A healthcare accountant can specialize in several positions, such as bookkeeping, internal accounting and auditing, budgeting, and managing finances. Accountants balance the financial records of hospitals, private care facilities, health insurance companies, and other health-related organizations.
Education and Training
Most of these positions require a two-year bachelor’s degree at a minimum, from an accredited institution, but exact requirements may vary. A master’s degree in accounting or healthcare (with an optional concentration in business accounting) can help you find the position that’s right for you.
The Commission on Accreditation Healthcare Management Education (CAHME) often hosts workshops and seminars to keep professionals in the field up-to-date with the latest advancements and legal changes in healthcare. Healthcare accountants are required to operate according to all legal codes regarding healthcare and business.
Responsibilities of a Healthcare Accountant
The balance sheet is one of the most important things healthcare accountants handle. A balance sheet presents monetary estimates of real financial assets, along with intangible assets the company has legal claim to. It also shows the total amount of debt the company owes and the difference between total assets and total debt. Altogether, the statement the balance sheet makes provides the total of the company’s assets as the combination of the sum of its debt and the value of its net worth.
At year’s end, and generally at the close of each quarter, the healthcare accountant estimates and reports the dollar values of everything on the balance sheet, as accurately as possible.