The financial side of health services, where business methods meet patient well-being, is a field that’s experiencing rapid growth and career openings. For those planning to lead in this field, the online Master of Business Administration (MBA) with a concentration in Healthcare Finance program from Arcadia University prepares students with a background in financial analysis, payment systems and health policy for a successful career in this industry.
Leadership roles such as medical and health services managers, financial analysts and chief executives often require a master’s degree. For entry-level positions, a bachelor’s degree in a related field like accounting, finance or healthcare administration is generally the first step. To get a top job in healthcare finance, graduates need to develop certain professional skills, in addition to understanding a third-party payer system, and their education is crucial for this development.
Successful professionals should have a blend of technical and people skills. Strong financial analysis and data management skills are essential for planning an organization’s financial future. Since the field is highly regulated, graduates also need to know healthcare billing, coding and adherence to regulations. Good communication is important, since finance staff need to explain money matters to people without a financial background, including clinicians and senior staff. Other valuable traits include attention to detail, analytical thinking and leadership skills.
Moving Up in Your Healthcare Finance Career
Professionals often begin in entry-level or specialized positions and gradually advance to senior leadership and strategic roles as they gain experience. A career in healthcare finance typically starts with supporting roles and moves toward executive positions:
- Starting and mid-level jobs: Graduates just starting may take on roles as financial analysts, budget analysts or accountants. They support managers at a higher level, helping them get comfortable with daily operations and reporting. This practical experience helps them move into mid-level roles, such as revenue cycle managers or department managers. Mid-level managers typically have more responsibility, making decisions and supervising teams.
- Executive roles: With more experience and an advanced degree, such as an MBA, you can move into high-level positions. These include roles like financial manager, chief financial officer (CFO) and chief executive officer (CEO). These senior roles involve long-term planning, overseeing all finances and managing resources within healthcare organizations.
Whether you’re starting your career or advancing to executive leadership, gain the skills and credentials to stand out in a competitive market.
Current Job Market and How Much You Can Expect to Earn
The employment picture for healthcare finance professionals looks bright, highlighting how much the field is changing and growing. According to the U.S. Bureau of Labor Statistics, the number of jobs for medical and health services managers is expected to increase by 23% through 2034, which is much faster than the average for most other jobs. Their median annual pay is $117,960. Healthcare financial managers in the U.S. earn an average of $106,160 per year, with those at the highest levels earning more than $132,000.
One significant change in this field is the growth of remote work options in healthcare finance. Positions such as medical billing specialists, financial analysts and revenue cycle managers are more frequently offered remote or hybrid schedules. This is because there’s a push for better efficiency, often involving the use of tools like electronic health records (EHR) and analytic software. This means professionals need to be comfortable using technology and data analysis.
Ways to Advance Your Career
To stand out when applying for jobs, professionals should think strategically about their professional growth. In addition to earning a graduate degree, additional certifications can provide an advantage. Certificates like the Certified Healthcare Financial Professional (CHFP) from the Healthcare Financial Management Association (HFMA) show a dedication to industry standards and specific expertise. Actively connecting with other professionals in the field also helps build relationships and keeps you informed about current issues and job openings.
Gaining practical experience during your education through internships, projects or by applying your studies to your current job is very valuable. This hands-on learning can help you prove you can use what you’ve learned to solve real financial problems in a healthcare setting.
Learn more about Arcadia University’s online MBA program.
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