Current Topics in Financial Services Education

For those working in the finance industry, keeping up to date with current financial services education and current events are very important. Financial services training can help advisors learn about new areas of interest and keep up with the trends of the market. Relevant subjects such as health
care are important to keep abreast of. This overview will go over some recent updates.

HEALTH CARE

Health care is always a relevant topic for financial services training. Health care costs have risen at more than twice the pace of overall inflation since 1990, more than doubling their share of the economy during that period. Even adjusting for the size of its economy and population, the U.S. spends far more money on health care each year than any other country in the world. As of 2009, health care spending made up 15.3% of the U.S. economy compared to an average of 8.8% for developed countries.

Under current policies, government spending on health care is projected by the Congressional Budget Office to rise to more than 18% of GDP per year over the next 75 years; since WWII, the U.S. government has collected tax revenue to finance its entire budget that has equaled an average of 18% of GDP each year.

Why Choose a Career in Healthcare Administration

Chances are, you’ve heard the buzz about healthcare administration careers these days. Look at any job board and you’re bound to see plenty of job listings in the field – and if you are considering going back to school, chances are the school you are considering offers a degree program in healthcare administration, management or a related field.

The U.S. Bureau of Labor Statistics defines healthcare administrators as those who work behind the scenes to make sure that people have access to healthcare services – they plan, coordinate, direct and supervise the operation of hospitals, doctor’s offices, clinics, nursing homes and healthcare systems, making sure that everything runs smoothly, within budget and within the scope of the law and standards surrounding the practice of medicine.

There are some very good reasons to seek a master degree in health administration or a similar degree and enter this exciting occupational field. Among them:

Plenty of job opportunities. The Bureau of Labor Statistics predicts that the field of health administration will grow by almost 20 percent in the coming decade, which is faster than most occupations. As the population ages, and people get sicker, the demand for healthcare will continue to grow, as will the demand for qualified people who can manage healthcare delivery.

Good salaries and working environment. While no one could ever say that working in healthcare is easy, despite the challenges, it is generally a stimulating and pleasant working environment. Most administrators work in offices during business hours, and have the chance to interact with a wide variety of people each day. Compensation is generally above average as well. According to the BLS, the median salary for an administrator in 2008 was between $71,000 and $87,000 a year; top-level administrators, such as vice presidents, presidents and CEO’s easily earn well over six figures annually.

Variety of job opportunities. In most cases, especially in larger hospital and systems, one administrator does not handle every aspect of managing the organization. There are opportunities to specialize in areas such as finance, human resources, information technology, operations, communication and for those who have a medical background and the proper certifications, nursing and medical administration. No matter what your interest or background, chances are there is a healthcare administration job for you.

A chance to help others. Not everyone is cut out to be a direct care medical professional like a doctor or nurse. Working in healthcare administration or management, though, gives you the chance to be involved with helping others live better lives without providing direct patient care.

When you’re evaluating educational programs and subject areas, don’t overlook the field of health administration. With good job prospects and pay, a wide variety of opportunities and the chance to give back to your community, it might be just what the doctor ordered.