8 Finance Jobs In The Health Care Industry (Plus Salaries)

When you’re interested in more than one industry, you may look for jobs that combine your passions. One of the most popular hybrids is finance and health care, allowing people to use their money management skills to provide patients with better service. Understanding what jobs overlap in these industries can help you find a good career that suits your interests. In this article, we list eight finance jobs in the healthcare industry, plus their salaries and primary duties.

8 finance jobs in the healthcare industry

Here are eight finance jobs in the healthcare industry that might interest you:

1. Medical biller

National average salary: $31,215 per year

Primary duties: A medical biller ensures health care providers receive payment for their services. They may submit claims to insurance companies and determine how much coverage the patient has. If an insurance company denies a claim, the medical biller can open an investigation to determine why the denial occurred. Medical billers are also responsible for invoicing patients if the claim doesn’t cover the full amount. Another potential responsibility is calculating the provider’s total revenue to report monthly and quarterly earnings. These professionals often possess good customer service skills, allowing them to discuss sensitive financial situations with patients.

2. Medical coder

National average salary: $48,201 per year

Primary duties: A medical coder translates doctors’ reports into alphanumeric codes that insurance companies automatically process. These professionals translate basic information, such as the patient’s diagnosis and treatment plan. They also indicate what supplies the doctor used and whether the procedure involved any unusual circumstances. Their work compiles complicated patient files, making it much easier to quickly and accurately bill patients. Medical coders tend to be very organized and detail-oriented, allowing them to account for every item insurance companies use to process claims.

3. Medical claims specialist

National average salary: $50,526 per year

Primary duties: A medical claims specialist reviews policyholder requests on behalf of insurance companies. They may analyze a client’s policy to determine how much of the claim the insurance company can cover and how much the client needs to pay. This process often involves reviewing medical documentation and consulting with physicians. Medical claims specialists also create court testimonies and prevent fraud by validating claims. These professionals often rely on good analytical skills to evaluate complex cases and comprehensive knowledge of insurance regulations.

4. Patient accounts representative

National average salary: $50,729 per year

Primary duties: A patient accounts representative processes claims, sends invoices, and collects payments. They also serve as a resource for patients to ask any questions they have about their accounts. For instance, if a patient wanted to understand why they owe a certain amount, a patient accounts representative could provide a detailed explanation of their benefits. It’s also common for these professionals to provide financial counseling by discussing payment options. Additional responsibilities include negotiating overdue balances and managing multiple patient accounts at once.

5. Healthcare accountant

National average salary: $55,831 per year

Primary duties: A healthcare accountant manages the financial aspects of a medical facility. While they may manage patient invoices, their focus tends to be on the facility’s overall revenue. Healthcare accountants maintain a budget by analyzing the hospital or office’s overall cash flow. Determining how much money is going in and out of the organization allows them to reduce expenses and create balance sheets for stakeholders. Their work provides insurance companies and government agencies with the documentation necessary for processing claims and filing taxes. Additionally, healthcare accountants ensure the facility fairly compensates employees by managing payrolls.

6. Healthcare financial analyst

National average salary: $67,860 per year

Primary duties: A healthcare financial analyst evaluates a hospital’s revenue and recommends options to increase income. They assess financial data like patient balances, expense reports, and insurance payouts. After using this information to create models, they can predict future performance and propose adjustments to current policies. For instance, they might realize that a new hiring process can reduce training costs and increase employee retention. If a healthcare financial analyst works for an independent practice, they may advise the physician on managing their debt or retirement planning.

7. Director of Nursing

National average salary: $89,860 per year

Primary duties: A director of nursing leads an organization’s team of nurses, ensuring they provide patients with high-quality medical care. This management position requires analytical skills to evaluate the efficiency of current procedures and determine what improvements to make. It also involves recruiting, training, and retaining new staff members. Many nursing directors help the organization manage its budget by monitoring expenses and organizing financial records. An additional responsibility is collaborating with other departments to consistent procedures and adhere to health care laws. For instance, a director of nursing might ensure sanitation standards by managing a hospital-wide infection control program.

8. Chief medical officer

National average salary: $222,863 per year

Primary duties: A chief medical officer is responsible for managing a hospital. They act as mediators between staff and administration, helping the parties communicate and resolve disputes. They also evaluate the hospital’s clinical operations and propose changes to improve efficiency. Other responsibilities include overseeing procedures to ensure a high standard of health care and managing the organization’s budget. If chief medical officers have an active role in the recruitment process, they may hire new employees and implement talent retention strategies.

Tips for pursuing a finance job in the healthcare industry

Here are some tips for pursuing a finance job in the healthcare industry:

• Obtain a double major: A double major in finance and health care can offer an interdisciplinary education to prepare you for your future career. Coursework often includes topics like healthcare management and accounting.

• Major in finance or health care: If your college doesn’t offer a double major in health care and finance, consider majoring in just one of these fields. You can learn more about the other field by obtaining a minor or taking elective courses.

• Highlight relevant skills on your resume: Even if you have little experience in the field, you can highlight relevant skills on your resume. For instance, if you want to apply as a medical biller, customer service experience can demonstrate that you’re comfortable collecting payments.

I hope you find this article helpful.