In today’s competitive era, everyone is in search of lucrative opportunities to kick start their careers. Some people delve into the business world, while others try their luck in emerging industries to bag rewarding jobs. With the aging baby boomers and rising health concerns, the healthcare industry is witnessing staggering growth. There is an increasing demand for resources, equipment, and health workers. So, how about you pursue a career in this industry?
Previously, healthcare jobs were open to nurses, practitioners, and physicians, but not anymore. Now, there is an extensive range of occupations that let you leverage your expertise and knowledge for improving patient care. From management, finance to supply chain – business experts play a crucial role in hospital management. They help in reducing costs to promote health equality and ensure caregivers provide optimal patient care. After all, you would be working on the administrative side of the healthcare industry.
You can either take the role of hospital manager, administrator, or any other managerial position. Unlike conventional jobs, the healthcare industry is full of challenging situations. Alongside being a lucrative field, managers have countless responsibilities on their shoulders. Are you considering to pursue a business career in the healthcare sector? If yes, let us help you understand the roles of business majors in the healthcare industry.
1. ADMINISTERS DAY-TO-DAY TASKS
Undoubtedly, nurses and practitioners are the frontline healthcare workers, but many people work behind the scenes. Healthcare managers and administrators take responsibility for managing day-to-day tasks. You will create work and shift schedules for nurses, direct care providers, and other healthcare workers. Similarly, you will play an active role in all the recruitment, hiring, and training procedures.
Administrators look after purchase, installation, healthcare devices, and potential renovations in addition to general duties. They also oversee and implement new policies regarding the removal of hazardous waste and chemicals. Although the job seems demanding, it offers an incredible career outlook with plenty of future development opportunities.
2. FINANCIAL MANAGEMENT
Nowadays, every healthcare institute has a finance department, and as a business major, you have to look after this department. From overseeing patient fees, billings to fundraising campaigns – ensure the organization’s best financial health. You have to learn all the billing codes with reimbursement policies, as many people are getting health services under health insurance. Most importantly, you have to formulate master budgets for the hospital. It should comprise all overhead costs, upcoming expenses, and expected income from health services.
Moreover, these managers oversee cashflows to determine if there is sufficient cash in hand available. They also watch accounts payables to ensure none of the insurance companies are delaying payments. Similarly, they keep an eye on payrolls to confirm employees receive salaries on time and review departmental budgets. It ensures every department is operating within its financial limits. In short, they handle all complexities of corporate accounting.
3. HANDLE LEGAL RESPONSIBILITIES
Are you aware of legal technicalities in the health sector? Legal issues loom large in the medical profession. Institutes encounter lawsuits against the mandate to buy health insurance, data breaches, antitrust matters, and many false claims from patients. Unsurprisingly, a healthcare manager is responsible for handling all legal issues. You will have to find a competent lawyer who knows how to work in the client’s best interest.
At the same time, you have to stay abreast of new laws and regulations to keep the organization away from legal troubles. Design strategies and procedures to deal with adverse events and comply with accreditation and license requirements by ensuring all healthcare workers are certified. Likewise, you should have up-to-date knowledge about health insurance regulations. After all, health managers should know how to communicate legal jargon in clear terms with their teams.
4. IMPROVES DELIVERY OF HEALTH SERVICES
The objective of almost every healthcare institute is to improve the quality of health services. As a business major, you can work with other professionals to adopt health information. It will organize patients’ medical records electronically while keeping track of all hospital facilities – the number of beds occupied by patients, available operation rooms, etc. In addition to this, these administrators can also bring in technological solutions to improve health delivery.
You can incorporate the ‘internet of medical things’ as it offers local activity recording, precision medicine, objective reporting, and much more. Similarly, 3D printing technology is also taking patient care to the next level. It is facilitating organ transplant surgeries, improve patient’s lifespan. Besides, you can even step into care coordination and work directly with patient feedback. It will help you understand the underlying weaknesses and glitches in the system that needs improvement.
5. FOSTER COMMUNICATION
Healthcare managers are in charge of internal communications and community relations. They communicate goals and tasks with medical staff and department heads to ensure everyone is on the same page. They also actively participate in patient care by seeking feedback from patients. It means, once or twice a week, you have to go on hospital rounds to communicate with patients and inquire about their experience. Simultaneously, they educate communities on crucial health topics to spread awareness.
Furthermore, administrators serve as liaisons between the board of trustees, medical staff, and investors. They have to maintain open lines of communication to allow the system to work efficiently. At the governing board meetings or investor meetings, you will be representing the healthcare institute on everyone’s behalf. Therefore, you should know how to communicate the hospital’s vision and mission. Lastly, provide seamless channels for employee’s suggestions and feedback.
6. POLICY MAKING & COMPLIANCE
As a business major, you have the authority to collaborate with other health professionals and design policies. In addition to directing operations within the organization, it fosters integrity with the broader community. You can bring new initiatives, change traditional norms, and give a new structure to healthcare facilities. For instance, if a single nurse is currently looking after eight patients, reduce it to five. Likewise, create policies to improve the accessibility of health services.
If your organization’s policies are intact, the next step is to ensure compliance with accrediting bodies. Familiarize yourself with all codes and policies that healthcare facilities have to follow. It includes state and federal standards from healthcare organizations – OSHA, CDC, EPA, etc. Alongside this, comply with all the licensure requirements.
Given the scope of responsibilities, the role of business majors has become inevitable in the industry. They have a strong influence on almost every department within the healthcare facility. Health administrators have to take up different tasks, from information management, legal responsibilities, and new strategies to training staff. If you can work in a challenging environment, don’t mind trying your luck in this field.