Continued employment growth

The healthcare industry in Australia is experiencing steady employment growth, as reported by the Bureau of Labor Statistics. Several factors contribute to this upward trend:

 

• An aging population requiring increased medical services
• Shift from fee-for-service to value-based care, emphasizing quality and efficiency of care
• More people with insurance coverage, including Medicare
• The need to navigate complex healthcare compliance regulations and mitigate risks
• Pressure to reduce healthcare costs while improving quality
• Increasing mergers and acquisitions, consolidating nonprofit and for-profit hospital operators

A closer look at demand and salary

From an accounting and finance perspective, hospitals and larger organizations have a high demand for financial, data, and business analysts. Candidates with backgrounds in both healthcare and financial analysis are highly sought after, often securing positions swiftly.

 

In the revenue cycle domain, medical billing professionals, denials specialists, medical collections specialists, and payment posters are in high demand. The midpoint salary for a medical collections specialist is $65,000, while a medical biller earns $65,000 - $75,000. For supervisory roles like medical collections manager, the midpoint salary is $ 98,396, and for a medical billing manager, it is $87,500.

 

Getting started in healthcare finance jobs

While industry experience is preferred, it is not always a requirement for candidates looking to transition into healthcare finance. One way to break into this field is by engaging with professional organizations specific to healthcare and building a network within the industry.

 

Staying informed about healthcare trends can greatly benefit you during the job interview process. For example, if you understand the initiative to reduce healthcare costs, you can provide concrete examples of how your skill set can contribute to achieving that goal.

 

Technical skills such as proficiency in Microsoft Access or Excel are advantageous, and expertise in handling big data can significantly increase your value. Additionally, organizations often need to train staff on new technologies, presenting an opportunity for you to become a subject-matter expert, which can be invaluable in your career.

 

Exploring potential career paths

Combining healthcare with accounting and finance opens up diverse career paths, including temporary roles, allowing for continuous growth and development.

 

Within the revenue cycle domain, one can start as a medical billing professional and progress to supervisor, manager, director, and even vice president of the revenue cycle. A similar career progression is possible in accounting, from staff accountant to accounting manager, controller, director of accounting, CFO, or on the financial side, from analyst to senior financial analyst, manager, director, vice president, and CFO.

Qualities Healthcare hiring managers should seek

Healthcare organizations should seek analytical candidates capable of processing large amounts of information. The ability to identify trends, patterns, and areas for performance improvement is crucial. Curiosity is also desirable—a natural inclination to ask questions like, "Why is this happening here but not over here?" and the drive to delve into the issue, find solutions, and take action.

 

Regarding credentials and degrees, individuals from various educational backgrounds find themselves in healthcare finance jobs.