Health Finance Manager Job Description [Updated for 2025]

In the current era of dynamic healthcare, the focus on Health Finance Managers has never been stronger.

As the healthcare industry evolves, the demand for proficient individuals who can manage, strategize, and safeguard our health financing systems grows stronger.

But let’s delve deeper: What’s truly expected from a Health Finance Manager?

Whether you are:

• A job seeker trying to understand the core of this role,
• A hiring manager outlining the perfect candidate,
• Or simply fascinated by the intricacies of health finance management,

You’re in the right place.

Today, we present a customizable Health Finance Manager job description template, designed for effortless posting on job boards or career sites.

Let’s dive right into it.

Health Finance Manager Duties and Responsibilities

Health Finance Managers are crucial players in the healthcare field, managing the financial aspects of healthcare organizations and ensuring their overall financial health.

They also play a significant role in strategic planning and decision-making processes.

As a Health Finance Manager, the following are some of the duties and responsibilities:

• Plan, organize, and execute financial tasks and projects of the healthcare organization
• Make sure that the financial operations of the organization are in compliance with the laws and regulations of the healthcare industry
• Develop and manage financial plans and budgets, and monitor the financial status of the organization
• Prepare financial reports and documents for the organization’s executives and stakeholders
• Identify areas of cost reduction and operational improvement within the organization
• Ensure the accuracy of accounting and financial data
• Coordinate and lead annual audit process, liaise with external auditors and the finance committee of the board of directors
• Work closely with department heads and executives to provide financial information and aid in strategic decisions
• Oversee the organization’s investment portfolio and manage risks

 

Health Finance Manager Job Description Template

Job Brief

We are seeking an analytical and detail-oriented Health Finance Manager to manage our healthcare facility’s financial operations.

Responsibilities include budgeting, conducting financial analysis, and implementing financial policies to ensure the fiscal health of our organization.

The Health Finance Manager should have thorough knowledge of healthcare regulations and a strong understanding of financial principles.

Our ideal candidate possesses strong analytical, strategic planning, and communication skills.

 

Responsibilities

• Develop and monitor budget and financial operations
• Analyze financial data and prepare financial reports
• Implement fiscal policies and ensure compliance with healthcare financial regulations
• Collaborate with healthcare professionals to make financially informed decisions
• Maintain a system for accounting, budgeting, financial reporting, and cost control procedures
• Identify areas for cost reduction and operational improvements
• Financial forecasting and risk analysis
• Assist in audits and general ledger preparation
• Approve or reject budgets and financial requests from different departments
• Ensure all financial operations comply with federal and state laws

 

Qualifications

• Proven work experience as a Health Finance Manager or similar role
• Knowledge of healthcare financial and accounting principles
• Understanding of healthcare financial regulations
• Proficient in financial software and MS Office
• Strong analytical and strategic planning skills
• Excellent communication and presentation skills
• BSc degree in Finance, Accounting or relevant field
• Professional certification (e.g. CPA, CMA) is a plus

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Health Finance Manager
• Work Environment: Office setting with occasional travel to healthcare facilities or meetings.
• Reporting Structure: Reports to the Director of Finance or Chief Financial Officer.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $85,000 minimum to $140,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Health Finance Manager Do?

Health Finance Managers primarily work in healthcare facilities such as hospitals, nursing homes, outpatient care centers, and home healthcare.

They can also work for insurance companies or government agencies.

They are responsible for the financial management and profitability of the healthcare organization, ensuring that all financial operations align with the facility’s goals and regulatory requirements.

They manage the budgeting process, monitor the organization’s financial status, conduct cost and productivity analyses, and prepare financial reports.

This also includes overseeing accounts receivable and payable, and ensuring timely and accurate billing for services provided.

Health Finance Managers also work closely with other department heads to develop financial plans and ensure cost-effectiveness.

They may also negotiate contracts with vendors and monitor the purchasing process.

In addition, they ensure the organization’s compliance with healthcare laws and regulations regarding finance and are involved in strategic planning, health services development, and staff management.

They may also assist in implementing new technology for financial management in the healthcare setting.

Their role involves a high degree of financial acumen, understanding of healthcare operations, and the ability to make strategic decisions based on financial data.

 

Health Finance Manager Qualifications and Skills

Health Finance Managers need a unique blend of finance knowledge and health industry acumen to effectively manage financial operations within healthcare facilities, such as:

• Proficient knowledge of health care financial management and accounting practices to ensure financial viability and compliance with regulations.
• Ability to apply strategic planning and decision-making skills to direct financial resources and operations within the healthcare setting.
• Exceptional leadership skills to manage, guide, and motivate teams of finance professionals in a healthcare environment.
• Strong analytical skills to interpret complex financial data and use it to inform management decisions.
• Exceptional communication skills to liaise with stakeholders, explain financial information, and discuss financial strategies and outcomes.
• Knowledge of healthcare laws and regulations pertaining to finance and the ability to ensure compliance within the organization.
• Problem-solving abilities to identify and address financial issues that may impact the organization’s operations or profitability.
• Proficiency in using financial management software and tools, as well as standard office software such as Excel and PowerPoint.
• Detail-oriented approach for preparing accurate financial reports, budgets, and forecasts.
• Customer service skills for interacting with patients, healthcare providers and insurance companies regarding billing and payment issues.

