Is Medical Accounting a Lucrative Profession?

(Photo by Bermix Studio on Unsplash)

There’s never been a more fraught time to be working in the medical industry. But the pandemonium notwithstanding, those working on the bookkeeping side are sure to have their hands full for the next several months, if not years. However, accounting is a profession few people are willing to dip their toes into, and who can blame them? Unless you have a passion for numbers, the job itself will likely bore you to death. That being said, though, few people can say anything bad about the hefty salary and sense of order that come with the territory.

Larger hospitals invariably have in-house bookkeeping staff. Though, smaller medical practices may struggle to hire an accounting team who can help them keep track of their money flow. While it is possible to teach yourself the accounting and billing software to strike out as a freelance medical accountant, few practices will be willing to hire you without any schooling or experience to boost your credibility. Consequently, you–among other aspiring freelance accountants–may be out of work while smaller medical practices face growing accounting and billing issues.

More and more of these practices are considering outsourcing medical billing as a solution to this issue. But it’s hard to deny the immediate benefits of having your medical accountant working in geographical proximity to you. What, then, are the biggest pros and cons of becoming a medical accountant?

Lots of schooling

A lucky few make it in this profession as freelancers. While we don’t want to discourage your dreams, we also want to keep you grounded in the reality that you’re going to need a lot of schooling to become an accountant. Not only is the workload heavy, but education is ongoing. You’ll need to pass rigorous national accounting exams for your certification of choice. Keep in mind that all this education will exhaust you mentally, but it will also put a sizable dent into your savings (either that or a loan). Unless you’re prepared to accept the personal, financial, and educational responsibilities that come with the job, choose another career.

Straightforward career path

Despite the intensive and extensive schooling all accountants must go through, the career path is relievingly straightforward. This career stability is a welcome breath of fresh air in an increasingly entropic time. Nowadays, most people are lucky even to land a job that relates to their college major. The career trajectory of medical accountants is pretty uniform across the industry. Entry-level accountants usually stay in this position for three years before moving to either a tax accountant, senior accountant, or accounting manager. The top professions for this industry include senior accounting manager, senior tax manager, and corporate accounting manager, all of which take an average of ten years to reach.

Accounting in any industry is always a solid career choice. But more than ever, smaller practices in the healthcare sector may need help now more than ever. If you’re good with numbers and don’t mind routine work, medical accounting may be precisely the career for you.