Nursing homework help
Running Head: Healthcare Workforce 1
BUSINESS AND FINANCE 5
04/18/2019
The differences between healthcare finance management in Kenya and the US
The foreign nation that I have chosen to work for is the Republic of Kenya; one of the East African countries. I will be working as a healthcare finance manager. The job description of a health finance manager in Kenya and health finance manager in the United States of America are slightly different and so are the education and experience requirements for the job. In addition, the salaries are also different as Kenyan healthcare finance managers are paid significantly less than their counterparts in the US.
The first requirement on becoming a healthcare finance manager in Kenya is a bachelor’s degree in finance, accounting, or any business related degree. It is also necessary that one has a master’s degree that is related to the above-mentioned fields of study. Earning a master of Health administration places one at a higher chance of securing a good job. On the other hand, In the US require candidates seeking the position of health finance managers to have at the least four years bachelor degrees from accredited business schools in the majors of economics, statistics, accounting or finance. Major hospitals or healthcare organizations prefer candidates who have earned their master of Health administration (Singh, 2015). The necessary and the additional skills needed by healthcare finance managers in Kenya are quite similar to what is needed for the same position in the US. For example, it is mandatory that health care finance managers have an administration in the health care sector.
Kenyan healthcare care facilities do not hire finance managers who have less than five years’ experience in health care finance administration. As a matter of fact, most healthcare organizations prefer candidates who have close to ten years’ experience in the finance sector of a health organization (Barasa et al., 2017). On the other hand, American health institutions do not put too much emphasis on the working experience needed for one to become a health care finance manager as Kenyan healthcare organizations do. In the US having the right education qualification and at the minimum four years of working experience in the same role or a similar role would secure a person the healthcare finance manager position. This can be attributed to the high number of health care organizations in the US compared to those in Kenya.
There are four primary roles or duties of healthcare finance managers in Kenya. The first role of the position is the creation, reviewing and reporting of financial or monetary statements of departments of healthcare organizations as well as for the whole organization. The second role is advising the executive and senior management of the organization on the best strategies to improve revenue. The Third role is controlling risk by analyzing the financial trends of an organization in order to steer the organization away from loss. The last primary role is to oversee a health care organization’s finance department. The primary duties of a health care finance manager in the US are quite similar to the duties of healthcare finance manager in the Republic of Kenya; however there is one more primary duty that a healthcare finance manager is expected to carry out in the US which is not a primary duty for people holding the same position in Kenya. Health care managers in the US are responsible for the allocation of finances as well as resources of the various departments of health care organizations. In addition, healthcare managers are part of the senior management of health organizations are exclusively advice the board on all finance matters (Carnevale, Smith, & Strohl, 2013).
As of 2018, most health care finance managers in Kenya earn between $45,652 and $80,500 per year depending on the size of the healthcare organization as well as the specialization of the healthcare organization. Their counterparts in the US earn a salary of between$64,000 and $174,000 depending on the experience and the institutions that they work for.
References
Barasa, E. W., Cleary, S., Molyneux, S., & English, M. (2017). Setting healthcare priorities: a description and evaluation of the budgeting and planning process in county hospitals in Kenya. Health policy and planning, 32(3), 329-337.
Carnevale, A. P., Smith, N., & Strohl, J. (2013). Recovery: Job growth and education requirements through 2020. Georgetown University Center on Education and the Workforce.
Singh, D. A. (2015). Essentials of the US health care system. Jones & Bartlett Publishers.
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