Research Paper on "Financial Managers and Compliance Managers in Healthcare"

Research Paper 10 pages (3241 words) Sources: 10

[EXCERPT] . . . .

Financial Managers & Compliance Managers in Healthcare

The healthcare field represents both a beacon of health services and a business institution. Hospitals and healthcare facilities confront intense demands to lowers costs and simultaneously improve treatment quality. The healthcare industry employs financial mangers to oversee and administer financial reports, investments, and the managers are expected to be knowledgeable about healthcare financing (U.S. Bureau of Labor Statistics, 2011). Healthcare institutions also rely on compliance managers to ensure legal and regulatory rules of the organization are followed accordingly (JD, 2011). Staffing financial managers and compliance managers are critical to the monetary and legal survival of any healthcare business. Many healthcare providers require financial managers to have a bachelor's degree in accounting, and compliance managers to have a degree in finance, economics, or a healthcare management related field.

Average salary earnings for both financial and compliance managers range from approximately $35,000 to $115,000 per year (PayScale, 2011a; PayScale, 2011b). The best way to recruit these positions is to access the preexisting employee network for recommendations, provide training, and to consider advancing employees already working for the institution. The future of the healthcare finance manager job market is more than promising. Overall growth for the financial manager field is expected, and because the healthcare field will continue to grow, financial managers are especially needed with healthcare-related skills and knowledge (Florida Tech University, 2011). The future of compliance manager jobs in the healthcare field is expected to grow over the next decade for similar reasons. The employment of financial and compliance managers within the healthcare field are essential to the business, financial, and accountability of healthcare organizations.

Financial managers in the healthcare field are typically responsible for the day-to-day financial operation of a healthcare facility (Florida Tech University, 2011). These healthcare facilities include hospitals, clinics, physicians' group practice or public health agencies. Healthcare financial managers also engage with investment activities and prepare financial reports (Healthcare Accounting Jobs, 2011). Job duties may also include contract reviews, budgeting, compensation evaluation, planning cash management strategies and implementing financial goals (Florida Tech University, 2011). In addition to the mentioned job duties, financial managers are expected to be knowledgeable of current issues in healthcare financing, specific tax laws and regulations that impact the healthcare industry.

Healthcare financial managers help develop and introduce short-term and long-term objectives to manage an organization through accounting cycles in accordance with policies and strategic plans. The size of the healthcare organization also plays a role in dictating job duties for finance managers. If a financial manager is working for a major hospital, they will work as part of a staff, or could be accountable for supervising staff, hiring, and training finance assistants (Florida Tech University, 2011). Finance managers can expect to work 40-hour work weeks in an office building, and in some instances need to travel to satellite locations if required. Healthcare finance managers provide accurate financial reporting, must communicate clearly about financial concerns, assess problem areas, set financial goals, budget, and oversee accounting (Healthcare Accounting Jobs, 2011). Finance managers are beneficial to healthcare administrators as they attempt to minimize expenditures and introduce cost efficiency while making sure the quality of healthcare is not being compromised. Healthcare organization practices are either conducted as for-profit businesses, or as a non-profit institution, and both require financial models, and the employees to execute them, to assure financial survival.

Healthcare compliance manger job duties are focused on ensuring legal and regulatory rules of the organization are followed accordingly (Compliance Specialist, 2011). Compliance managers in the healthcare setting guarantee all policies and procedures of a healthcare system are being properly maintained, organized, and requests changes when appropriate (Healthcare Compliance, 2011). Careers in compliance management involve providing timely changes and adjustments to healthcare policies and practices as needed, and that these changes are legally valid. In the healthcare field, compliance managers must be knowledgeable of regulations within a medical setting. Due to the nature of the job and the responsibility for maintaining and inspecting policies and procedures, a compliance manger must be extremely familiar with labor laws concerning health, safety, and management initiatives to support the safety of all employees (Healthcare Compliance, 2011). Compliance managers receive concerns from employees who feel their health and safety are at risk, and are expected to take corrective measures to ensure the necessary standards are being met and properly followed.