 

Health Finance Manager Experience Requirements

Health Finance Managers typically need a minimum of 5 to 7 years of experience in financial management or accounting, preferably in a healthcare environment.

Experience in areas such as strategic planning, budgeting, and financial analysis are particularly valuable.

A significant portion of this experience should be in a leadership role, as this position often involves managing a team of financial analysts or accountants.

Those who have gained their experience in hospitals or large healthcare institutions may be particularly well-prepared for this role, as these environments typically demand a strong understanding of healthcare finance and reimbursement policies.

Furthermore, Health Finance Managers may also require experience with specific financial management software, healthcare informatics systems, and regulatory compliance procedures.

As Health Finance Managers often need to communicate complex financial information to non-financial colleagues, any experience in teaching or training roles can also be beneficial.

Candidates with more than 10 years of experience may be ready to step into a senior leadership role, such as Director of Finance or Chief Financial Officer, within a healthcare organization.

 

Health Finance Manager Education and Training Requirements

Health Finance Managers typically require a bachelor’s degree in finance, accounting, healthcare administration, or a related field.

These programs provide them with a solid understanding of financial concepts, healthcare systems and structures, and the nuances of managing financial operations within the healthcare industry.

A Master’s degree in Healthcare Administration or Business Administration (MBA) with a focus on healthcare is often preferred for advanced roles or positions within larger organizations.

Additionally, Health Finance Managers should have a good understanding of healthcare laws and regulations, as well as experience with healthcare-specific financial software and systems.

Certifications such as Certified Healthcare Financial Professional (CHFP) or Fellow of the Healthcare Financial Management Association (FHFMA) can further enhance their credentials and demonstrate their commitment to the field.

Many Health Finance Managers also benefit from additional training in areas such as strategic planning, budgeting, risk management, and financial reporting specific to the healthcare sector.

Experience within a healthcare setting, such as a hospital or clinic, is often required due to the specific nature of health finance management.

 

Health Finance Manager Salary Expectations

A Health Finance Manager can expect an average salary of $96,540 (USD) per year.

The actual earnings can significantly vary depending on the individual’s experience, education, the size of the healthcare facility, and the geographical location.

 

Health Finance Manager Job Description FAQs

What skills does a Health Finance Manager need?

Health Finance Managers should have strong analytical skills, able to interpret complex financial data and make informed decisions based on it.

They also need to have good management skills, as they may oversee a team of financial staff.

An understanding of healthcare regulations, healthcare systems, and the economics of healthcare is also important.

Furthermore, they should be adept at financial forecasting, budgeting, and risk management.

 

Do Health Finance Managers need a degree?

Yes, Health Finance Managers typically need at least a bachelor’s degree in finance, accounting, or a related field.

Some organizations prefer candidates with a master’s degree in business administration (MBA) or health administration (MHA).

In addition, relevant certifications, such as Certified Public Accountant (CPA) or Certified Healthcare Financial Professional (CHFP), are highly desired.

 

What should you look for in a Health Finance Manager resume?

A qualified Health Finance Manager will have a strong background in finance or accounting, with a degree in a related field.

Look for experience in healthcare finance, including roles such as financial analyst or accountant in a healthcare setting.

They should have a track record of budgeting, financial planning, and risk management.

Also, familiarity with healthcare regulations and the ability to manage a team are important qualities.

 

What qualities make a good Health Finance Manager?

A good Health Finance Manager should be detail-oriented and possess strong analytical skills.

They should be able to interpret complex financial reports and understand healthcare economics.

Excellent communication skills are also important, as they need to explain financial concepts to non-financial staff.

Lastly, a good Health Finance Manager should be a strategic thinker, able to develop effective financial strategies for the organization.

 

Is it difficult to hire Health Finance Managers?

Hiring a Health Finance Manager can be challenging due to the specific skills and experience required for the role.

Candidates must have a strong understanding of healthcare finance, as well as general finance or accounting principles.

They also need to have managerial experience and be able to operate in a highly regulated industry.

As such, finding candidates with the right combination of skills and experience can be a difficult task.

 

Conclusion

There you have it.

Today, we’ve uncovered the finer details of what it really means to be a Health Finance Manager.

Surprise, surprise!

It’s not just about crunching numbers.

It’s about shaping the future of healthcare, one financial decision at a time.

With our foolproof Health Finance Manager job description template and insights from the field, you’re poised to make your next career move.

But why stop there?

Dig deeper with our job description generator. It’s your stepping stone to meticulously crafted job listings or honing your resume to a tee.

Remember:

Every financial decision contributes to a larger goal.

Let’s shape that future. Together.

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