8 Healthcare Finance Jobs That Are in High Demand

Are you great at managing money? Consider exploring these rewarding opportunities in the healthcare industry.

By Dillon Price, Monster Contributor

From routine physician checkups to the development of emerging medical treatments, finance is involved in every corner of the healthcare industry. When you work in healthcare finance, you’ll play an important role in ensuring that funds are properly allocated to meet people’s medical needs and keep the hospital or medical office running.

More specifically, there are healthcare finance jobs for:

  • Providing patients with affordable payment plans.
  • Creating accurate billing based on the services rendered.
  • Funding the research and development of new medications and medical devices.
  • Budgeting so healthcare organizations, hospitals, and other facilities operate efficiently.

According to the Bureau of Labor Statistics, the number of healthcare jobs is expected to increase by 13% over the next ten years. And finance jobs in healthcare are no exception.

So, whether you’re simply looking for a new finance job or want to delve into potential long-term healthcare finance careers, Monster will help you explore your options. Below, we outline the most common types of healthcare finance jobs and what you’ll need to get hired.

8 Popular Healthcare Finance Jobs

1. Accountant

What you’d do: Accounting is one of the most important healthcare finance jobs in any hospital or medical office. Healthcare accountants prepare and maintain financial records for hospitals, health insurance companies, and other healthcare organizations.

What you’d need: To become an accountant, you’ll need a bachelor’s degree in accounting, finance, business, or a related field. Certification is typically required for specialized designations such as certified public accountant (CPA). If you want to take your accounting career into the healthcare industry, consider completing the Certified Healthcare Financial Professional program offered by the Healthcare Financial Management Association.

What you’d make: According to Monster’s salary data, the median salary for accountants is over $54,000 per year.

Find accountant jobs on Monster.

2. Medical Billing Specialist

What you’d do: Medical billing is one of the most popular hospital finance jobs. As a medical billing specialist, you would manage billing invoices, payments, and insurance claims.

What you’d need: Medical billers must complete an associate degree or certificate program to be considered for a job in a healthcare facility. Read more about how to become a medical biller and coder.

What you’d make: Medical billers typically earn between $14.64 and $19.86 per hour.

Find medical billing jobs on Monster.

3. Auditor

What you’d do: When you work as a healthcare finance auditor, you’ll look for fraud and errors in medical reports, billing, and insurance claims.

What you’d need: Financial auditors typically need a bachelor’s degree in accounting or finance, as well as demonstrated proficiency with spreadsheets and databases. You can boost your chances of getting hired by completing the Financial Services Audit Certificate program offered by The Institute of Internal Auditors.

What you’d make: Auditors earn a median salary of more than $65,000 per year.

Find auditor jobs on Monster.

4. Financial Consultant

What you’d do: Financial consultants typically advise healthcare organizations on budgeting, as well as financial services and decisions. That includes the allocation of funds and potential risks. According to the Bureau of Labor Statistics, financial consultant jobs are expected to grow by 15% over the next decade.

What you’d need: To be considered for a financial consultant job, you’ll need a bachelor’s degree in business, finance, mathematics, or a related field. Completing a master’s degree or certification program will boost your chances of getting a job. Consider enrolling in the Certified Financial Consultant program offered by the Institute of Financial Consultants.

What you’d make: Monster’s salary research shows that financial consultants typically make between $52,948 and $102,731 per year.

Find consultant jobs on Monster.

5. Payroll Specialist

What you’d do: Payroll specialists are one of the most important healthcare finance jobs—it’s their job to ensure that other healthcare employees get paid the right amount, on time. Your duties will also likely include tracking employees’ logged time and issuing paychecks.

What you’d need: Payroll specialists typically hold bachelor’s degrees with coursework in accounting, and bookkeeping. Most payroll specialists start as payroll clerks before moving up. You can increase your chances of getting hired by completing the Certified Payroll Professional designation offered by the American Payroll Association.

