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Risk Manager - Career Profile |
Career OverviewA risk manager is involved in helping management teams determine the level of risk for various expansions, developments and investments within the hospital or healthcare industry. The risk manager is the analyst that determines the various scenarios those possible investments or business decisions may make on the facility, both in terms of finances and earning potentials.
The risk manager must have an excellent background in finances, market trends, market analysis, interpretation of economical trends, as well as clearly understanding the fiscal goals of the hospital or healthcare facility. The risk manager will use a variety of financial and business management programs to make reasonable evaluations on the various options and the impacts that they may have on the hospital or healthcare facility.
The risk manager works closely with several members of the management team including the financial analyst and business analyst, the chief executive and financial officer, and the board of directors. The risk manager must be able to clearly articulate and explain all the financial risks involved in a specific venture and should also be able to make informed predictions of the best possible options for consideration.
A risk manager should be able to work with market trends and should attend conferences and workshops to keep current with changes in the healthcare industry as well as variations in the financial and economic systems in use in other organizations. Reports are usually required in both written and verbal form to boards and executives within the decision making process. A strong history of effective recommendations for financial growth in the healthcare industry is strongly desired in a risk manager.
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Career RequirementsMost hospital or healthcare facility risk managers have either a Masters or higher level education in business administration, hospital or healthcare administration, accounting, finance, economics or other related field. Some risk manager may be CPAs or may hold certification or diplomas in risk management.
Most risk managers are required to show a portfolio of past recommendations as a risk manager for a hospital or healthcare facility prior to being considered for a risk manager position. New employees in the field often work as assistants under and established risk manager to gain experience before taking on the sole responsibility for assessments.
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Job OutlookEntry level risk managers often work for smaller hospitals and healthcare facilities and build up their portfolio and them move into larger facilities with more diverse investments and larger budgets. Openings in hospital or healthcare facility careers will increase as more facilities are built to handle the increasing and aging population.
Increasing private sector ownership of larger and smaller facilities continues to drive the demand for risk managers familiar with the healthcare sector. It is estimated that both senior and entry level risk manager positions will have a steady increase over the next several years.
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Career TrackRisk managers may move into various departments as managers depending on their background and level of experience working in a hospital or healthcare facility. Those risk manager with Masters degrees and higher may decide to move into their own businesses providing financial, business or risk analysis either on a full time or consultant basis. Some risk managers may return to schools to provide training and education to those entering the profession.
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CompensationRisk managers often earn salaries of between $70,000 and $120,000 depending on the size of the hospital or facility, the experience and education level of the risk manager and the actual amount of the financial account that is being assessed. Bonuses may be added to this salary based on how accurately the risk manager’s predictions regarding the venture are over time.
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