Getting Jobs In Healthcare Administration

When working in the health sector, one does not have to be a physician or a nurse. Aside from the medical professionals, the healthcare industry also needs a good crop of managers, financial experts, and public relations consultants for smooth operations. Healthcare administration graduates are essential in filling the roles needed to ensure good medical operations.

Healthcare Administration Duties And Responsibilities

The healthcare administrator is a general term and can cover different job positions, including head of finance, chief executive officer, director, and other management positions. Ensuring the smooth flow of operations is the responsibility of the top management and graduates of healthcare administration are good candidates to fill up the crucial and important roles in running medical affairs.

These people take charge in coming up with major policy decisions, formulating rules and regulations, and mapping out the different strategies to be taken by the organization. The policies formulated are usually consulted with the doctors who are most familiar with the dealings in the medical profession.

There are middle level supervisors and administrators who take the roles of being implementers of policies and manage day-to-day operations and they have the following work responsibilities.

They need to keep and monitor budgets and the financial accounts on a daily basis. They also handle matters concerning personnel and make sure that rules and regulations are followed. Those in charge of healthcare administration must also be able to work with different sections at the same time, including the Board members, contractors, staff, patients, and the medical team. In fact, they are expected to be able to deal and coordinate with the entire medical community. They should have interpersonal skills to be able to deal with different kinds of people.

As integral to their job descriptions, the administrators are also expected to attend conventions and meetings on a regular basis and oversee the facilities and amenities of the medical organizations. They have to be prepared to travel extensively in this regard.

Aside from their regular load of administrative duties, they could also be expected to pitch in on marketing and business development strategies to help improve the organization. Support services are also monitored by the administrators, specifically contractors, controllers, ambulance services, and the pathology and radiology sections.

The administrators would have to cover strategies and daily operations especially in large medical organizations. In small medical facilities, they would only take charge of the daily operations and would leave the major policy decisions to the physicians. The administrators are needed to handle the business aspect of the medical organization while the doctors concentrate on the specific medical concerns.

Health administration degrees finishers can take different roles under their field of specialization, and this includes being financial supervisor, medical secretary, section secretary, analyst, auditor, administrative assistant, community relations officer and managers.

The Role of a Securities Analyst and Their Biases

It is important to first understand the function of a securities analyst at a brokerage firm. Brokerage firms are Wall Street investment banking firms on the sell side, “selling” investment securities primarily to institutional investors.

Unlike a stock analyst at a mutual fund, bank, or investment management firm, research analysts at a brokerage firm do not cater their research to portfolio managers. Their job is to research a particular industry sector and “sell” their research to the brokerage’s institutional clients.

Analysts narrow their focus on a limited number of companies to track them as thoroughly as possible. They want to be knowledgeable about as many details as possible so they can best assess how both internal and external factors will impact the company.

Having assessed the industry and an individual company’s outlook, analysts must then conclude if the company’s stocks are desirable investments (a Buy rating), have a high probability of devaluation (a Sell rating) or rate them somewhere between, and summarize their conclusions in a research report. All of the companies an analyst tracks must be observed and scrutinized continually, and the assessments communicated to various audiences, including: the brokerage firm’s institutional investor clients, the in-house sales force and traders on the desk, and outside media sources.

Brokerage research analysts do not deal with individual investors or their financial consultants. Rather, they are marketing their views to institutional investors.

The sales force at the brokerage firm caters first and foremost to institutional clients–mutual funds, hedge funds, pension funds, banks, and others. The sales force is continually relaying their analysts’ research to these firms.

While research analysts are required to assign ratings such as “Buy” or “Sell” to investments, institutional investors do not stress these ratings so much as an analyst’s industry knowledge. In fact, the analysts that were ranked highest in an Institutional Investor (II) magazine poll had some of the worst stock picks.

While brokerage analysts typically excel at providing thorough and analytical research about an industry and its companies, their record of rating stocks accurately is mediocre at best. This is because perceptive analysis and an astute understanding of companies and industries have little influence over an analyst’s investment recommendations.

The Wall Street system encourages this trend for five primary reasons:

1. Analyst Compensation. Analysts are compensated for their status on the Street, their access to CEOs, their profile and clout, and depth of knowledge as opposed to the accuracy of their investment ratings. Salaries depend on institutional client polls (e.g. the annual II rankings), their overall influence on the Street, institutional sales and trading evaluations, and generally subjective assessments by research department management.

There are no quantitative performance measurements. Author Stephen T. McClellan of the book “Full of Bull” goes so far as to say to “discount any flamboyant opinion upgrades from April to June” because the timing is suspiciously during when II votes are being angled for.

Consider that in 2006 the mean compensation for an II ranked analyst was $1.4 million versus $590,000 for un-ranked senior analysts. These kinds of incentives tarnish what should be more objective research.

2. Analyst Pressures. Analysts are risk averse to being wrong so they are typically late to change ratings. Brokerage analysts are often harshly critiqued so their reasons for choosing to downgrade a stock from a Hold to a Sell must be nearly unquestionable.

Most choose to ignore negative changes in a company for too long so that by the time the evidence is undeniable, most of a stock’s losses have already happened. For instance, only after Lehman Brothers’ stock fell from $80 per share to $7 did the three largest firms on Wall Street finally downgrade their ratings.