Introduction
If you’re considering a career in accountancy, specialising in healthcare could be a rewarding and meaningful path. Healthcare accountancy goes beyond just crunching numbers; it’s about helping healthcare providers manage their finances so they can focus on patient care. This guide will introduce you to the unique aspects of healthcare accountancy, including how to get started, the benefits and challenges, and tips for those interested in this specialisation.
Background and Experience
Accountancy professionals often come from a range of backgrounds, bringing different experiences and skills to their roles. Some may start with a finance-related degree and gain general accounting experience before focusing on healthcare. Others enter the field directly through specialised training opportunities in their firms. Within many accountancy firms, there are specific healthcare departments that help new accountants gain the skills needed to work with healthcare clients.
The Appeal of Healthcare Specialisation
Healthcare accountancy appeals to many due to its unique challenges and the chance to make a difference. Unlike other sectors, healthcare finance involves complex factors like NHS funding or managing the finances of GP surgeries. This specialisation requires a high level of attention to detail, as well as a passion for helping clients succeed financially. Many healthcare accountants find satisfaction in knowing they are supporting healthcare providers to focus on what matters most: patient care.
Rewarding Aspects of the Role
One of the most fulfilling aspects of healthcare accountancy is assisting healthcare clients with their financial needs. This includes navigating claims processes, ensuring compliance, and helping them make sound financial decisions. Seeing clients succeed and knowing that they can focus on their patients rather than financial stress makes healthcare accountancy a particularly rewarding field. Accountants in this sector become trusted partners, playing a vital role in supporting healthcare providers’ mission to serve their patients.
Challenges in Healthcare Accountancy
As with any specialisation, healthcare accountancy has its challenges. The healthcare sector faces frequent changes, especially when it comes to government contracts and funding. This uncertainty requires healthcare accountants to be adaptable, staying updated on industry changes and always planning for the future. Accountancy firms work closely with healthcare clients to navigate this unpredictable landscape, helping them make informed financial decisions despite the challenges.
Team Structure and Client Base
Healthcare accountancy teams are typically made up of specialists with deep knowledge of the sector. Within these teams, you’ll find roles ranging from partners to consultants, often spread across multiple branches. Together, they serve a diverse client base, including GP surgeries, consultants, self-employed healthcare workers, and healthcare-related limited companies. This variety of clients means healthcare accountants must be flexible and ready to meet different financial needs.
Advice for Aspiring Healthcare Accountants
Iwona Silverio is a Client Portfolio Manager at Monahans, an accountancy firm specialising in the healthcare sector. We asked him what advice he’d give to aspiring healthcare accountants: “People need to be aware of the economy and what the government’s plans are as this impacts the public health system immensely. But I’d say that the most important thing is to be open-minded. You really don’t know what to expect from one client to another, or sometimes one day to another, but that makes it continually interesting.
I believe the work we do is work we can be proud of; I admire the great work that our clients do in their own field, especially given how turbulent the economic climate is at the moment. So, helping them navigate that is very satisfying.”
Conclusion
Healthcare accountancy offers an engaging and rewarding career for those with a passion for finance and helping others. By supporting healthcare providers with their financial needs, healthcare accountants make a real difference, allowing these providers to focus on patient care. For anyone interested in accountancy and healthcare, this field provides an exciting chance to build specialised skills, face unique challenges, and contribute to a better healthcare system. So, if you’re ready to make an impact, healthcare accountancy might just be the right path for you!
