The Healthcare Industry

HEALTHCARE PRODUCTS
Healthcare products constitute a huge area of the healthcare industry. Covering everything from pharmaceutical products to medical devices, (both of which are huge industries in their own separate right), between them, they have an annual turnover that rivals the healthcare services industry as a whole

PHARMACEUTICALS
Pharmaceuticals are the most widely used product in healthcare today. There are various forms of pharmaceuticals available, and these are used to treat, alleviate, cure, and prevent a range of various health concerns by people today. While prescriptions are one of the most common means to obtain them, they can be obtained through other means too, such as the following:

Pharmaceuticals available openly for sale
These can be found in supermarkets, health food stores, and pharmacies – and include drugs such as aspirin and paracetamol

Pharmaceuticals available only at pharmacies
These are pharmaceuticals that can still be purchased over the counter without a prescription, but are usually only found in pharmacies. They include things like acetaminophen, aspirin, antacids, decongestants, and antihistamines

Pharmaceuticals available behind the counter at pharmacies only
Sometimes referred to as pharmacist-only medicines, these are pharmaceuticals that can be found at pharmacies and while they can be purchased without a prescription, because they are stocked behind the counter, you will need to consult with a pharmacist before you can purchase them. This pertains to categories of medicines for things like
hay fever, pain relief, and flu medication

Prescription-only medicines
These are medications that are only available at pharmacies behind the counter with a prescription. This includes things such as Amitriptyline, Aripiprazole, Azithromycin, Amoxicillin, Diazepam, Lorazepam, Pregabalin, Metformin, and Simvastatin

Controlled drugs
Can be prescribed by a licensed healthcare professional and includes substances such as buprenorphine, codeine, fentanyl, hydromorphone, methadone, morphine, oxycodone, tapentadol, flunitrazepam, and alprazolam

MEDICAL DEVICES
Medical devices are another area that are completely nascent throughout the healthcare industry on earth

Many different types of things can fall under the definition of a ‘medical device’.

This includes everything from the basic medical tools and equipment used in hospitals and doctor’s surgeries, to the sophisticated scanners and medical equipment used in things like surgeries and other complex medical procedures

Broader category of medical devices
Prosthetics and prostheses are another area that fall under the broader category of medical devices too. A prosthesis is an artificial device that is designed to replace a missing body part, whereas prostheses are intended to restore the normal functions of a missing body part  

At present, prosthetics and prostheses devices is an industry worth £1.2 billion annually. However, there is hope this industry could soon decline as unnatural implements give way to regenerative medicines that would enable doctors to naturally regrow missing limbs and tissue. At the moment though, there is still much work to be done in this area, and governments currently place many obstacles in the way of the research that is needed to make this sort of biotechnology a reality

Finance in Healthcare

This is sometimes a dubious area because of the ethical concerns involved. Putting a price on human life by making profit from those who are most in need has been criticised throughout many areas of society. At the same time, there have also been calls in recent years by some politicians in to triage healthcare to make certain areas harder to access by pricing it out of the range of those who are less productive in today’s societies. While certainly controversial, several compelling reasons have been put forward for this

Towards end of life, at a time when people not only stop being productive, but at a point where most are actually in a lot of suffering too – a significant amount of resources need to be diverted simply to give them a few extra substandard years of life at most. In a world where young people are starving to death in some parts of the world, where globally, over 60% of the world’s population lack the necessities they need to live at even the most basic level, on a planet already heavily overpopulated, where even in the most advanced countries, the young struggle to find well paid jobs, and the majority the populace live just above the breadline, paying most of their incomes out in and rent and living from paycheck to paycheck – these are circumstances where a triage system is considered by some a prospect that may fall within the bounds of practicality.
This is especially true because of the recognised knock-on effect such problems are known to have within society as a whole – especially on the crime and unemployment rates that further undermine our civilization and spiral on into even deeper socio-economic problems, such as the shift to extreme right-wing politics, and the power imbalances such as the one that now exists between America and China – further fuelling prospects that a 3rd world war is likely within the next century or two

It’s for these reasons that a triage system, making certain types of healthcare either financially inaccessible by charging a premium only the very wealthy can afford, or taxing the very wealthy extra to access it, and then paying those excess profits back into other areas of healthcare, infrastructure, and scientific research, has been suggested as an alternative to supporting a burgeoning, aging, population – until a viable longevity treatment that can rejuvenate today’s citizens back to their physical baseline peak can be found

At present, healthcare in most countries is accessed through insurance providers. This is where customers pay a premium for certain types of cover, and when they need to access it, depending on the level of cover, their insurance company will pick up the costs.
Some healthcare is also provided and paid for on a walk-in basis, and people will pay in cash for services rendered. Other systems, like in Great Britain, healthcare is completely free and paid for fully by the government, with only certain types of treatments and things like cosmetic surgeries, paid for by individuals

