Health Care Analyst: Career and Salary Facts
Explore the career requirements for a health care analyst. Get the facts about salary, certification, job duties and education requirements to determine if this is the right career for you.
What Does a Health Care Analyst Do?
Health care analysts are financial analysts who work in healthcare environments, evaluating the current and previous financial conditions of medical institutions and offering consultations on investment decisions, profit optimization and cost control. They may also evaluate the management staff of the facility to identify reasons for operational inefficiencies. Based on their findings, they prepare reports for the health care institution.
Learn more about this career by reviewing the information in the table below.
<table border="1"><tr><td><b>Degree Required</b></td><td> Bachelor's degree</td></tr>
<tr><td><b>Education Field of Study</b></td><td> Health Administration <br/>Finance <br/> Economics</td></tr>
<tr><td><b>Key Skills</b></td><td> Attention to detail, analytical, basic and advanced math proficiency, oral and written communication</td></tr>
<tr><td><b>Certification</b></td><td> Certification is optional</td></tr>
<tr><td><b> Job Growth (2020-2030)</b> </td><td> 6% (for all financial analysts)*</td></tr>
<tr><td><b> Mean Salary (2020)</b> </td><td> $96,630 (for all financial analysts)*</td></tr>
</table><p><i>Source: *U.S. Bureau of Labor Statistics</i>
</p><h3 id="section---WhatIsAHealthCareAnalyst">What Is a Health Care Analyst?</h3><p>Health care analysts perform similar duties to business and financial analysts. These may include providing guidance and feedback to healthcare companies on the business end of the healthcare market. The role is largely involved in consulting management, rather than daily, ongoing interactions directly with patients.
</p><h4 id="section---WhatEducationWillINeed">What Education Will I Need?</h4><p>According to the U.S. Bureau of Labor Statistics (BLS), the minimum requirement for health care and financial analysts is usually a bachelor's degree in health administration, finance, economics, or related fields (<i>www.bls.gov</i>). Typically, these programs include courses in accounting and budgeting, health information systems and health economics, as well as hospital organization and management. More advanced positions will often require a master's degree in these fields.
</p><p>Master's degree programs that emphasize business or public health administration are also prevalent, according to the BLS. You may also find programs with an emphasis in health services, health care and hospital administration, health care information systems or long-term care administration. These programs tend to last approximately two or three years and include a year-long supervised internship.
</p><h3 id="section---WillIAlsoNeedCertification">Will I Also Need Certification?</h3><p>The American Health Information Management Association (AHIMA) provides information on a variety of certifications and exams. The requirements for these programs vary, so you'll need to determine what level of education and experience is required to match your personal interests. You might want consider increasing your professional marketability as a Certified Health Data Analyst (CHDA), Health Information Manager (HIM) or Registered Health Information Administrator (RHIA) by earning the appropriate designations.
</p><h3 id="section---WhatSalaryMightIEarn">What Salary Might I Earn?</h3><p>According to the BLS, financial analysts made a mean annual wage of $96,630 in 2020, with a mean hourly wage of $46.46.
</p><h3 id="section---WhatAreSomeRelatedAlternativeCareers">What Are Some Related Alternative Careers?</h3><p>Related job titles include clinical director, health and social service manager, medical records/health information manager, mental health program manager or practice administrator. Other potential career paths include consultant, insurance executive, medical information chief and health care administrator.
</p><p>As a health services manager, you would work as the supervisor of a medical facility or hospital department, coordinating staff activities and handling budgeting and financial allocations. As a medical records/health information manager, you would be responsible for organizing and securing patient information in databases and electronic health records. For either of these managerial positions, you would need at least a bachelor's degree.</p>