Healthcare Finance Manager Job Description [Updated for 2025]

In the constantly evolving world of healthcare, the role of Healthcare Finance Managers has become increasingly crucial.

Healthcare continues to evolve, and with each development, the demand for proficient individuals who can effectively manage, analyze, and adapt to our financial health systems intensifies.

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

Whether you are:

• A job seeker attempting to understand the core of this role,
• A hiring manager outlining the ideal candidate,
• Or simply fascinated by the intricacies of healthcare finance management,

You’ve come to the right place.

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

Let’s dive right in.

Healthcare Finance Manager Duties and Responsibilities

Healthcare Finance Managers are responsible for overseeing the financial activities within a healthcare organization.

They play a vital role in ensuring the financial stability of the organization, while complying with all relevant laws, regulations and standards.

They have the following duties and responsibilities:

• Plan, organize, and manage the financial operations of a healthcare organization, such as budgeting, forecasting, auditing, and internal control systems
• Develop financial strategies by forecasting capital, facilities, and staff requirements, identifying monetary resources, and developing action plans
• Monitor financial performance by measuring and analyzing results, initiating corrective actions, and minimizing the impact of variances
• Ensure compliance with federal, state, and local financial legal requirements by studying existing and new legislation, enforcing adherence to requirements, and advising management on needed actions
• Prepare financial reports by collecting, analyzing, and summarizing account information and trends
• Manage relationships with insurance providers and negotiate contracts
• Collaborate with other healthcare professionals to assess business performance, allocate resources, and develop policies
• Implement patient services programs to enhance revenue generation
• Stay updated with advancements in the field of healthcare finance, and implement new strategies for the financial betterment of the organization

 

Healthcare Finance Manager Job Description Template

Job Brief

We are seeking a diligent Healthcare Finance Manager to oversee our financial operations within our healthcare facility.

The responsibilities of the Healthcare Finance Manager will include managing budgets, conducting financial assessments, implementing cost-effective strategies, and collaborating with management to align financial decisions with the organization’s strategic goals.

The ideal candidate has a strong background in healthcare finance, a deep understanding of financial laws and regulations in the healthcare industry, and possesses excellent problem-solving skills.

 

Responsibilities

• Oversee the financial operations of the healthcare facility
• Develop and manage budgets, financial plans, and projections
• Perform financial analysis to assess the financial status of the organization
• Implement cost-effective strategies and controls
• Collaborate with management to make financial decisions aligned with the organization’s strategic goals
• Ensure compliance with healthcare financial laws and regulations
• Coordinate and lead the annual audit process
• Prepare and present financial reports to the board of directors and stakeholders
• Manage relationships with external auditors and regulators

 

Qualifications

• Proven experience as a Healthcare Finance Manager or similar role
• Knowledge of financial laws and regulations in the healthcare industry
• Strong analytical and problem-solving skills
• Excellent knowledge of data analysis and forecasting models
• Proficiency in accounting software
• Strong leadership and organizational skills
• BSc/MSc degree in Finance, Accounting or relevant field

 

Benefits

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

 

Additional Information

• Job Title: Healthcare Finance Manager
• Work Environment: Office setting within a healthcare facility. Occasional local travel may be required.
• 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: $80,000 minimum to $120,000 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 Healthcare Finance Manager Do?

Healthcare Finance Managers play a crucial role in healthcare organizations such as hospitals, clinics, nursing homes, and health insurance companies.

They are responsible for financial planning, monitoring, management, and reporting, which includes health services costing, budget coordination, and rate setting.

Healthcare Finance Managers oversee the financial resources of the healthcare organization, analyze performance, handle the organization’s budget, and manage financial risks.

They assist in the preparation of financial statements in compliance with official guidelines and requirements, manage internal controls, and conduct audits to ensure compliance.

Additionally, they could be responsible for the purchasing of medical equipment and supplies, while also ensuring services are provided in a cost-effective manner to improve the financial performance of the organization.

They also work closely with other healthcare professionals to develop business strategies and plans for the improvement of the organization’s financial status.

These professionals provide financial advice and support to help senior healthcare executives make key decisions.

 

Healthcare Finance Manager Qualifications and Skills

A competent Healthcare Finance Manager should possess the skills and qualifications that meet your job requirements, such as:

• Strong financial acumen to manage and oversee all financial operations within a healthcare setting
• Knowledge of healthcare laws, regulations and medical terminologies to ensure compliance and efficiency in the finance department
• Strong analytical skills to understand and interpret complex financial data and make informed decisions
• Excellent communication skills to explain financial information clearly to non-financial staff and stakeholders
• Good leadership and management skills to lead a team of financial professionals, ensuring they meet all their targets and deadlines
• Attention to detail to accurately manage budgeting, forecasting, and capital asset management
• Problem-solving skills to identify any financial issues or discrepancies and find effective solutions
• Experience with financial software and systems used in the healthcare industry
• Ability to work under pressure and manage multiple tasks while meeting deadlines

 

Healthcare Finance Manager Experience Requirements

Healthcare Finance Managers typically require at least a bachelor’s degree in finance, healthcare administration, or a related field, with many employers preferring a master’s degree.

