The business of healthcare requires skilled management for cost-effective delivery of care. Healthcare finance managers contribute to growth and success by overseeing all aspects of finance for hospitals, physicians’ groups, managed care and other medical facilities. A successful career as a healthcare finance manager can begin with the advanced education found in an MBA program with a specialization in Healthcare Management.
Healthcare Finance Manager Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects steady overall growth for financial manager jobs; however, because the healthcare field continues to expand, opportunities should be good for those with healthcare-related skills and knowledge. Individuals with master’s degree should have the best job prospects. The competition for jobs at the highest management level will be strong; candidates with experience and advanced degrees may have an advantage.
Healthcare finance managers are typically responsible for day-to-day financial operation of a hospital, clinic, physicians’ group practice, managed care organization or public health agency. They may practice contract reviews, financial reporting and analysis, budgeting, and compensation evaluation. Directing investment activities, planning cash management strategies and implementing goals are additional job duties for healthcare finance managers.
Overseeing financial reporting and providing financial support for various departments are typical activities for healthcare finance managers. They also develop long- and short-term objectives to carry an organization through each accounting cycle in alignment with established policies and strategic plans.
Professional healthcare finance managers ensure the clear communication and review of financial reports, as well as compliance with tax and legal regulations as they relate to finance and accounting. Depending on the size of the employer, they may supervise accounting staff and be responsible for hiring and training finance assistants.
Healthcare finance managers usually work a 40-hour week in comfortable offices. Depending on the employer, travel to satellite facilities may be required.
Salary Potential for Healthcare Finance Managers
According to BLS data from May 2009, the median annual salary for financial managers was $101,190. The middle 50% earned between $73,530 and $138,010 per year, while the lowest 10% brought in around $54,760. The top 10% of professionals in this occupation category were reported to earn approximately $166,400 annually. Salary levels typically correspond to education and experience levels; individuals with advanced degrees often earn salaries towards the top end of the range.
Education and Training Requirements
The minimum education required for most healthcare finance manager jobs is a bachelor’s degree; however, most employers prefer to hire candidates with a master’s degree. Qualifying for top positions will generally require a number of years of experience, as well. Certain employers may require the CPA designation.
The skills and knowledge top employers seek for healthcare finance manager positions can be obtained through an MBA program with a specialization in Healthcare Management. Coursework typically includes financial management, managerial accounting, information management in healthcare and managerial economics.
Employers can be confident that professionals who have earned an MBA with a specialization in Healthcare Management are able to:
- Apply modern theories of effective leadership, management and negotiation.
- Plan and communicate effectively in the healthcare environment.
- Integrate marketing, operations, personnel and financial initiatives.
- Assess risk using financial, statistical and economic data and create manageable solutions.
- Leverage advanced knowledge and skills to succeed as a healthcare finance manager.
Could a Career as a Healthcare Finance Manager be a Good Choice for You?
Advancing your career to a healthcare finance manager position takes highly developed organizational, interpersonal and communication skills. If you possess these traits, are interested in the healthcare field and have a strong background in finance or business, it could be an ideal career for you. Earning an MBA with a specialization in Healthcare Management can help you stand out from the competition when pursuing the top healthcare finance manager jobs.