With a combined expertise in business and healthcare, the position of health economist has become an essential one in today’s fast-paced world.
Traditionally, a great deal of waste has been seen in the healthcare industry. As economic times became tight, the need arose for professionals who could help to reduce the drain on resources and increase overall financial efficiency within systems. Health economists are professionals who utilize their expert knowledge in economic trends, finance and business to ensure profits remain consistent in organizations.
If you have a passion for business and the desire to influence health policy, keep reading to learn more about this specialized position and whether it is one you’d like to pursue.
Job Description
Health economists are charged with overseeing the use and distribution of funds within healthcare systems. They can work within private companies or for governmental agencies. The type of organization in which they are employed greatly determines the scope of the duties health economists perform. Some of the primary economic theories involved in the monitoring of resources include those of competition, regulation, efficiencies, disparities and production. Health economists analyze information within the scope of these theories in order to best advise employers on topics like healthcare markets, public policy, programming and appropriate intervention.
Duties
The duties of a health economist will vary widely based on the organization of employment. Health economists work in many different settings such as hospitals, insurance companies, universities, consultancy firms, pharmaceutical manufacturers and public health organizations. There truly is a need for these professionals in all sectors of healthcare. As previously noted, they can help to save costs on treatments by employing analytical methods to conclude when a treatment isn’t working, and they can help organizations to cut waste within their ranks. Within the public health sector, these professionals often provide such services as figuring out the most cost efficient manner of distributing a vaccine to the most people. In research, they play an active role in acquiring necessary funding through the evidence they are able to show with regard to such things as the economic toll a health epidemic may have on the population. Health economists are the people who advise high ranking policy makers on important matters in public health policy.
Education Requirements
There is a great deal of competition among those wishing to enter this field. For this reason, obtaining an advanced degree is usually preferable to earning the minimum requirement of completing a Bachelor’s level program. Degrees in economics, healthcare management, public health or health policy are examples of programs that will provide the knowledge in economics, political science, biostatistics, international affairs and public policy that health economists need to possess. You’ll need to have strong math skills, along with critical thinking abilities and interpersonal skills in order to thrive in this field.
Health economics is a growing industry that offers a wide array of opportunities. If you enjoy solving problems analytically and wish to make a difference in the world, becoming a health economist may just be the career path for you.
