding opportunities within this field. This is the case for several reasons, including the fact that hospitals are a commercial industry that necessitate workers who can handle the money that is generated from services offered as well as the payment of bills and taxes.
Types of Financial Jobs in Healthcare
The multitude of unique financial jobs within the healthcare sector make it difficult to compile a complete list of all the ones that exist. However, one can start by noting that some of the general fields include accounting, medical billing, and financial management. Below you will find several specific financial jobs within the field of healthcare:
1. Healthcare Finance Manager
A healthcare finance manager is an individual who is responsible for the daily operations of a clinic, physicians' group practice, hospital, public health agency, and managed care organization. To accomplish this objective, they can practice financial analysis and reporting, contract reviews, compensation evaluation, and budgeting. Additionally, they direct investment activities and put together strategic plans to optimize cash management. Generally, healthcare finance managers will obtain a minimum of a bachelor's degree in a related field such as finance, accounting, and/or business management. While some employers may be satisfied with a bachelor's degree, many will require that job candidates obtain a master's degree. In some cases, an employer may even require the CPA designation. According to the U.S. Bureau of Labor Statistics, a healthcare finance manager can expect to earn about $109,740 each year.
2. Medical Records and Health Information Technicians
A medical records and health information technician is an individual who organizes and manages health information by ensuring its accuracy, security, accessibility, and quality (in both electronic and paper systems). To accomplish these objectives, medical records and health information technicians utilize several classification systems to categorize and code patient data for registries, reimbursements, and to maintain records of the patients' treatment history. Individuals who wish to become a medical records and health information technician will generally need to obtain a postsecondary certificate in order to work within their field. Additionally, they may be able to obtain a position by earning an associate's degree. The U.S. Bureau of Labor Statistics reports that individuals who work within this sector typically earn about $34,160 annually.
Accountants who work for healthcare companies will typically work in conjunction with the Director of Finance to manage the organization's daily fiscal operations. Some of the responsibilities of the accountant can include maintaining ledger accounts and assisting with the management of monthly, quarterly, and year-end financial closings. The U.S. Bureau of Labor Statistics reports that accountants earn a median salary of $63,550.
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Although the short list above does not offer a comprehensive listing of financial jobs within the healthcare sector, it does provide you with a basic understanding of several vocational paths that you could pursue. Some other job options you might consider include that of an internal or external auditor, chief financial officer, or a financial analyst. In recognizing some of the choices you have with respect to financial jobs in healthcare fields, you can begin learning more about the educational requirements that will be necessary to help you pursue the career that will lead to your personal and professional fulfillment.