Career Spotlight: Health Care Financial Manager
Financial management is critical to any thriving business. You may not readily think so, but health care organizations must also consider their financial health to make sure they remain successful. Health care financial management involves making sure team members have all the tools they need to plan, control, and manage finances so the organization can continue to provide quality patient care.
If you’re interested in finances and the health sciences, a career as a health care financial manager might be right for you.
What Does a Health Care Financial Manager Do?
As you might have guessed, a health care financial manager handles the complexities of a health care facility’s finances. They perform numerous tasks, including:
- Analyzing, collecting, reporting, forecasting, and presenting financial data
- Developing and managing budgets
- Working with other staff members to develop financial strategies that align with the organization’s goals
- Overseeing revenue generation, billing, and collecting
- Locating cost-saving measures and implementing strategies to control expenses
- Ensuring compliance with financial standards
- Managing financial teams
- Supervising insurance claims
- Monitoring and analyzing the finances of each department in the organization
How Much Does a Health Care Financial Manager Make?
If you’re interested in becoming a health care financial manager, you have the option of working in a variety of settings, including hospitals, medical clinics, outpatient centers, long-term care facilities, insurance companies, government health care agencies, and nonprofit organizations. There’s an ongoing demand for financial expertise within the health care field, so the job outlook in this field is generally positive.
According to Lightcast, as of October 2024, the median annual advertised salary of health care financial analysts was $90,880, with a range of $60,416 to $133,888.
How Do You Become a Health Care Financial Manager?
To obtain this role, you typically need at least a bachelor’s degree, but you might also consider pursuing an advanced degree like a master’s in health care administration. Furthermore, while not always required, some employers might prefer candidates who hold certifications. Certifications can expand your job opportunities and help you stand out from other candidates. Some popular financial certifications include Certified Public Accountant, Certified Specialist Accounting and Finance, Certified Specialist Business Intelligence, and Certified Treasury Professional.
Some of the above certifications are offered by the Healthcare Financial Management Association (HFMA).
What Is the HFMA?
The HFMA is an organization that provides tools, education, and guidance to individuals and organizations within the U.S. health care system. The association comprises more than 126,000 members and provides education and professional development opportunities, offers solutions to challenges that face the health care industry, educates decision-makers about maintaining healthy organizations, and works with stakeholders to improve best practices and standards.
The HFMA can be a vital resource for those aspiring to become a health care financial manager. If you’re looking to pursue this career, consider joining the HFMA. One of your first goals, however, should be to pursue your bachelor’s degree. A bachelor’s in health sciences or health care management can start you on the right path to entering this rewarding field.
