The business of healthcare requires skilled management for cost-effective delivery of medical services. Healthcare finance managers contribute to growth and success by overseeing all aspects of finance for hospitals, physicians’ groups, managed care facilities and other medical providers. A career path toward healthcare finance manager can begin with pursuing advanced educational qualifications such as an MBA program with a specialization in Healthcare Management.
Healthcare Finance Manager Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects overall employment growth of 7% for financial managers nationwide between 2014 and 2024. Factors such as globalization and sector growth will help determine job opportunities in specific industries, including healthcare.
The competition for jobs at the highest management levels 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. Their duties can include contract reviews, financial reporting and analysis, budgeting and compensation evaluation. Directing investment activities, planning cash management strategies and implementing goals are additional activities 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.
Salary Potential for Healthcare Finance Managers
As of May 2016, employees categorized as financial managers had a national average wage of $139,720 a year, according to BLS data. Annual salaries for the top 10% of earners exceeded $168,790.
As with employment opportunities, potential salary ranges are determined by multiple factors, including industry type, regional market conditions, and a candidate’s education and experience levels.
Education and Training Requirements
Qualifying for top positions will generally require an advanced degree and a number of years of experience. Certain employers may require finance professionals to possess credentials such as certified public accountant (CPA).
An MBA program with a specialization in Healthcare Management can provide the knowledge sought by employers, including in areas of expertise such as financial management, managerial accounting, information management in healthcare and managerial economics.
An MBA with a specialization in Healthcare Management program should prepare graduates 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
Is Healthcare Finance Manager the Right Career for You?
Advancing your career to a healthcare finance manager position takes highly developed organizational, interpersonal and communication skills. If you possess these attributes and have a strong background in finance or business, earning an MBA with a specialization in Healthcare Management can help position you for healthcare finance manager jobs.