The Role That’s in High Demand & Growing!

What is one of the hottest careers in the healthcare sector and senior living industry? A career in Risk Management. The reason? The pandemic pushed the healthcare, senior living, and long-term care industries into the spotlight like never before, and risk managers stood out as essential to organizational survival.

The job of a risk manager is to minimize damages whenever incidents occur. In other words, they identify, analyze, and respond to any risk factors that surround their organization. Then, they must figure out what precautionary measures to take and implement them in order to limit injury and harm to patients, staff, visitors, and the organization itself.

The New England Journal of Medicine organized a list of 9 essential steps for performing risk management in a healthcare setting:

-Identify the Risk

-Prioritize the Threat

-Investigate Sentinel Events

-Report Events to Oversight Bodies

-Encourage Reporting of Near Miss Events

-Identify Latent Failures

-Investigate Incidents Using Analysis Models

-Use a Good Risk Management Information System (RMIS)

-Properly Manage the Facilities Risk Financing

What Does it Take to Become a Healthcare Risk Manager?

Since the role of healthcare risk manager is in high demand, those aspiring to become one will find plenty of opportunities.

To land a job as a Healthcare Risk Manager, a bachelor’s degree is required.  Majors can vary from business administration to public health, healthcare administration, and healthcare risk management.

Upon completion of the bachelor’s degree, it is recommended that students go on to complete additional education in the form of a certificate or master’s degree. These programs are not hard to find. Colleges and universities across the country offer risk management programs, both in-person and online.

While a master’s degree is not required, it can be a huge asset. Employers value the additional education. An advanced degree can help candidates stand out when seeking employment or when seeking career advancement and better pay.

Certification for healthcare risk managers is not mandatory. However, it is highly recommended and sought after by employers and can also help to increase career advancement opportunities and salary. The primary certification for healthcare risk managers is the Certified Professional in Healthcare Risk Management (CPHRM) through the American Hospital Association.

Where do Healthcare Risk Managers Work?

A majority of healthcare risk managers work in hospitals, senior living communities, long-term care facilities, rehabilitation centers and clinics. Others may find employment in nonprofit organizations and governmental agencies. Typically, risk managers are members of the leadership team. Their work schedule is usually 9a-5p and many healthcare risk managers work remote or enjoy a hybrid schedule.

What is the Salary of a Healthcare Risk Manager?

According to bestcolleges.com, as of June 2022, Healthcare Risk Managers take home an average of $75,174 per year in the US.  More advanced and experienced risk managers who work for large healthcare facilities can earn a six figure salary per year in the US.

What Skills are Necessary to be an Effective Healthcare Risk Manager?

-Financial Acumen
-Strong Analytical Skills
-Extensive Knowledge of the Healthcare Industry
-Excellent Communication Skills
-Strong Problem-Solving & Decision-Making Abilities
-Ability to Work Under Pressure

Career Outlook for Risk Managers

Almost overnight, risk managers have become one of the most sought-after professionals in the world. The pandemic caused this high demand, and the growth trajectory is expected to continue. Healthcare and senior living organizations rely on risk managers to keep pace with new trends and new risks. Therefore, expect these industries to recruit more risk managers to help them prevent foreseeable and unforeseeable events and issues.

ABOUT JULIE RUPENSKI

Julie Rupenski is the Founder & CEO of MedBest Recruiting. Since opening its doors in 2001, Julie has grown MedBest into an award winning, multimillion-dollar national firm, garnering impressive awards including INC 5000 2021 and Tampa Bay Fast 50 2021! Julie was also named as on honoree for the “Top 100 Women Leaders in Tampa 2022″ by Women We Admire.

MedBest has gained national recognition due to Julie’s industry expertise and high level of success. Julie has an in-depth knowledge of the Senior Living Industry.  She previously worked in operations for both Senior Housing and Senior Living prior to founding MedBest. Today, Julie makes it her personal and professional mission to place qualified executives in health care positions where they have the greatest impact.

Julie’s industry articles and interviews have been published in Provider Magazine, Argentum Quarterly, LeadingAge Magazine, Florida Health Care Association, Florida Senior Living Association, Florida Assisted Living Association, LeadingAge Indiana, LeadingAge Florida, LeadingAge Oregon, Virginia Assisted Living Association and Pennsylvania Health Care Association.

Julie earned her degree in Gerontology at the University of South Florida, Tampa, Florida and continues to cultivate her career through senior living conferences, forums, trade shows, and expos.

Contact Julie Rupenski at jkrupenski@medbest.com / 727-526-1294.

ABOUT MEDBEST
MedBest is an award-winning national Executive Search Firm exclusive to the Senior Living Industry. For more than two decades, we have connected senior living organizations with exceptional senior living executive talent for both permanent and interim roles.

MedBest was named as one of American’s top companies by Inc.5000 plus we are a Tampa Fast 50 Company!