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Despite this fundamental difference, financial and compliance managers work together as healthcare organizations make decisions to lower cost, increase revenue, and improve care. The concept of lowering cost while improving care presents a complex demand, and requires both financial and compliance officers to possess fundamental management knowledge, and similar professional skills in order to implement accounting and ethical standards (Buelow, et al. 2010). For example, a legal requirement or competitive pressures may mandate an organization to undertake an investment, and in this circumstance both financial and compliance entities must work in parallel (Buelow, et al. 2010). Healthcare organizations may also look to cut costs by transitioning to electronic medical records, make staffing more cost-efficient, offering new procedures and better utilizing OR time, and by purchasing used medical testing equipment and machines (Same-Day Surgery, 2011). Each of these circumstances presents opportunities to reduce expenses and increase revenue, and also presents opportunities for regulations and policies to not be followed properly. As healthcare organizations aim to lower costs while ensuring policy procedure are enforced, financial and compliance managers often work together to realize these goals.
Financial managers typically fill a salaried position, and in the United States can expect to earn a salary ranging from $33,000 to $118,000 per year depending on experience, company size, and location. There is a large disparity in salary for individuals with less than 1 year of financial experience, and may earn $14,000-$149,000 per year. Individuals with 1-4 years experience may earn $30,000-$96,000; 5-9 years may earn $40,000-$96,000, and 10-19 years may earn $43,000-$120,000 per year (PayScale, 2011b). Bonus earnings range from $3,500 to $5, 174 depending on work experience between 1 and 20 years (PayScale, 2011b). Individuals with 1-4 years of financial manager experience may received 2.3 weeks of vacation per year, while individuals with more than 20 years experience receive on average 3.3 weeks vacation (PayScale, 2011b). The majority of financial manager jobs belong to women, who fill 62% of job positions and males fill the remaining 38%. Males, however, have the greater average annual salary, earning $50,000-$98,000, and females earn $42,000-$78,000 (PayScale, 2011b). The cities in the U.S. reporting the highest salaries for financial managers are Houston, Charlotte, NC, Los Angeles, New York City, Tampa, and Washington D.C., respectively (PayScale, 2011b). Medical benefits are given to 81% of financial managers, 66% have dental insurance, 46% have vision insurance, and 18% of financial managers have no health benefits (PayScale, 2011b).
Compliance managers in the U.S. can expect to earn $37,000-$114,000 depending on experience and job location. Individuals with 1-4 years experience may earn $31,000-$83,000 per year and 5-9 years experience may result in a salary ranging $46,000-$98,000 (PayScale, 2011a). There is a larger disparity for individuals with 10-19 years of compliance experience, and one may earn $48,000-$115,000 per year (PayScale, 2011a). Individuals with 20 years of experience or more may earn a salary from $55,000 to $150,000 per year (PayScale, 2011a). Bonus earnings range from $2,700 to $8,000 depending on work experience between 1 and 20 years (PayScale, 2011a). Individuals with 1-4 years of compliance manager experience may received 2.3 weeks of vacation per year, while individuals with more than 20 years experience receive on average 3.5 weeks vacation (PayScale, 2011a). Similar to financial manager jobs, the majority of compliance manager jobs belong to women, who fill 62% of job positions and males fill the remaining 38%. Unlike financial jobs, males and females earn similar salaries, and on average is $50,000-$85,000 (PayScale, 2011a). The cities in the U.S. reporting the highest salaries for compliance managers are New York City, Boston, Dallas, Chicago, Hartford, CT, and Denver, respectively (PayScale, 2011b). Medical benefits are given to 86% of compliance managers, 78% have dental insurance, 65% have vision insurance, and 11% of compliance managers have no health benefits (PayScale, 2011a).
