Health economists are in higher demand than ever. This rapidly expanding field is expected to continue to need trained and qualified workers. This is because the push for environmental and economic efficiency is constantly growing. In order to become a health economist, it is important to have the right academic training. It is also a good idea to have some related work experience.
Becoming a health economist, oftentimes called a medical economist, requires years of study. This allows the students to gain a deep knowledge of both economics and the healthcare system. Students will need to earn both a bachelor’s degree and a master’s degree. Additionally, there are some cases in which they will also need a doctorate degree in health economics. Those looking to pursue a career as a health economist have a variety of options when it comes to their academic pathway.
Get a Bachelor’s Degree for a Hands-on Career
When choosing which area is best to study at the bachelor degree level, there are many choices. Experts recommend that health economists have a solid academic background in medicine. Students may choose between dozens of degree options that would work as a starting point. Most of these options fall under either operational or administrative functions. Operations-based degrees include a bachelor of science in nursing. This is one of the most popular programs because it provides students with a well-rounded education. It also prepares them to be nurses. A nursing degree leaves them with a broad range of career options within the field of medicine. After earning this degree, students have the option to continue on to a job as a health economist, or pursue another job in the field of medicine.
Other popular bachelor of science degrees include clinical lab science and medical technology. Clinical lab science trains students to become lab techs. Medical technology teaches students to analyze tests and diagnose diseases.
Get a Bachelor’s Degree for an Administrative Career
Many of the students who pursue a bachelor’s degree in health economics will prefer to study administrative-based degrees. A bachelor’s degree in health care administration will teach students various business skills. It will also teach them the principles that are necessary to manage health care systems.
A Bachelor of Science in Business Administration and Healthcare Management program has multiple aspects:
- HR
- marketing
- financial practices
Each aspect of this degree centers on the practices which are typical in the healthcare industry. A bachelor’s degree in public health will provide graduates with the training needed to work as health care policy creators and managers. A Bachelor of Science in Health Information Management degree instructs students how to collect and evaluate health data and records.
Get a Bachelor’s Degree in Health Economics
One of the most logical options when choosing a first degree on the path to becoming a health economist is a bachelor’s degree in economics. This path will ensure a strong foundation in the field of economics. The pursuit of additional degrees, whether at the master’s or doctorate level, can build upon the economics degree. It can also allow the student to expand their knowledge in various subject areas. Health economists are required to have expertise in a variety of areas. Because of this, there are other possible options for bachelor degree programs to consider. However, a bachelor’s degree in economics is likely the best choice as a springboard for further degrees on the way to a career in health economics.
Get a Master’s Degree in Health Economics
After a bachelor’s degree, students must earn a master’s degree that is relevant to either health economics or public policy. The basic entry needs for these programs are academic records and work experience. These areas should show math, finance, statistics and economics abilities. Coursework will provide students with a deep understanding of how microeconomics deals with healthcare finance. Classes on economic evaluations introduce the practices and principles used to understand the healthcare industry. Classwork on econometric methods introduces complex econometric techniques:
- micro-econometrics
- economic forecasting
- linear regression modeling.
Look into a Doctorate Degree in Health Economics
Not all jobs in the field of health economics require more than a master’s degree. For example, when looking at a job at a government agency or health insurance company, a master’s degree is likely all that you need. Health economists often work at colleges or universities, either teaching or conducting research. These university jobs are examples of health economist jobs that would likely require a PhD. A PhD in economics is a good option to start with, but at this level it is a good idea to look into more specific economics degree options.
Some universities offer doctoral healthcare economics degrees in more specific areas. These degree options include medical economics, health economics or health public policy. To be considered as a candidate for a PhD program, it would be essential to hold a master’s degree in a related field. Earning a doctoral degree in one of these areas effectively prepares the candidate for any job in the field of medical economics. Obtaining a degree at this level is a good way to stand out above the others when applying for a job. Additionally, the limit for potential earnings is that much higher based on a degree earned at this level.
Get a Job in the Health Care Industry
Health economists can use their extensive education in a variety of settings. After graduation, health economists can work in the private sector. They can often find work for health insurance and technology companies. Other potential job opportunities for careers in health economics are with pharmaceutical manufacturers and non-profit organizations. Almost every company is looking for ways to increase efficiency. Health economists can use their training to help with planning for new health care products or services. Their goal is to raise profits and increase business efficiency and market exposure. Other job opportunities for health economists are found in hospitals or healthcare facilities.
There are also plenty of chances for health economists to find health economics jobs in the government. These health economists assess target health care policies, such as occupational health. Their purpose would be to evaluate quality procedures or the cost effectiveness of regulations. As researchers, health economists analyze data. This data could include:
- clinical trials
- hospital services
- physician and patient relationships
Some health economists are solo consultants who provide business advice and forecasting. They may be called upon to analyze specific micro economic regulations. This will enable them to check their impacts on local communities.
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Health economists go over medical and health care data to provide insightful reports and recommendations. Those who wish to become a health economist should visit the American Society of Health Economists (ASHEcon) website.