The business of health care requires skilled management for cost-effective delivery of medical services. Health care 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 becoming a health care finance manager can begin with pursuing advanced educational qualifications with flexible options like the online Master of Business Administration (MBA) in Healthcare Management program from Florida Institute of Technology.
Health Care Finance Manager Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects overall employment growth of 17% for financial managers nationwide between 2023 and 2033 — much faster than the average of all occupations. Globalization and sector growth will help determine job opportunities in specific industries, including health care. Further, BLS estimates employment of medical and health services managers will increase 29% from 2023 to 2033, making it one of the fastest growing occupations in the country.
As a professional role at the intersection of these two occupational groups, the job outlook for health care finance managers is extremely strong. Yet, even with such substantial job growth, the competition for jobs at the highest management levels will be intense, and candidates with experience and specialized, advanced degrees will have a distinct advantage.
Job Duties in Health Care Finance Management
Financial management in health care is complex, as are the responsibilities of leaders in the profession. Health care finance managers are typically responsible for day-to-day financial operations 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 health care finance managers.
Overseeing financial reporting and providing financial support for various departments are also typical activities for health care finance managers. Further, health care finance managers develop long- and short-term objectives to carry an organization through each accounting cycle in alignment with established policies and strategic plans.
Professional health care 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 Health Care Finance Managers
As discussed above, health care finance managers can fall under different employment categories and most accurately fit within both finance manager and medical and health services manager occupational groups. According to BLS, employees categorized as financial managers had a median annual wage of $156,100 in 2023, with the top 10% exceeding $239,200 per year. BLS reports that medical and health services managers made a median annual salary of $110,680 in 2023, with the top 10% of earners making over $216,750.
This offers a spectrum of the typical earnings for health care finance managers. 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 generally requires an advanced degree and several years of experience. Certain employers may require finance professionals to possess industry credentials as well.
An MBA program with a specialization in health care management provides the knowledge sought by employers. This includes areas of expertise such as financial management, managerial accounting, information management in health care and managerial economics.
A health care management MBA program should prepare graduates to:
- Apply modern theories of effective leadership, management and negotiation
- Plan and communicate effectively in the health care environment
- Integrate marketing, operations, personnel and financial initiatives
- Assess risk using financial, statistical and economic data and create manageable solutions
Is Health Care Finance Manager the Right Career for You?
Advancing a career to a health care finance manager position takes highly developed organizational, interpersonal and communication skills. For those who possess these attributes and have a strong background in finance or business, the career is worth exploring. Earning a specialized MBA in Healthcare Management from Florida Institute of Technology can be an important step toward success as a health care finance manager.
Learn more about Florida Tech’s online MBA in Healthcare Management program.
