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Accountant |
Career OverviewA healthcare administrative job as an accountant varies depending on which department or type of facility that you may be working at within the healthcare field. Most accounting jobs focus the budgeting, accounts payable, payroll, making sure that all bills and accounts are balanced, and that taxes and other billing issues are paid on time.
An accountant in the healthcare field should be familiar with basic practices within the hospital, clinic, or other facility as they may be required to check on inconsistent billing or other possible problems.
The accountant will also be required to record and report to management as well as the board of directors as to the financial stability of the healthcare facility, in addition reporting to the appropriate individuals any issues or concerns with the financial outlook. The accountant works closely with the management team to keep the healthcare facility on budget and working to make a profit.
An accountant in healthcare administration should have a strong aptitude for mathematics, be an effective communicator, as well as be able to keep books and records manually. There is usually also the responsibility to work with and create necessary computer programs or use and manage appropriate financial programs to allow easy access to up-to-date budget information.
An accountant should have a good eye for small details and be very focused and organized to catch any possible problems or errors in either data entry or information.
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Career RequirementsFor an entry level position in accounting in the healthcare field at least a Bachelors in Accounting or related field is required. Many positions require a Masters level education in accounting or a related field, especially if there will be some supervisory responsibilities.
For those accountants that will be in management positions a Masters in Business Administration with a major in accounting or healthcare administration. In addition many states require that accountants be a CPA or certified public accountant, which indicates additional training plus completion of a 2-day examination.
The accountant will be required to know all applicable tax laws and financial guidelines issued by both the state or government and the facility itself.
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Job OutlookThe demand for accountants in healthcare fields will continue to increase as the number of hospitals, clinics, long-term treatment facilities and private practices continues to increase. One factor in this increase in the industry is the aging population and the currently advancements in various types of long-range treatments and treatment options that were not available a few years ago. In addition health insurance policies tend to cover more services that allows patients to access services more frequently.
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Career TrackAn accountant in healthcare administration has several options for advancement or changing careers. It is possible in larger facilities to easily move into middle and upper management positions within the accounting department with increased experience and seniority.
Many accountants choose to begin working privately in their own business. They can either contract the work from a number of smaller facilities or work exclusively for one large hospital under contract.
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CompensationWith healthcare administrative accountants the salary varies greatly depending on location, education and years of experience. Those accountants with a Masters degree and to three years of experience earn between $33,000 and $45,000 per year.
By the end of the third the same accountant can earn over $58,000. Those accountants with a Masters degree and management responsibilities can earn over $200,000 per year in large hospitals and other healthcare facilities.
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