Entry-level candidates generally have 1 to 2 years of experience, usually gained through internships, part-time roles, or entry-level positions in healthcare finance or administration.

These professionals may also gain valuable experience in roles such as Financial Analyst, Health Services Manager, or Administrative Services Manager.

Candidates with more than 3 years of experience often develop their financial management skills and healthcare industry knowledge in roles such as Assistant Healthcare Finance Manager or Healthcare Financial Analyst.

Those with over 5 years of experience are expected to have demonstrated leadership abilities and may be ready for more advanced management roles or to lead a team.

This could include experience managing budgets, conducting financial analysis, and making strategic financial decisions within a healthcare setting.

In addition, a strong understanding of healthcare regulations, medical billing procedures, and insurance practices is often required.

Continuous professional development and staying abreast of changes in healthcare laws and regulations is also crucial for this role.

Certification as a Certified Healthcare Financial Professional (CHFP) or Fellow of the Healthcare Financial Management Association (FHFMA) is also a plus, and might be preferred by some employers.

 

Healthcare Finance Manager Education and Training Requirements

Healthcare Finance Managers typically have a bachelor’s degree in finance, accounting, healthcare administration or another related field.

They also need a strong foundation in financial management principles, healthcare finance, strategic planning, and healthcare laws and ethics.

In addition to their bachelor’s degree, many employers prefer candidates who have a master’s degree in business administration (MBA), healthcare administration, or a related field.

This advanced education often covers more in-depth studies of healthcare economics, healthcare policy, and financial management.

Some positions may also require Healthcare Finance Managers to have prior experience in healthcare administration or finance, typically ranging from 3 to 5 years.

Certifications such as Certified Healthcare Financial Professional (CHFP) or Fellow of the Healthcare Financial Management Association (FHFMA) can also be beneficial.

These certifications demonstrate a commitment to the profession and an in-depth understanding of healthcare financial management.

Continuing education is also important as healthcare laws, regulations, and financial practices frequently change.

Therefore, attending workshops, seminars, and courses to stay up-to-date is often necessary.

 

Healthcare Finance Manager Salary Expectations

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

However, this can vary greatly based on factors such as years of experience, level of education, the size and type of the healthcare facility, and the geographical location.

 

Healthcare Finance Manager Job Description FAQs

What is the role of a Healthcare Finance Manager?

A Healthcare Finance Manager is responsible for overseeing and managing the financial operations within a healthcare organization.

This includes preparing and managing budgets, conducting financial forecasting, managing funds and investments, and ensuring compliance with healthcare finance regulations.

 

What educational qualifications does a Healthcare Finance Manager need?

Healthcare Finance Managers are typically required to have a bachelor’s degree in finance, accounting, or a related field.

However, many organizations prefer candidates with a master’s degree in health administration, business administration, or finance.

Some employers may also prefer candidates with certifications like the Certified Healthcare Financial Professional (CHFP) designation.

 

What skills does a Healthcare Finance Manager need?

Healthcare Finance Managers need strong analytical skills to interpret complex financial data and make informed decisions.

They should be detail-oriented to ensure accuracy in financial reporting and compliance.

Additionally, they need strong leadership skills to manage and lead a team of financial professionals.

Communication skills are also essential to present financial information clearly to non-finance professionals.

 

What qualities make a good Healthcare Finance Manager?

A good Healthcare Finance Manager is strategic, able to look at the big picture and make long-term financial plans for the organization.

They must be ethical and trustworthy, as they handle sensitive financial data.

Being adaptable is also key, as they must be able to adjust financial plans based on changes in healthcare policies or financial markets.

 

How challenging is it to hire a Healthcare Finance Manager?

Hiring a Healthcare Finance Manager can be a challenging task due to the specific skill set required for the role.

It requires a combination of strong finance skills, knowledge of healthcare regulations, and leadership abilities.

It’s important to offer competitive salary packages and career development opportunities to attract highly qualified candidates.

 

Conclusion

And there you have it.

Today, we pulled back the veil on what it truly means to be a Healthcare Finance Manager.

Surprise, surprise?

It’s not just about crunching numbers.

It’s about shaping the health sector’s financial future, one strategic decision at a time.

With our ready-to-use Healthcare Finance Manager job description template and real-world examples, you’re well-prepared to take the next step.

But why limit yourself?

Dig deeper with our job description generator. It’s your ultimate tool for creating precisely tailored job listings or polishing your resume to perfection.

Remember:

Every financial decision contributes to the larger health landscape.

Let’s shape that future. Together.

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