What you’d make: Payroll specialists earn a median yearly salary of about $49,284.

Find payroll specialist jobs on Monster.

6. Accounts Payable Administrator

What you’d do: As an accounts payable administrator, you’ll manage daily financial transactions and solve transactional issues.

What you’d need: Most employers in the healthcare industry will only hire accounts payable professionals who have a bachelor’s degree in accounting, business, finance, or math. If you want to boost your value to employers, consider enrolling in the Certified Accounts Payable Professional program offered by Certified Accounts Payable Practitioner.

What you’d make: Your salary in accounts payable will depend on your role and experience. For example, accounts payable specialists typically earn $41,624 per year and accounts payable managers earn about $59,263.

Find accounts payable jobs on Monster.

7. Insurance Underwriter

What you’d do: Insurance underwriters in the healthcare industry usually work for health insurance companies. They determine who is eligible for coverage and under which terms for plans that are not in compliance with the Affordable Care Act.

What you’d need: Want to know what it takes to become an insurance underwriter? Most insurance underwriters have a bachelor’s degree in business, finance, economics, mathematics, or a related field.

What you’d make: As an insurance underwriter, you can earn between $48,711 and $90,666 per year.

Find insurance jobs on Monster.

8. Electronic Medical Records Specialist

What you’d do: Medical records specialists are responsible for documenting patient care and conditions, ensuring that records comply with insurance and government requirements, creating and maintaining records for reimbursement claims, and updating medical records.

What you’d need: Requirements for medical records specialists vary. Some employers only require a high school diploma, while others expect you to have an associate degree or a postsecondary certificate. Many medical records specialists pursue the Registered Health Information Technician certificate from the American Health Information Management Association.

What you’d make: Electronic medical records specialists usually make between $36,870 and $85,468 per year.

Find medical records jobs on Monster.

Already Work in Finance? Here’s How to Transition Into a Healthcare Finance Job

If you’re already established in a traditional financial career, making the transition into healthcare may take some training. While further education isn’t always required, many employers like to see that you already have an understanding of how healthcare finance works. Here are some tips for how you can transition into a healthcare finance professional.

Do Your Homework on Healthcare Niches and Employers

Like finance, healthcare has many niches. Before you apply to any healthcare finance jobs, choose your targeted employer type first—hospital, medical practice, insurance firm, government, or long-term-care facility—by doing research to figure out which niche is right for you. You can decide from there whether you’ll need more training to apply for a job, whether it’s a certificate program or even an advanced degree.

Beyond the niche where you’ll be working, make sure to also do your homework on the specific medical practice, organization, or healthcare facility you’ll want to work in. It also helps to review the job ad and get an understanding of which systems or programs you’ll likely use to make sure you’re qualified and that you’re interested in the work.

Complete a Certification Program

If you want to transition to the healthcare industry, consider completing a certification program. Many colleges and organizations offer online certificate programs, so you can obtain a certificate around your existing work schedule.

You can contact the trade association serving the sector you want to work in to enroll in courses or certification programs that will give you specific industry knowledge. Or, start with the Certified Healthcare Financial Professional program offered by the Healthcare Financial Management Association. This program will provide you with a deep understanding of a wide range of healthcare finance jobs. That includes:

  • Business acumen
  • Collaboration
  • Financial strategy
  • Future trends and insights

To be eligible for certification, you must complete two modules and pass an exam for each one. The first module will cover the basics of healthcare finance, risk mitigation, healthcare accounts, cost analysis, payment models, strategic finance, and managing financial resources. The second module covers the application of business acumen in healthcare through exercises and case studies.

Other healthcare finance certificates worth pursuing include:

Create Your Profile Today to Apply for Healthcare Finance Jobs

To start your search for healthcare finance jobs, simply set up your profile on Monster. We’ll make your resume visible to hiring managers and match your skills with jobs in healthcare finance. Plus, you can always stay in the know about new jobs when you opt to receive free email notifications. Start your path to becoming a healthcare finance professional today.