Health economics is the subject matter which deals with issues related to efficiency and effectiveness in the production and consumption of health and health care. Health economist responsibilities exhibit an array of duties to facilitate the running of medical facilities and programs effectively and economically. Heath economists are responsible for obtaining maximum value for the money that is being used in health and health care, and thus ensure maximum cost-effectiveness of the health care provision.
Health care industry is a complex field and contributes a lot to the success of an economy. Health economist is a person who has good sense and knowledge of economic aspects and helps in the decision making process of the business. Health economists have the expertise to study the functioning of health care industry and conduct economic evaluations of various programs accordingly. He/she helps in developing health program goals and objectives which involve the optimum utilization of resources, thereby keeping high profitability ratio.
Health economics is one of the most significant specialties of economics. This field has given rise to several job opportunities for individuals with a background in health economics and the related fields. To help you understand a health economist's job, some of the important aspects have been discussed in this article. This will certainly guide you to make your career choice.
Duties and Responsibilities of a Health Economist
Education and Experience
A health economist should possess minimum qualifications in order to qualify for such a position. He/she must hold a master's degree in health economics, health policy, or the related branch of study. A doctoral degree (PhD) in one of these subjects will prove to be extremely beneficial. Moreover, he/she should come with over two years of work experience to become a health economist.
A health economist's average salary is $83,697 and the median salary is $83,200. Thus, the salary ranges from $46,999 to $140,809. As a common practice, it has been witnessed that an individual who works on project contracts, receives much higher pay than those who are salaried employee in government organizations, trusts or NGOs.
Health economists work either in an office set-up or personal work place and fix their work time accordingly. Their work demands a lot of travel to conduct interviews, attend conferences and research field-work.
It is estimated that the demand for economists will grow up to 6 percent by 2018. To perform the critical health economist responsibilities, one must have relevant education, training and experience.