Healthcare is a large, growing industry in the United States, providing opportunities for experts from a wide range of sectors and backgrounds amid the challenging job market.
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As concerns about the outlook for the US job market grow, one bright spot remains the healthcare industry, with the U.S. Bureau of Labor Statistics predicting that it sees employment growth rates much faster than overall employment trends. Additionally, a recent survey showed that six of the top 25 employments taking job satisfaction and pay into account are medical positions such as veterinarians, doctors and registered nurses. But what if you have nothing to do with your medical school, your background and skills?
Based on my corporate career, including serving as chairman and CEO of Baxter International, a $12 billion healthcare company, I know first hand the opportunities that professionals from a wide range of backgrounds can pursue, from finance to marketing to human resources and technology. Here are three reasons why people from diverse backgrounds are attractive to find jobs in healthcare.
1. Large-scale, growing industries
According to statistics from the 2023 National Health Expenditure account, health costs reached $4.9 trillion in 2023, or $14,570 per person. Healthcare accounts for 17.6% of the total share of US gross domestic product. According to the Peterson-KFF Health System Tracker report, by 2033, healthcare is expected to account for 20% of GDP. Growth is driven by a variety of factors, including the majority of older adults in the US population, leading to greater healthcare needs.
For professionals looking for a career in a fast-growing industry, healthcare may offer new opportunities, including non-clinical occupations. One example is technology. According to a recent Deloitte survey, 70% of health system respondents say that investment in technology platforms is “important” and that digital rollouts are especially accelerating. Additionally, 60% focused on the need to invest in electronic medical records and enterprise resource planning software. This is just an example of how experts from multiple disciplines can contribute to healthcare industry expertise.
2. A chance to make a difference for others
Without a doubt, doctors, nurses, and other clinicians change people's lives. We need to look back at the pandemic over the years and remember how healthcare workers were frontline heroes. Today, other professionals in non-clinical work can also enjoy the intrinsic value of working in such a critical industry.
I go back 40 years when I was Baxter's young financial analyst. Long term CEO William Graham said when I first met him, “In healthcare, we are blessed to do well by doing good.” Today, as an executive in a large health system and on the boards of many healthcare companies, we can prove that Graham's words are still true.
3. Improved economy and innovation
The healthcare industry faces two major challenges. One is that costs need to be controlled and reduced. Costs have escalated faster than the pace of inflation. The rise in healthcare costs in the US has not been “consistently converted to excellent health outcomes,” according to a KFF report. Improved cost-effectiveness and quality requires solutions from the healthcare industry as a whole, from how care is delivered (more on a community and at-home basis, less in hospitals) to improving operational efficiency. This requires a keen expert with a keen understanding of finance and economics.
The second challenge is finding the need for innovation, such as new drugs, treatments, discovering treatments and giving birth, and finding new ways for people to take more responsibility for their health. These issues may sound like a range of lab researchers, or a specialist in population health. But as a former Financial Enforcement Officer and Chief Financial Officer, I know the importance of resource allocation in healthcare, including R&D capital. Other financial responsibilities include analyzing companies that are promising new technologies for acquisitions. There are many different areas to improve healthcare outcomes.
What to do to get a job in healthcare?
The outlook for growth in healthcare alone may be good reasons to attract experts from a wide range of backgrounds. However, here are some considerations, especially before making moves that could involve career changes.
Educate yourself. From an outsider's perspective, healthcare can sometimes seem very complicated due to insurance reimbursements, government payments for services (such as Medicare and Medicaid), and the overall regulatory environment to ensure patient safety. Reading reports and healthcare industry publications will help you educate yourself on these issues and the fundamentals of how the industry works. However, if you're from another industry, you probably won't expect to know the complexities of regulations and insurance. Much of this can be learned at work. Self-reflect to measure your true interests. No matter how much you persuade healthcare statistics and predictions, you won't find satisfaction if you don't have a real passion for the industry. Self-reflection can help you determine how healthcare appeals to you and aligns with your values. For example, one of my early influences was my paternal grandfather, Dr. Harry Kremer Sr., a general practitioner in Scranton, Pennsylvania. I never called to care for patients, but I can trace my affinity for working in the healthcare industry back to my grandfather and his desire to improve the lives of the people in his community. Continuing that legacy, two of my children are in healthcare today: my daughter, Diane, a critical care nurse at a major health agency, and her son Daniel, who works for a large EMR company. Easily apply core skills and experience from other industries. After that, once you get a job in healthcare, you can see which areas appeal to you, such as improving patient experience and improving operational efficiency. Networking with everyone who knows who works in healthcare, including classmates, family, friends, acquaintances, and more throughout the process of identification. You are looking for insight into where they work. For example, the providers of medical systems, or the products of companies that manufacture medical devices. What is it like working there? What do they enjoy about their work? Given your background, what advice do they have to give you to get into the industry?
No matter your professional expertise, healthcare can provide you with the opportunity to find a new job and start your career. Beyond the growth prospects of the industry, you can experience the satisfaction of knowing that, as my mentor Graham once told me, you are doing well with what you are doing.