Healthcare finance is concerned with generating income by maintaining the effective business models that are necessary for the continued growth and sustainability for providers of healthcare. It is a field that is set to increase by as much as 11% over the next decade, and whether working for a privately funded healthcare organisation, or a publicly funded one, there are many roles that can be performed within it today.
Finance in healthcare is an area that covers many things such as accountancy, auditing, financial consulting, medical billing and payroll, all of which are essential for any organisation that operates within the healthcare industry today; and we will look at these roles in a bit more depth next

Jobs in healthcare finance are important as they help healthcare providers do the following:

• Help patients access healthcare by providing affordable payment plans
• Provide financial pathways that enable healthcare providers to set up viable business models, allowing access to financing that enables research into new medications and treatments
• Maintain financial records that are necessary for hospitals, health insurance providers, and other organisations that operate within the healthcare industry

Next, we look at some of the main roles available within the healthcare financial industry today

Accountants
Accountants ensure that financial records are accurately filed and maintained by the healthcare providers and institutions that operate within the industry itself. Such as, they are among some of the most necessary roles within the healthcare finance profession today. By seeing that accurate financial records are filed and maintained, they ensure that all legal financial obligations are met
To work as an accountant within the healthcare apparatus, you’ll need a bachelor’s degree in accounting, with an additional certification such as CPA, ACCA, or CMA.
Salaries in this role can range between Salary £40,440 – £101,082, depending on the employer and years of experience

Auditors
Auditing is another role necessary to help ensure that institutions operating within the healthcare sector are financially compliant. Healthcare auditing not only encompasses diligence when reviewing records pertaining to billing and insurance claims, but also as pertains to auditing medical files too, as this ensures the correct work is paid for accordingly. To work as an auditor in the healthcare sector you’ll need a degree in a field such as accounting, finance, or business administration, and those working in this field can expect to earn between £33,918 – £42,765 a year

Financial Consultants
Financial consultants are part of the apparatus that revolves around effective budgeting and financial planning through a range of strategies like sustainable business models that promote growth and sustainability. Financial consultants not only advise on important financial decisions and strategies, but the work done by these consultants also enables those at the higher levels of a healthcare organisation to implement financial strategies that will enable them to achieve future growth and prolonged sustainability through tactics like prudent budgeting allocations and risk mitigation methods.
To work as a financial consultant, you will typically need a bachelor’s degree or higher in an area like business administration or finance. People who work in this profession can earn a salary in the range of between £27,272 – £61,580 a year

Medical Billing Specialists
Medical billing specialists manage payments, generate invoices, and process insurance claims. This is a role that is necessary so that people can access the healthcare they need at precisely the times when they need it. While backgrounds in a medical or financial profession are useful, people interested in working in medical billing can do so with as little as a GED or solid A-level qualifications, (although an additional certification like the National Clinical Coding Qualification (NCCQ) would be required in countries like the UK).
Salaries for this line of work range from £23,408 – £29, 176

Medical Records Specialists
Medical records specialists document and update patient care records, and are responsible for ensuring such records are accurately maintained in compliance with the relevant legal requirements. While you can perform this role with as little as a high school diploma or solid A-level grades, normally an industry related certification, such as a Registered Health Information Technician certificate, a degree in healthcare or administration, or a diploma in an area such as office administration, is required by employers.
Salaries in this line of work typically range from £23, 712 – £31,243 per year

Payroll Specialists
Payroll specialists are needed to ensure the doctors, nurses, and everyone else that works tirelessly throughout the entirety of the healthcare profession gets paid correctly and on time. Issuing paychecks, ensuring the pay issued is accurate, and dealing with any payment issues that might arise – are some of the main duties performed by payroll specialists. In order to work as a payroll specialist you will normally need a certification in a field like bookkeeping, or hold a bachelor’s degree or higher in a field like accounting, economics, mathematics, or business administration, although strictly speaking this is not always necessary – and sometimes a strong background dealing with financially related issues within an organisation will be enough to move you into a payroll roll if you’ve been there long enough.
Payroll specialists usually make between £37, 418 – £49,308 per year

Insurance Underwriter
Insurance underwriters largely work for insurance companies, and in this capacity, they are responsible for assessing the financial risks that come with insuring a specific area or category of cover.
In the healthcare industry, they are responsible for determining whether the risk against people with certain conditions is insurable, for determining the extent of the cover provided, and the premium that needs to be paid in order to obtain that level of cover. To work as an insurance underwriter, you will need a bachelor’s degree or higher in a field like finance, business, law, or economics.
Underwriters can earn anywhere from £28,114 to over £110,000 per year