Compliance managers are beneficial and vital to the healthcare field and administrators because they certify all policies and regulations are being enforced as required. As the healthcare industry provides medical services to patients, the healthcare agencies must guarantee its employees and patients are met with standards and safety. In recent years, healthcare organizations have been confronted with challenges and changes, such as restructuring, reducing hospital inpatient capacity, changes in care procedures, advances in technology, and budget constraints (Sunhonen, et al. 2011). In tandem with these changes is growing awareness for patients' rights, organizational ethical codes, and strengthening of regulations and health policies. Organizational ethics is gaining momentum and growing in significance, and focuses more on the administrative and management ethical issues rather than clinical ethical issues (Sunhonen, et al. 2011). Compliance managers provide guidance to senior management teams on issues relating to compliance, develop and monitor internal programs to guarantee applicable federal laws, state laws and regulations are followed (JD, 2011). Compliance managers work for the prevention of unethical, illegal and inappropriate behavior in the organization, interact with staff from other departments to solve existing problems, and supervise audit reviews by internal and external auditors (JD, 2011). Compliance managers are responsible for investigating any violations or offenses of regulation, policy, rule or procedure, and are then expected to form a plan for corrective action.

The job qualifications for a healthcare financial manager are mostly educational, and some institutions require additional certification. A minimum 4-year degree in finance, accounting, economics or business administration is required for most healthcare finance managers (Healthcare Accounting Jobs, 2011). Although the minimum education requirement is a bachelor's degree, most employees prefer to hire candidates with a master's degree. To qualify for top positions, the ideal candidate will have a master's degree and a number of years of finance experience (Florida Tech University, 2011). Most financial managers have an accounting background and have earned the Certified Management Accounting (CMA) certification (Healthcare Accounting Jobs, 2011). The most preferred candidate for a healthcare financial manager position has earned a Master in Business Administration with a specialization in Healthcare Management. These candidates are able to apply modern theories of effective leadership, management, and negotiation, plan and communicate effectively in the healthcare environment (Florida Tech University, 2011).

The job of a financial manager is best suited for someone with many different personal skills. Candidates with strong interpersonal skills are significant as these jobs involve managing people and working as part of a team to solve problems (U.S. Bureau of Labor Statistics, 2011). Healthcare financial managers must exude excellent communication skills to explain complex financial data, and have a general business understanding to work in alignment with other departments within the organization. A healthcare financial manager position also requires highly developed organizational skills (Florida Tech University, 2011). Financial managers need to be problem solvers, critical and creative thinkers, and be able to apply analytical skills to business.

Healthcare compliance manger job qualifications include educational requirements, experience, and certification. Qualified compliance managers have a bachelor's degree in finance, economics, or related field. In the healthcare field, a bachelor's degree specialized in a healthcare related program is preferred (JD, 2011). The ideal candidate for a career in compliance management has a master's degree in business management. Specific educational requirements, however, differ from one health organization to another, and some require a law degree (JD, 2011). Larger healthcare organizations may have different compliance departments, and it is imperative that a candidate have experience in the department in which they are applying. Individuals seeking a career in compliance management must be knowledgeable of an organization's practices and regulations; therefore experience in a related field is preferred. Compliance certification is also a typical requirement, especially for larger companies. Healthcare organizations may need to hire a compliance manager who has a job certification from the Compliance Certification Board or Health Care Compliance Association (HCCA) (JD, 2011).

Compliance managers are expected to have certain professional and personal skills, including excellent written and verbal communication skills, and for the candidate to be a detail-oriented individual who is capable of working under pressure (JD, 2011). Compliance managers must also have organizational skills, computer experience in word processing and accounting programs, research skills, knowledge of financial institution policies, are able to comprehend legal documents, and be able to reply timely to court, regulatory agency, or legal inquiries (JD, 2011). Compliance managers are expected to pay attention to detail, thoroughly research and communicate findings in order to successfully assess a healthcare organization's accordance to policies and regulations.

The roles of financial and compliance managers differ as one focuses on costs, finances, and accounting, while the other verifies proper legal… READ MORE

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