Monthly Archives: May 2017

Careers in Health Management

Many of us associate a career in healthcare with nobility and helping others, treating doctors, nurses and other primary patient care providers with awe and admiration. But we forget that healthcare is also a business and like any other business, it needs efficient management and administration to survive. So, who are the people working tirelessly behind the scenes to make sure the delivery of healthcare is smooth at all times? These professionals are none other than health service managers or healthcare administrators trained and qualified to plan, direct, supervise, and coordinate the delivery of healthcare.

Healthcare management is an ideal career choice for individuals who want to take advantage of the growing job opportunities in this sector, but away from direct patient care. Interested? Then read on to find out more about the different healthcare management careers.

Educational Qualifications

The first thing you need to do for a healthcare management career is to get appropriate training. A health services manager is much like a manager in any other business unit who should have strong business and management skills as well as the ability to communicate effectively. A solid academic program definitely helps you acquire some of these skills. To work your way up the corporate ladder, a Bachelor of Science in Healthcare Administration degree would be a best suit for you. However, the standard credential for more senior positions in the field is a Master’s in Healthcare Administration degree.

Career Paths

Technological advancements and complex medical regulations have made the job of a healthcare administrator both exciting as well as challenging. As described earlier, healthcare managers are involved in planning and supervising the healthcare delivery system of a facility. Depending on its size, expertise and experience levels, they could lead an entire healthcare facility or be part of a team of health service managers working under a top administrator. Their day to day activities include management of finances, personnel, operations and admissions.

Other healthcare management careers that can be considered are clinical management and health information management. Clinical managers are trained and experienced in a particular clinical area, and are responsible for taking care of that respective department in the healthcare facility. To become a clinical manager, you need to have a degree in a related field. You can supplement your education and boost your career with a Master’s in Healthcare Administration degree.

Health information managers, on the other hand, maintain patient records in a secure manner in keeping with the federal government regulations. Health information managers need to have completed an undergraduate or graduate program in health information management.

Employment Opportunities

According to 2010-11 edition of the Department of Labor’s Occupation Outlook Handbook, the employment opportunities for healthcare managers should be good, and the profession is expected to witness a “faster than average” growth through 2018. The writing on the wall is bold and clear. This is the time to enter healthcare management careers. Undeniably, it’s a choice that requires considerable investment of time, money and effort. But equally irrefutable is the fact that you will soon see your investment turn into gold. Like a wise man once said – as you sow so shall you reap!

How Does the Job Assistant Health Work?

There is a common misconception that staffing factoring is a complicated type of financing. In actuality, the factoring process is actually quite simple. All it takes is five easy steps…

Step One: Sell Healthcare Staffing Agency Invoices to a Factor

Technically, the first step in the healthcare staffing factoring equation happens when the agency’s customer (presumably a medical facility) has a shift open and requests the agency to fill that position. Once an agency employee works the shift, the agency is able to invoice the facility for the hours worked. At any time after the agency has invoiced the medical facility, it also has the ability to sell the invoice to a healthcare staffing factor.

The actual sale of the invoice is usually accomplished electronically, in that the agency emails or faxes a copy of the invoice along with corresponding signed timed sheets to the healthcare staffing factoring agency. The invoices and timesheets must be accompanied by an Assignment of Accounts Receivables form, which lists out all the invoices the agency wishes to sell to the factor and includes a signature from an authorized employee of the agency.

Step Two: New Debtor Credit Check

Once the healthcare staffing factoring agency receives the schedule of invoices and timesheets, an account manager reviews it for new customers. If there happens to be new customers (a.k.a. debtors), the account manager will conduct a brief credit review in order to establish a line of credit for that debtor. Typically, the credit review process can be completed within 24 hours of receipt. Once a new debtor has been approved for funding, the account manager will notify the debtor’s accounts payables department that when they receive invoices from the agency, the payment should be remitted directly to the factor.

If there are no new debtors included with the schedule, then the account manager simply moves on to step three of the healthcare staffing factoring process, which involves verifying the submitted invoices.

Step Three: Healthcare Staffing Agency Notifies and Verifies Debtors

Because a healthcare factoring firm is advancing cash based off of services that have already been rendered, it’s customary for the factor to follow-up with the debtors to be sure that they were satisfied with the staffing services, and they intend to pay the invoice.

The level of detail involved with verification varies from factor to factor. For example, some factoring firms verify every single invoice, confirming with a DON (Director of Nursing) that “Employee X” from ABC Staffing worked a 12-hour shift the prior week. Whereas, other factors might conduct “spot verifications,” in which account managers will select random invoices to verify within each schedule. Regardless of how often a factoring firm verifies invoices, it’s important for staffing factoring agencies to remember that factors will not advance money on an invoice unless they are confident that the invoice will be paid.

Step Four: Healthcare Staffing Agency Receives Cash

After the notification and verification procedures have been completed, the healthcare staffing factor is able to purchase the agency’s invoices and advance cash. In this day and age, healthcare staffing factoring firms generally send money electronically via same day wires and/or ACH (automated clearing house) transfers, which is basically an overnight funds transfer.

It’s important to keep in mind that the criteria for receiving a same day wire may differ from that of receiving an ACH. For example, some factoring firms may institute a specific funding cut-off time, requiring healthcare staffing agencies to send in their invoices and time sheets before a specific time in order to be funded the same day.

