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Become A Health Actuary

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Working As A Health Actuary

  • Communicating with Supervisors, Peers, or Subordinates
  • Making Decisions and Solving Problems
  • Establishing and Maintaining Interpersonal Relationships
  • Evaluating Information to Determine Compliance with Standards
  • Developing and Building Teams
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $94,500

    Average Salary

What Does A Health Actuary Do At Mitchell Actuarial Recruiting

Financial management of client relationships Consulting services to a select group of clients Leading benefit strategy and plan design consulting projects Managing large client projects while working with other experienced consultants Interacting with clients on a daily basis and making in-person presentations Managing staff and client work product Assisting in the development and training of staff

How To Become A Health Actuary

Most medical and health services managers have at least a bachelor’s degree before entering the field. However, master’s degrees are common and sometimes preferred by employers. Educational requirements vary by facility.

Education

Medical and health services managers typically need at least a bachelor’s degree to enter the occupation. However, master’s degrees are common and sometimes preferred by employers. Graduate programs often last between 2 and 3 years and may include up to 1 year of supervised administrative experience in a hospital or healthcare consulting setting.

Prospective medical and health services managers typically have a degree in health administration, health management, nursing, public health administration, or business administration. Degrees that focus on both management and healthcare combine business-related courses with courses in medical terminology, hospital organization, and health information systems. For example, a degree in health administration or health information management often includes courses in health services management, accounting and budgeting, human resources administration, strategic planning, law and ethics, health economics, and health information systems.

Work Experience in a Related Occupation

Many employers require prospective medical and health services managers to have some work experience in either an administrative or a clinical role in a hospital or other healthcare facility. For example, nursing home administrators usually have years of experience working as a registered nurse.

Others may begin their careers as medical records and health information technicians, administrative assistants, or financial clerks within a healthcare office.

Important Qualities

Analytical skills. Medical and health services managers must understand and follow current regulations and adapt to new laws.

Communication skills. These managers must effectively communicate policies and procedures with other health professionals and ensure their staff’s compliance with new laws and regulations.

Detail oriented. Medical and health services managers must pay attention to detail. They might be required to organize and maintain scheduling and billing information for very large facilities, such as hospitals.

Interpersonal skills. Medical and health services managers discuss staffing problems and patient information with other professionals, such as physicians and health insurance representatives.

Leadership skills. These managers are often responsible for finding creative solutions to staffing or other administrative problems. They must hire, train, motivate, and lead staff.

Technical skills. Medical and health services managers must stay up to date with advances in healthcare technology and data analytics. For example, they may need to use coding and classification software and electronic health record (EHR) systems as their facility adopts these technologies.

Licenses, Certifications, and Registrations

All states require licensure for nursing home administrators; requirements vary by state. In most states, these administrators must have a bachelor’s degree, complete a state-approved training program, and pass a national licensing exam. Some states also require applicants to pass a state-specific exam; others may require applicants to have previous work experience in a healthcare facility. Some states also require licensure for administrators in assisted-living facilities. For information on specific state-by-state licensure requirements, visit the National Association of Long Term Care Administrator Boards.

A license is typically not required in other areas of medical and health services management. However, some positions may require applicants to have a registered nurse or social worker license.

Although certification is not required, some managers choose to become certified. Certification is available in many areas of practice. For example, the Professional Association of Health Care Office Management offers certification in medical management, the American Health Information Management Association offers health information management certification, and the American College of Health Care Administrators offers the Certified Nursing Home Administrator and Certified Assisted Living Administrator distinctions.

Advancement

Medical and health services managers advance by moving into higher paying positions with more responsibility. Some health information managers, for example, can advance to become responsible for the entire hospital’s information systems. Other managers may advance to top executive positions within the organization.

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Health Actuary jobs

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Health Actuary Typical Career Paths

Health Actuary Demographics

Gender

  • Male

    72.7%
  • Unknown

    18.2%
  • Female

    9.1%

Ethnicity

  • White

    76.8%
  • Asian

    19.6%
  • Hispanic or Latino

    1.8%
  • Unknown

    1.0%
  • Black or African American

    0.7%
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Health Actuary

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Health Actuary Education

    Schools

    • University of Louisville

      18.2%
    • University of Iowa

      18.2%
    • Louisiana State University and A&M College

      9.1%
    • Minnesota State University - Mankato

      9.1%
    • University of Colorado at Boulder

      9.1%
    • Blackburn College

      9.1%
    • Vanderbilt University

      9.1%
    • Arizona State University

      9.1%
    • Texas A&M University

      9.1%
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    Majors

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    Degrees

    • Masters

      45.5%
    • Bachelors

      45.5%
    • Doctorate

      9.1%
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Health Actuary

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Real Health Actuary Salaries

Job Title Company Location Start Date Salary
Actuary, International Health & Benefits Mercer Health & Benefits LLC New York, NY Dec 20, 2010 $108,900 -
$110,000
SR. Consultant, HUM CAP, Actuarial, Risk & Analytics-Health Actuarial Deloitte Consulting LLP New York, NY Mar 05, 2015 $103,855 -
$142,000
Health Management Actuarial Student Advanced Hewitt Associates LLC Atlanta, GA Sep 23, 2010 $93,059 -
$121,000
Consultant, Human Capital, Actuarial, Reward & Analytics-Health Actuarial Deloitte Consulting LLP Minneapolis, MN Oct 15, 2015 $82,806 -
$126,000
Health and Benefits Associate Actuary-Experienced AON Consulting, Inc. Portland, OR May 15, 2014 $79,500 -
$93,000
Health Management Actuarial Student-Advanced Hewitt Associates LLC Lincolnshire, IL Mar 01, 2010 $73,000 -
$121,000
Health & Benefits International Actuarial Consulta Mercer Health & Benefits LLC New York, NY Mar 01, 2013 $67,400 -
$75,600

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Top Skills for A Health Actuary

FinancialAnalysisCorporateMedicalAdvisorVBACreditLifeInsuranceGroupHealthInsuranceIbnrMedicaidFellowStudentActuariesInsuranceCompaniesSASBcbsPremiumRatesHealthPlanOfficialsFraudMaaaHFinalVersionGaapDMADashboardDataBase

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Top Health Actuary Skills

  1. Financial Analysis
  2. Corporate Medical Advisor
  3. VBA
You can check out examples of real life uses of top skills on resumes here:
  • Supported financial analysis and examination functions.
  • Determined adequacy of reserves and assets supporting liabilities of insurance companies.
  • Support other Actuarial Services tasks with SAS and SQL-based querying of the claims data warehouse.
  • Conducted a study of the potential insurance costs of the currently uninsured in NY once they gain health coverage through ACA.

Top Health Actuary Employers