Job Description of a Health Economist
Like all industries, the health care industry is concerned with minimizing the amount of waste associated with resources. Health economists are responsible for helping medical facilities and medical programs become more economically efficient in order to keep profitability high. Also, the economy can have a large impact on health care organizations and an awareness of economics can aid in decision-making processes. Many health care organizations also do business with other nations and having awareness of the economic status of other nations can help in fostering relationships.
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Function
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After specializing in health economics, many students become health services administrators, research scientists or public health program administrators, according to Education-Portal.com. Working in public health, health economists apply economic principles in order to figure out matters such as the most economically successful way to vaccinate for a particular flu. These health economists serve as advisers who provide policymakers with information so that they can make decisions in regards to public health, according to the Centers of Disease Control and Prevention. Other questions that a health economist might answer are whether or not prevention is cheaper than a cure for a disease. Health economists predict the economic impact of pandemics in a given area. They study the costs associated with the screening of cancer. Some economists argue for further funding being placed into research for cures for diseases associated with developmental disorders by comparing the costs of research to the costs of treating disabled children.
Conditions
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According to the U.S. Bureau of Labor Statistics (BLS), health economists spend a great deal of time alone researching, unless they are part of a research team. Health economists sometimes have to travel in order to conduct interviews with experts in other fields. They usually are able to set their own hours, but stress can result from a need to come up with research that is relevant.
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Skills
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Health economists usually have a master's degree in health policy or public health. Subjects that are helpful for health economists include political science, economics and international relations. Additionally, health economics specialists learn about epidemiology, public health management, biostatistics and public heath issues, according to Education-Portal.com. Health economists must also have mathematical skills and analytical skills in order to understand economic concepts that are sometimes counter-intuitive. Oral and written communication skills are needed in order to disseminate information that is difficult for many to understand.
Outlook
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The need for economists between 2008 and 2018 was expected to grow 6 percent, according to the BLS. Health economists are becoming more and more important because health costs have grown.
Earnings
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In 2008, those with a master's degree in public health earned between $41,000 and $97,125 annually. Those working under an individual contract earned the highest salaries, while those who worked for foundations, trusts, state and local governments earned the least.
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References
- Photo Credit Health image by Greg Carpenter from Fotolia.com
