Healthcare Business Manager - Job Description, Salary, Education and Career Guide for Becoming a Healthcare Business Manager
Every hospital, clinic, nursing care facility or rehabilitation center has to be well-staffed with doctors and other qualified medical personnel. However, healthcare facilities also have day-to-day financial activities that are run like a business. A business manager in the healthcare industry is needed to help hospitals and clinics take care of these activities.
Job Description
A healthcare business manager can work in any department, including:
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accounting
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finance
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healthcare policy
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marketing
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public relations.
They are often responsible for communicating between administrators, doctors and other employees at a medical facility.
A healthcare business manager has other responsibilities, which include analyzing financial data and creating proposals and business plans while implementing improvements in the overall financial outlook of the medical facility. They are also responsible for overseeing a medical facility's compliance with government agencies and regulations.
If a hospital receives any government funding, a healthcare business manager is needed to perform the following tasks:
- create realistic budgets
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learn how to distribute the funds by communicating with other departments
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oversee supplies and other items.
Salary Guide
The average healthcare business manager salary can vary widely. Much of this amount depends on location and the size of the medical facility. For example, a healthcare business manager of a small clinic might make $55,000 per year, while a healthcare business manager of a large hospital can make up to $100,000 per year.
Education and Training
Any job in the healthcare industry usually requires completion of graduate studies, and becoming a business manager in the healthcare industry is no exception. A bachelor's degree will only open up an entry-level position at best. You will have difficulty working up to a top-level position at a larger facility without a graduate degree.
Most executive offices in medical facilities require degrees in fields such as:
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business
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hospital or nursing administration
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public health
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public relations.
If you wish to follow a career in healthcare business management, consider taking classes in:
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accounting and budgeting
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health economics
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health information systems
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hospital organization and management
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management principles.
Prior Work Experience
Healthcare business managers must be willing to start with an entry-level position, generally as assistant administrators or managers of non-health departments. One thing that can speed up the process of promotion to an upper-level job is demonstrated ability in leadership qualities, effective communication and analytical skills.
Completing an internship while in college or doing volunteer work would be beneficial in your pursuit of a business-management career.
Career Advancement
A healthcare business manager can apply their skills to such positions like underwriters for health-insurance companies, HMOs and sales. Additional positions can include directors of public health, social-welfare administrators and directors of health agencies.
Related Associations and Groups
- Association of Health Care Office Management
- Medical Group Management Association (MGMA)
- National Association of Health Unite Coordinators (NAHUC).