The concept of lowering cost while improving care presents a complex demand, and requires both financial and compliance officers to possess fundamental management knowledge, and similar professional skills in order to implement accounting and ethical standards (Buelow, et al. 2010). For example, a legal requirement or competitive pressures may mandate an organization to undertake an investment, and in this circumstance both financial and compliance entities must work in parallel (Buelow, et al. 2010). Healthcare organizations may also look to cut costs by transitioning to electronic medical records, make staffing more cost-efficient, offering new procedures and better utilizing OR time, and by purchasing used medical testing equipment and machines (Same-Day Surgery, 2011). Each of these circumstances presents opportunities to reduce expenses and increase revenue, and also presents opportunities for regulations and policies to not be followed properly. As healthcare organizations aim to lower costs while ensuring policy procedure are enforced, financial and compliance managers often work together to realize these goals.
Financial managers typically fill a salaried position, and in the United States can expect to earn a salary ranging from $33,000 to $118,000 per year depending on experience, company size, and location. There is a large disparity in salary for individuals with less than 1 year of financial experience, and may earn $14,000-$149,000 per year. Individuals with 1-4 years experience may earn $30,000-$96,000; 5-9 years may earn $40,000-$96,000, and 10-19 years may earn $43,000-$120,000 per year (PayScale, 2011b). Bonus earnings range from $3,500 to $5, 174 depending on work experience between 1 and 20 years (PayScale, 2011b). Individuals with 1-4 years of financial manager experience may received 2.3 weeks of vacation per year, while individuals with more than 20 years experience receive on average 3.3 weeks vacation (PayScale, 2011b). The majority of financial manager jobs belong to women, who fill 62% of job positions and males fill the remaining 38%. Males, however, have the greater average annual salary, earning $50,000-$98,000, and females earn $42,000-$78,000 (PayScale, 2011b). The cities in the U.S. reporting the highest salaries for financial managers are Houston, Charlotte, NC, Los Angeles, New York City, Tampa, and Washington D.C., respectively (PayScale, 2011b). Medical benefits are given to 81% of financial managers, 66% have dental insurance, 46% have vision insurance, and 18% of financial managers have no health benefits (PayScale, 2011b).
Compliance managers in the U.S. can expect to earn $37,000-$114,000 depending on experience and job location. Individuals with 1-4 years experience may earn $31,000-$83,000 per year and 5-9 years experience may result in a salary ranging $46,000-$98,000 (PayScale, 2011a). There is a larger disparity for individuals with 10-19 years of compliance experience, and one may earn $48,000-$115,000 per year (PayScale, 2011a). Individuals with 20 years of experience or more may earn a salary from $55,000 to $150,000 per year (PayScale, 2011a). Bonus earnings range from $2,700 to $8,000 depending on work experience between 1 and 20 years (PayScale, 2011a). Individuals with 1-4 years of compliance manager experience may received 2.3 weeks of vacation per year, while individuals with more than 20 years experience receive on average 3.5 weeks vacation (PayScale, 2011a). Similar to financial manager jobs, the majority of compliance manager jobs belong to women, who fill 62% of job positions and males fill the remaining 38%. Unlike financial jobs, males and females earn similar salaries, and on average is $50,000-$85,000 (PayScale, 2011a). The cities in the U.S. reporting the highest salaries for compliance managers are New York City, Boston, Dallas, Chicago, Hartford, CT, and Denver, respectively (PayScale, 2011b). Medical benefits are given to 86% of compliance managers, 78% have dental insurance, 65% have vision insurance, and 11% of compliance managers have no health benefits (PayScale, 2011a).
One of the most common ways to recruit for a financial or compliance manager is from within the existing organization. Staff members can be trained or promoted to fill a needed position. Companies typically exhaust personal references and their networking abilities before recruiting from a general pool of candidates. Many organizations will hire college graduates who are interested in compliance and finance fields and have them train with an experienced officer before hiring them as a manager (JD, 2011). When a healthcare organization does need to hire from outside resources, a hiring manager must outline a specifically detailed job description for the ideal candidate. Healthcare organizations must consider candidates' education and previous job experience. The most common past jobs for financial managers are financial analysts, senior financial analysts, and finance managers (PayScale, 2011b). The most common past jobs for compliance managers are compliance specialists, compliance analysts, and customer service...
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