If you think careers in the field of finance is limited to having jobs in manufacturing and other more business-like companies, then it’s time to widen your perspective and look beyond the business districts. Finance professionals like accountants, auditors, and financial analysts are needed in every field, including, and perhaps even more so, in the field of health care. A finance career in health care is a worthy profession.
One can also view the health care industry as an advantage with regard to advancement in their career. For starters, the industry will always be in need of finance managers to tackle issues like accounting, budget, insurance claims, health benefit claims, etc. Jobs will always await those who are qualified.
Another thing is that it seems that amidst erratic economic instability, the health care services is and will always be among the most stable industry out there. With the increasing number of older people and the advancement of technologies that help improve healthy living, more and more people will need health care services in the future.
Stable as it is, though, the health care industry is not without its set of problems. However, moving into health care is still a good move if you know what you’re getting yourself into. Not to scare you or anything, but advancing your financial career towards health care is not something that you should underestimate.
If you think that your background on corporate finance management is enough to help you move easily about in the world of health services, then you’re wrong. The first step when moving your career to the health sector is that you need to be prepared.
Even though one would argue that accounting is simply accounting wherever you go, there are certain concepts and ideas in the health care industry which can be confusing. Mathematics and numbers can be considered as the universal language but applying those numbers and the kind of mathematics into a comprehensible and usable system requires knowledge and skills that can be highly specific to a field of study. Health care is one of those areas.
In advancing your finance career in health services, it would be wise to stack up on knowledge on HMO, home health care, managed care for patients, PPOs, and similar medical terms, concepts, and the like. Studying these health-related issues and concepts will keep you on your toes and will help you make sound decisions.
You need to prepare yourself to battle head-on various government-imposed regulations on health services, lots of house or hospital rules and not to mention existing regulations being handles by organizations from both the medical profession and the finance industry themselves.
Don’t get me wrong. My aim is not to discourage people from moving to health care from manufacturing and service-oriented business. But rather, the intention is to inform would-be finance professionals of the needs of the health care industry to give them time to prepare themselves towards the transition.
Another way to prepare is to begin browsing job listings and similar materials. These job postings will usually have descriptions telling people who wish to apply what to expect from the job, the responsibilities, and other details.
In summary, having a finance career in health care is a good career move. Just be certain that it is something that you want and your motivation to learn remains high. The profession is a good one and the industry will stick around for a long time.