If you are ready to return to school to obtain a degree in finance, you might be wondering which industry you should focus on. When you are taking the time to complete a degree program, it is important to know that the industry you will be focusing on will offer the stability you need. While many industries struggle during economic instability, there are a few industries that can weather the economic storms that others cannot, and one is the healthcare industry. If you want to major in finance and you want to enter a career in the healthcare industry as demand continues to grow, here are some finance jobs in the industry that you may want to pursue.
Why is the Healthcare Industry so Stable for Finance Majors?
You have probably heard that demand in the healthcare arena is on the rise for nursing professionals, medical assistants, and other technicians. While healthcare professionals working with patients are in high demand, professionals who work behind the scenes are high in demand as well. One of the main reasons why the healthcare arena is growing so quickly is because of the growing population of baby boomers. As baby boomers age and life expectancy rates grow larger, there is a greater need for medical care. This translates into more treatments, more billing and ultimately a higher need for finance professionals. With the new implementation of nationwide healthcare, the need for finance majors is only expected to grow more within the next decade.
What Types of Niches Are There In This Stable Industry?
The first step to identifying which opportunities are the best, you need to identify which employer type is ideal to suit your personal preferences. Just like the finance sector, there are a variety of niches that you can choose from when you enter the healthcare sector with a focus on finance positions. Finance professionals with an undergraduate or graduate degree can work in one of the following niches: hospital, medical insurance firm, long-term care facilities, government offices, private medical practices, state-funded clinics and nursing homes. Once you know which niche you are targeting, you can then identify which skills you possess and which skills you will need to gain to qualify for positions. The Healthcare Financial Management Association can help point you in the right direction once you have identified the niche you would like to work in.
What Finance Careers Are Available in Most Niches?
There are a variety of finance career options available in the healthcare arena. A popular choice in the sector is accounting. To be an accounting professional in the sector, you will need to gain field-related knowledge and familiarity with terminology and segments in the sector.
If you are already a degree holding finance professional, you may need to obtain a certification to gain the experience you need to make healthcare your specialty. Certification requirements will include: 60 semester hours, 2 years experience in financial management, and completion of exams.
The accounting department is not the only place for a finance professional in most niches. In addition to this department, you may be able to find the following jobs:
* Central billing
* Human resources
* Business operations and planning
* Marketing management
* Risk management
* Practice management
Make sure to take the time to review the routes that you can take to earn your degree to enter the healthcare industry and qualify for a finance job. Enter an industry with growing demand, work your way up within the organization, and show off your talents in an industry where spending makes up more than 20% of the nation’s GDP.
