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Is the Healthcare Industry Healthy for Your Financial Career? December 2002 In such an unstable economy, finding an industry that offers stability becomes a priority for everyone. After all, we all like the comfort of knowing we are working for a company that is going to be around for a while. Don't we? But how do we find such stability? And, how do we know we are in an industry or company with some longevity. The truth is, we can never be 100% sure that the organization we work for will remain standing when the economy falters. But, there are some industries that are managing to weather the economic storms, and healthcare appears to be one of them.
In fact, according to the Bureau of Labor Statistics, approximately 71.7 million people are expected to be over the age of 55 by the year 2010. Add this steady aging to the increasing number of new technological advancements that expand life expectancies, and we can assume that health services will continue to be in demand for a long time to come.
So, if you are an accounting and finance professional looking for a little more stability, is the healthcare industry right for you? Maybe. Maybe not. Let’s explore this further.
What are the Benefits and How Easy is the Transition?
With the continual demand for healthcare professionals and the success of the drug and pharmaceutical companies, many financial specialists have set their sights on pursuing a career in this seemingly stable industry. But what are the true benefits of transitioning to this unique field, and how easy is it?
There are differing opinions on this issue. But the one thing that experts do agree on is that if you are going to pursue a career in healthcare, you need to know what you are getting yourself into.
Like most specialized industries, healthcare has a lot of distinctive needs, which in turn equates to specialized skills and knowledge. Transitioning from an accounting or finance position in a service or consumer related company to one in a payor or provider environment is not as easy as you might think.
Many people might argue that accounting is just accounting and that it shouldn’t matter where you are because the principles will still be the same. If you think this is true when it comes to the healthcare industry, think again. If you truly want to work in this industry, then you need to know the real deal –- before you make your move.
Transitioning into the healthcare environment is certainly not impossible, it just requires a little extra effort and a lot of field-related knowledge. Don’t expect to find an ad for a controller at a healthcare facility, waltz in with your corporate experience and assume you’ll get the job. It takes more than just your corporate expertise to land an opportunity in an environment loaded with government regulations, massive rules, and a lot of specialized segments and terminology like HIPPA, maximum allowable actual charge, resource-based relative value scale, and spend down.
Some of the business organizations you will find in this industry include:
With all these segments, acronyms and terminologies to remember, there is definitely a deep learning curve when transitioning into healthcare, which means the gulf between industries is not easily made in one quick jump. But, if you have a true desire to work in this field, there are some things you can do to help bridge the gap.
What's In Demand?
Becky Friederichsen, a healthcare finance and administration recruiter for Acsys, says, "Organizations are typically looking for professionals with prior healthcare experience. However, for a person who wants to transition to this field, and who doesn’t possess this expertise, education and certification are another route."
If you are planning on going back to school, Becky suggests pursuing a degree in healthcare administration. At the advanced level, this would be an MHA, which is basically an MBA with a focus on healthcare administration. The ideal candidate also holds a CPA certification. This combination can open up a lot of doors in this industry.
One credential you might also consider pursuing is the Certified Healthcare Financial Professional (CHFP) certification. According to the Healthcare Financial Management Association (HFMA), the CHFP certification can afford you greater opportunities for advancement in healthcare finance and can even lead to higher earnings. Professionals who possess this certification are more likely to get their resumes noticed, and have a greater chance of getting hired for upper-level positions and/or getting promoted up the career ladder.
While the HFMA Web site (www.hfma.org) can provide you with more detailed information about this certification, here are some of the minimum requirements they list:
As with any specialty, your chances of transitioning your skills will be a lot better if you have the educational foundation you need to develop your ultimate stronghold.
Gaining a Foothold into the Industry
Outside of education and certification, what else can you do to get a foothold? Well, as with any career, you will want to rub elbows with professionals who are already in the industry. This not only gives you the opportunity to learn more about the field, it also allows you to network with people who can give you sound advice and maybe even serve as mentors.
You can also join associations that offer an opportunity to network and learn more about the different nuances of the industry. Many professionals are members of organizations like the MGMA (Medical Group Management Association) or HFMA. Usually, these associations have state or regional chapters, so you should have no problem finding a local group to join.
Since many hospitals and facilities require prior healthcare experience, it can be difficult to get your foot in the door. One thing you might consider to help you gain industry experience is to look outside of hospitals, central billing offices and managed care facilities to, say, a pharmaceutical or biotech company. It might afford you the opportunity to at least gain some exposure to industry terminology and regulations.
Doing your homework will also help ensure your success. Learn all that you can about the field. Read publications and talk to internal recruiters or staffing consultants in the industry so you know what’s in demand. Do your best to learn the terminology and understand the differences between the business organizations.
A good way to find out what skills are in demand is to peruse job advertisements, either online or in industry publications. This will help you get familiar with what education and experience is required and help you set a plan for gaining what it is you need to know. There are tremendous opportunities for individuals with reimbursement knowledge, particularly because this industry is so heavily regulated.
Closing Thoughts
One thing our Acsys recruiters will say is that they "love the industry, but it is hard to get into and even harder to move up." Amy Phillips, a healthcare finance administration recruiter in Atlanta suggests, "You should examine your real motivation for wanting a career in this industry. You need to be committed to this field if you want to be successful."
Overall, a position in healthcare can be very rewarding and fulfilling, however, the rules are different and it does have its challenges. But if you want to work in an industry where you feel like you are making a difference and helping people, then healthcare may be for you.
Acsys Inc. is a provider of professional staffing to the accounting and finance industry. Specializing in entry-level to executive placement, Acsys offers both interim and long-term solutions to Fortune 500, middle-market and emerging growth companies. Acsys' Professional Crossroads column, produced by career counseling experts, aims to assist accounting and finance professionals with critical career decisions. If you have a topic related to career transitions that you'd like Acsys to address, let us know at editor@smartpros.com. |
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