Business Analyst |
Career OverviewThe responsibilities of a business analyst include determining the best possible strategies for a hospital or healthcare facility to use to maximize their income and minimize their losses. This means working to develop effective short and long term financial strategies to keep the hospital or healthcare center profitable and viable.
The business analyst also works with the management team to keep the facility competitive and offering the best possible services to the patients and their families while employing the best staff and services available within the budget.
A business analyst must have a very clear understanding of market trends and healthcare advancements. They should have a good working understanding of the needs of the hospital both in terms of staff as well as equipment. Any expansions or additions to either the physical plant of the hospital or facility as well as to the staff will often be evaluated by the business analyst for consideration of the management team or board of directors.
The business analyst should have effective communication skills in working with hospital staff as well as financial backers. The business analyst should be comfortable providing both written and oral reports to various groups, answering questions of a business nature, as well as making well-developed proposals for change. The business analyst should be very well organized and have excellent computer skills both for assessing data and producing presentations.
A strong understanding of finance as well as healthcare issues is critical to a healthcare business analyst.
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Career RequirementsMost business analysts will have a minimum level of education of a Bachelors in accounting, finance or business administration. Most business analysts have at least a Masters degree in the above mentioned fields in addition to healthcare management or other comparable specialization. There is certification available as a CFA, or Chartered Financial Analyst, but at this time the certification is voluntary.
Understanding risk management strategies as well as accounting, corporate management and financial management is highly desired. Most business analysts have several years experience within management in either healthcare or hospital management. There are also business analysts that have a background as CPAs or auditors in the healthcare sector and then move into the business analyst position once they gain experience in the field.
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Job OutlookIt is estimate that the average rate of employment for business analysts will increase in the next few years. This is largely due to an increase in the monitoring and spending of hospitals on expansions and moving into different treatment options for patients.
In addition more and more accountability is being placed on boards to govern hospitals and healthcare facilities to make them competitive in the increasingly diverse market of treatment options.
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Career TrackA business analyst may be a salaried employee or may be retained on a consultant or contract basis. Many business analysts work for several hospitals or healthcare facilities and may even work for agencies across the country. Most business analysts move towards working independently or on a consultant basis for hospitals and other healthcare facilities.
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CompensationSince most business analysts are hired on a consultant basis it is difficult to estimate an average earning. Some reports indicate that healthcare related business analysts earn in excess of $74,000 per consulting service as a base pay.
In addition most consultants have a standard bonus that is added to the base pay. This bonus is usually a percentage of the resulting profit that the hospital or healthcare agency made by following the business plan developed by the business analyst. These bonuses can increase the average salary of a business analyst to over $100,000 per year, per consulting service.
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