Step Five: Healthcare Staffing Factoring Firm Receives Payments and Remits the Reserve Back to the Agency

If you recall from step three, the healthcare staffing factoring firm notifies an agency’s debtors to remit payment directly to the factor the first time it purchases an invoice for that debtor. At the time a factor receives payment on an invoice, it retains its fees for advancing cash and then remits the difference back to the healthcare staffing agency. In factoring lingo, the difference that is remitted back to the agency is called the “Reserve.”

When it comes to how often a healthcare factoring firm releases reserve, there are many different positions. Some factors conduct automatic reserve releases on specific days each month, while others only release reserve upon request. Some factors require a minimum balance to remain in the reserve account at all times. Whatever the case, it’s important for healthcare staffing agencies to be aware of the factor’s reserve release procedures.

As previously stated, it’s a common misconception that healthcare staffing factoring process is a complicated. Although the exact procedures may vary from factor to factor, the basic healthcare staffing factoring model does not change.

Health Franchising, More Than Just Senior Care

With the start of the new decade and the sense that the road to recovery has been found, people are starting to look for new opportunities to advance their career or for a change in their life and occupation. One place many people turn to when they look for a change in their life and occupation is franchising. Buying a franchise offers a sense of empowerment and the potential for a real change in a person’s lifestyle and potentially earnings. Nowadays, when a person looks at a franchise to buy into, he or she has many options from the old fashioned food services to new ideas like green office solutions. However, if there is one industry in the franchise world that has captured everyone’s attention, it’s the Healthcare Franchise industry.

Healthcare Franchises offer potential franchisees the chance to help out people in their community while joining the fastest growing industry in the United States. Most people have the read the writing on the wall by now; people are living longer and requiring more care, our population over 65 is expected to double, and the demand for healthcare only increases with this aging population. The decision to get into the healthcare industry is somewhat easy. Deciding what sector of the healthcare industry you want to take part in is where things become interesting.

Most healthcare franchises people buy into are senior care franchises. A typical senior care franchise business model centers around providing non-medical in home care to senior citizens who need the care and assistance of another person but who’s family typically has time constraints which prevent them from taking care of their elderly family member full time.

Most in home care franchises tend to be non-medical opposed to medical because of the strict requirements and regulations over the medical home health care industry. Home Health business owners need to have years of medical experience and can take years to get licensed while non-medical franchises require no medical experience and are regulated but to a lesser extent.

The non-medical senior care franchise market is flourishing; however it is not the only place to look for a healthcare franchise. A newer entrant to the healthcare franchise industry but with a long history of use in healthcare in general, is healthcare staffing. Healthcare Staffing involves the staffing of Healthcare professionals such as nurses on a temporary at need basis at hospitals or other medical facilities.

Healthcare Staffing franchises offer the same benefits of helping your community and working in the healthcare industry that senior care franchises offer. The difference is in your business model. As a healthcare staffing franchisee, you would market your services to hospitals and other medical facilities who are your clients. This target market is very different than the senior care industry where the target market consists of households and end consumers.

Healthcare Staffing offers an alternative route into the healthcare industry. It is a necessary service that hospitals have been using for decades and will continue to use with the foreseeable nursing shortage. If you are interested in learning more about healthcare staffing or medical staffing franchises as they are also known look them up on franchise portals or go to directly to their websites.

IT Health: An Emerging Sector

The importance of healthcare IT companies have grown manifold after the new healthcare Act emphasized on the importance of technology in healthcare and made mandatory the use of certain software and technology in the health sector.

However healthcare IT is a relatively new industry and most companies are start-ups. The Affordable Care Act may have given the industry but the success of a healthcare IT company will depend on a lot of other factors.

– Healthcare is an amalgamated market of various small sectors particular diseases, cures, healthcare providers, information technology, healthcare software, insurance, etc. Each of these is a separate industry in itself and what works for one may not work for the others. Companies will have to develop separate ideas and business plans to deal with each of these sub sectors.

– Healthcare IT is neither healthcare nor IT. Healthcare IT companies need to understand their domain completely. The regulations are stricter and the guidelines different. Companies will have to be careful about the regulatory bodies, rules and laws that can vary from state to state.

– Since the federal government has already given guidelines about the software and technology that needs to be implemented, the product will remain more or less the same across companies. However it is the additional features and innovations that will transform your product from ‘nice to have’ to being a must have. And it is this change that will make all the difference

– Though the use of certain healthcare technology is mandated, the customer should be convinced that his business will benefit more financially by using the product from your stables than without it. It is important to make the customer understand that investment in healthcare technology could be costly but the returns would be even more profitable.

– In the healthcare industry it is foolish to assume that consumer will wake up one day and start taking better care of him. The growth of your healthcare IT company depends on the brilliance of the product and the creativity in marketing in it.

– Word to mouth publicity is a critical aspect in marketing healthcare IT.

– Involve those who will ultimately use your product- healthcare providers and doctors. Talk them about the problems they face with the current technology and then develop a product that is easy and simple to use and does not alienate them.

– Working in the healthcare industry is not only financially fruitful but socially rewarding as well. Enjoy the experience of working for something that benefits not only you but the entire community as well.

Healthcare IT is an emerging but an important sector. It is just the beginning. Healthcare technology and regulations are evolving and changing by the day. Healthcare IT companies need to be on their toes to respond to the newer demands of the health domain.

Shaun Mike is well known authority on health insurance in the US. He is currently looking to expand his expertise to health insurance and other healthcare software available.