Economics is one of the fastest growing fields within the healthcare industry today, which is why many students want to know more about the potential jobs in healthcare economy that might be available to them later.
Healthcare economics combines elements of both economic topics like finance with elements of the medical industry. The jobs available to those with an understanding of both subjects may qualify for a variety of different jobs.
Healthcare Accounting
Healthcare accounting is a possible career path for those with an interest in healthcare and economics. Professionals working in this field must have a degree in accounting, and some employers require that applicants have both a graduate degree and CPA certification. CPA certification requires that individuals complete a minimum of five years of accounting classes and that they take an extensive test. Accountants working in the healthcare industry may help a private hospital file taxes, provide guidance to a nonprofit organization creating its annual budget and create financial statements for clients.
Healthcare Analyst
Analysts are responsible for taking the data given to them and creating reports for others based on that information. Those working in healthcare fields analyze financial statements and keep others informed of industry trends. They are the ones looking at current research and deciding how that research will affect the economic climate of the healthcare industry. This includes looking at how 3D printing can bring down the operating costs in hospitals and how new medications and treatments can lower the costs that patients face.
Insurance Agent
Though not often considered part of the healthcare industry, insurance agents need knowledge and skills pertaining to both healthcare and economics. Most insurance companies hire workers who have a degree in actuarial science. Insurance agents weigh the risks and rewards associated with providing a policy to a specific patient. When someone applies for a new policy, the agent looks at factors like medical history, family history and whether the patient smokes or drinks to determine if the individual’s benefits outweigh any potential risks. They are also the ones who decide how much to pay out when someone files a claim on a policy and the amount of coverage that an individual will receive.
Economics Consultant
Economics consultants also work in the healthcare industry. Though most positions require a college degree, employers will hire those who have a high school diploma and some healthcare experience. Consultants often work for private firms that then contract them out to work for hospitals and medical facilities. They look at billing records, budget files and other documents to identify the ways in which clients can save more money. Consultants will also inform clients of how they can use new research and trends to their best advantages.
Internal Auditor
Another job in the healthcare economics field is that of an internal auditor. Internal auditors work for a medical organization or company. External auditors are more like consultants because they work outside of the organization and only come in when needed. Internal auditors use financial documents and statements to determine how much money the organization has coming in compared to how much goes out, including money spent on new equipment and employee salaries. According to the Bureau of Labor Statistics, auditors make a median wage of more than $67,000 a year.
Though some may think that those working in the healthcare industry work directly with patients, many jobs are available behind the scenes and let employees work independently or in small groups. Some of the jobs in healthcare economy that college graduates can apply for include positions as internal auditors, accountants and economic consultants.
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