Billing Specialist Salary
Billing Specialists in the United States can expect wages of $15.65 per hour on average. Total cash compensation to Billing Specialists bottoms out near $26K and approaches $48K on the high end; the biggest paychecks include approximately $4K from bonuses and almost $3K from profit sharing. Compensation for this group is mainly affected by geography, but the company and years of experience are influential factors as well. Most workers in this position report high levels of job satisfaction. Unfortunately, some people in this line of work are without benefits — nearly one-fourth lack coverage. On the flip side, a fair number have medical insurance and more than half receive dental plans. The vast majority of Billing Specialists (90 percent) who participated in the survey are women. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Billing Specialist
Billing specialists generally complete specific tasks related to a company’s billing and accounting needs; they are supervised by an office manager or billing manager. Day-to-day responsibilities of a billing specialists include preparing and submitting invoices through electronic or non-electronic means to ensure processing and payment; resolving issues related to payments by clients such as rejection or deduction analysis; and communicating with clients, legal staff, or others to coordinate revisions or adjustments for resubmission. Other responsibilities fielding questions from clients, clerical staff, and others; cooperating with the billing manager or office manager to ensure that their work adheres to the standards, guidelines, procedures, and deadlines set by the company; and preparing special documents as required by clients, attorneys, or managers. Billings specialists work in a normal office environment. Their hours depend on the company's needs, and this position may be part time or full time.Read More...
A high school diploma or GED is required for this position, but a bachelor's degree and experience in accounting or finance is preferred. Billing specialists work with a variety of individuals while dealing with collection and billing issues. As such, they need to have excellent personal skills to communicate effectively with clients, supervisors, attorneys, and assistants. They should possess superb computer skills, including a proficiency with Microsoft Outlook and Excel. A general knowledge of billing and collection practices, as well as business office procedures, is necessary. Experience operating a multi-line telephone system is preferred. Billing specialists need to be able to read, understand and follow oral and written instructions, while maintaining professional working relationships with clients, and employees.
Billing Specialist Tasks
- Manage customer accounts, collect payments, and update accounts to reflect changes.
- Work with customers to set up payment plans and ensure bills are paid.
- Answer customer questions about billing and resolve any errors.
- Submit customer insurance claims and process payments from insurance companies.
Common Career Paths for Billing Specialist
It's not very common for Billing Specialists to move on to become Financial Analysts. Average pay for a Financial Analyst is $55K annually. Typical career progression for a Billing Specialist involves becoming a Billing Manager or a Billing Supervisor, roles that pay $12K more and $7K more on average.
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Popular Employer Salaries for Billing Specialist
Dominating the field, Laboratory Corporation of America (LabCorp), Ricoh Corporation, Anmed Health, Parallon Business Solutions, and Community Health Systems are top firms with a reputation for hiring a great number of Billing Specialists. Ricoh Corporation offers the largest salaries in town — $42K on average.
Popular Skills for Billing Specialist
Billing Specialists seem to wield many skills on the job. Most notably, skills in Accounting, Data Analysis, Accounts Payable, and Accounts Receivable are correlated to pay that is above average. At the other end of the pay range are skills like Insurance, Medical Coding, and Medicaid & Medicare Billing. It is often found that people who know Billing are also skilled in Medicaid & Medicare Billing and Collections. Most people skilled in Accounts Receivable are similarly competent in Collections and Medicaid & Medicare Billing.
Pay by Experience Level for Billing Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Billing Specialists, more experience in the field does not usually mean bigger paychecks. The average worker who claims fewer than five years of experience earns around $32K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $36K. Billing Specialists claiming one to two decades of experience make an estimated median of $38K. People who have worked for more than 20 years report a median income of $39K, which is barely higher than the median for folks with 10 to 20 years of experience.
Pay Difference by Location
For Billing Specialists, working in the bustling city of New York has its advantages, including an above-average pay rate. Billing Specialists will also find cushy salaries in Seattle (+25 percent), Chicago (+17 percent), San Diego (+12 percent), and Dallas (+10 percent). The lowest-paying market is San Antonio, which sits 13 percent below the national average.
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