Insurance and healthcare industries need people with business savvy and knowledge the same as any retail market; therefore, many of those same types of jobs are available to graduates holding an MBA in Healthcare Management looking for Insurance Industry jobs.
When working in any faction of the insurance industry workers must possess knowledge about healthcare laws and regulations to have a thorough understanding of their job duties. For example, if a health insurance company requires patients to pay 10% co-pay on prescription drugs, a Chief Officer will have to be familiar with prescriptions that are most commonly dispensed and projected advancements drug companies expect to finalize to make competent decisions that affect the company.
However, healthcare isn’t the only insurance industry affected by medical advancements, health insurance changes and regulations pertaining to healthcare. Others include automobile, life, house and any recreational object, such as a boat. Almost all insurance policies hold some form of contingency for healthcare or disability in case of an accident.
Duties for MBA in Healthcare Management Insurance Jobs
• Chief Officers – The main function of a Chief Officer is to maintain and have a vision for progress for the company he or she heads. In addition to these principles, a Chief Officer must have a familiarity with advancements made in medical research and practice, equipment developments for diagnostics, and treatment and technology.
• Human Resource Director – Persons overseeing a human resource department have to possess advanced knowledge in compensation and benefits, legal regulations pertaining to such subjects as disability and worker’s compensation, and an understanding of psychology. They must be able to motivate workers to do their jobs, and do them well. Human behavior as it pertains to the workforce is a major component of their jobs.
• Statistician – The BLS expects employment in this field to grow even faster than the healthcare industry with a projected growth of 27% by 2022. This is due to businesses taking advantage of statistician’s expertise in gathering and analyzing data. Their analysis will be used to make improved decisions in the areas of business, healthcare and policy formulations.
• Accountant – All businesses, whether private or non-profit, must have skilled accountants to manage their financial records. Financial records have to be up-to-date and accurate. Their expertise ensures the company uses its resources wisely.
• Actuary – Insurance industries cannot function without the work of actuaries. They are the analysts behind the financial theories for the future. They assess risks that may occur and develop policies to help businesses minimize risks.
The Healthcare field is expected to burgeon over the next decade by 23% according the Bureau of Labor Statistics (BLS) May 2012 Report. For those with an MBA in Healthcare Management the projected growth is 22% by 2020. Insurance is a strong partner to the Healthcare Industry and will have to match its pace to meet demand. The Affordable Care Act, popularly referred to as Obamacare, will open opportunities for workers in healthcare and insurance industries as the new law unfolds for interpretation and understanding.