One of the most common ways to recruit for a financial or compliance manager is from within the existing organization. Staff members can be trained or promoted to fill a needed position. Companies typically exhaust personal references and their networking abilities before recruiting from a general pool of candidates. Many organizations will hire college graduates who are interested in compliance and finance fields and have them train with an experienced officer before hiring them as a manager (JD, 2011). When a healthcare organization does need to hire from outside resources, a hiring manager must outline a specifically detailed job description for the ideal candidate. Healthcare organizations must consider candidates' education and previous job experience. The most common past jobs for financial managers are financial analysts, senior financial analysts, and finance managers (PayScale, 2011b). The most common past jobs for compliance managers are compliance specialists, compliance analysts, and customer service representatives (PayScale, 2011a). Both career paths typically require past experience in the respective field, or companies will offer additional training for the ideal candidate to be familiar with the demands of the healthcare industry.
The future advancement of the financial management field is promising, especially for those looking for careers in the healthcare industry (Florida Tech University, 2011). The healthcare industry is projected to expand over the next decade by building more hospitals, long-term care facilities, and physician practices due to the growth of the aging population. As the U.S. population continues to age, and advancement in technology allows for better disease treatment, the demand for healthcare also reflects the demand for employees to run the organizations. Although the demand for financial managers is greatest in the healthcare industry, there is still significant competition as there are more job applicants than positions available (U.S. Bureau of Labor Statistics, 2011). Due to the competition, job seekers are encouraged to have a master's degree and specialization in healthcare management to be the best candidate for healthcare financial manager positions. Healthcare financial managers have the potential to find jobs in both urban and rural areas as private practices, clinics, and hospitals all typically employ finance management staff (Florida Tech University, 2011).
The future advancement of the compliance management field is also expected to grow, especially in the healthcare sector for similar reasons. The growing demand for healthcare facilities reflects the increasing need for compliance managers to ensure legal requirements and policy regulations are followed. Compliance managers typically have more job opportunities than financial managers due to the versatility of the field. Compliance managers can work in different fields within the healthcare industry, as healthcare organizations need safety compliance officers, securities compliance officers and chief compliance officers (JD, 2011). The majority of compliance managers work in major cities as 75% of the compliance officer jobs are located in the urban or suburban region (JD, 2011). Larger healthcare organizations generally have the largest compliance management staff and are located in the major cities in the U.S.
The healthcare field relies on a variety of professional jobs to maintain quality care for patients and the financial success of an organization. The careers of financial managers and compliance managers represent two of the essential entities within a healthcare institution that oversee finance and legal aspects of healthcare business. Financial managers are responsible for investment activities, financial reporting and analysis, budgeting, and the day-to-day financial operation of a hospital, clinic, public health agency or similar organization. Compliance managers ensure legal and regulatory rules of the organization are properly followed. Both fields require a bachelor's degree in a discipline related to finance, accounting, or business management. The ideal candidate for a financial manager has an MBA and concentration in healthcare management. Both fields also prefer prior job experience in a related field and understanding of the healthcare industry. Financial and compliance managers are expected to be organized, able to communicate, and be detail-oriented individuals. Both professions are likely to work together as healthcare organizations strive to lower costs and improve ethical standards at the same time.
Financial and compliance managers earn similar salaries, and salaries are generally dependent on experience and location. Average salaries for both fields range from $35,000 to $115,000 per year. The majority of financial and compliance manager jobs are filled by women. Women in the financial field earn less than their male counterparts, however the compliance field shows similar incomes for both males and females. Job recruitment for these positions can come from within the organization, by hiring college graduates and then providing additional training, or by looking for candidates with significant job experience in the field. The future advancement of financial and compliance management fields will continue to increase as the healthcare industry grows to accommodate the aging population. Financial managers can seek positions is the majority of cities in the U.S. because healthcare practices, large and small, employ financial assistants. Compliance managers typically work in urban areas, but often have more job opportunities due to the various avenues presented for compliance officers within healthcare. Financial managers and compliance managers are vital to the healthcare field as they aim to support the cost effectiveness of healthcare organizations while simultaneously ensuring legal measures and policy regulations are honored.…[continue]
"Financial Managers & Compliance Managers" (2011, August 20) Retrieved December 9, 2016, from http://www.paperdue.com/essay/financial-managers-amp-compliance-44088
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"Financial Managers & Compliance Managers", 20 August 2011, Accessed.9 December. 2016, http://www.paperdue.com/essay/financial-managers-amp-compliance-44088
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