General Question

metadog's avatar

What other industries can someone with 20 years in healthcare finance move into?

Asked by metadog (378points) July 31st, 2013

Hi! I have been in healthcare finance (hospital) for almost 20 years. Financial analysis, budgets, managing staff, audits, etc. I pretty much live in Microsoft Excel and make it sing! I think I have had enough and am even considering moving back east to where the rest of my family is. But I don’t know what other industry I can move into utilizing my education and experience AND meeting my salary requirements. With the healthcare industry being so volatile, I think I need to leave before I don’t have the choice (plus I don’t really like it any more… yes, it is more complicated than that). Thoughts?

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7 Answers

chyna's avatar

What about the other side? Have you thought about looking for a job with Medicare or Medicaid? Medicare/Medicaid has audit/reimbursement departments (on the east coast as well as the west) and they always have positions open.

snowberry's avatar

A lot of doctors are thinking of either leaving their practices or not taking insurance at all. I go to one who does not take insurance.

I just read an article about this (not sure if I can find it again, will try). The problem for doctors just leaving an insurance based healthcare business is that it’s almost impossible to know how much a service actually costs. This is because insurance companies and hospitals and doctors trade off on their costs (charging less for a more expensive service in exchange for charging more for a less expensive one).

If you could come up with an actual cost for services, you might find yourself in a very lucrative business. I mean a cost for services without the healthcare

zenvelo's avatar

You have a lot of transferable skills, give yourself credit for that. I imagine there are a lot of institutions such as schools and colleges that run in the same manner as hospital.

Or, you could go to work as a Securities Analyst, tracking health care companies and their financial outlook to recommend which ones to invest in.

Tachys's avatar

Insurance companies could probably use you. Not just health insurance, but maybe also life or disability insurance.

Blueroses's avatar

Since hospitals are one of the very few industries required to give service without guarantee of payment, I’m sure the finance department is a stressful position. Many people simply don’t have the money to pay for treatment received and others, feeling better now, don’t want to pay what they see as unreasonable charges.

What can you do? Repossess their health?

Do you spend half the day being screamed at and the other half being avoided?

You can use your skill sets anywhere. Don’t limit yourself because you have a medical terminology vocabulary. Every company wants someone with the customer service, tact and diplomacy you must have since you put in 20 years in a difficult arena. Not to mention the value of somebody who can “make Excel sing”!

Apply for absolutely anything that piques your interest. Your knowledge is entirely transferable.

Buttonstc's avatar

Learning the particular terminology pertinent to another industry is the easy part.

Making Excel sing (and just dealing with anything Microsoft) is what people are willing to pay major bucks for.

I think you’re in great shape to land another job.

downtide's avatar

You will be in high demand for finance in any industry. A few weeks training to learn the new company’s products and procedures, and everything else is transferrable. If you want to leave finance altogether, you could move into business analysis or marketing, both fields relying heavily on statistics and spreadsheets.

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