Billing Specialist Salary
Median pay for Billing Specialists in the United States is around $15.75 per hour. Cash earnings for Billing Specialists — including $5K in bonuses and $3K in profit sharing proceeds near the top of the pay scale — generally stretch from $26K to $48K depending on individual performance. While the particular city and experience level impact pay for this group, the particular firm is the most influential factor. While some workers in this profession — approximately one in four — do not have any health coverage, a fair number do receive medical benefits and the greater part have dental insurance. Job satisfaction is high and work is enjoyable for most Billing Specialists. There are far more female Billing Specialists who answered the questionnaire than men, making up 90 percent. The information for this snapshot was generated by responses to the PayScale salary survey.
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
Though not the most common occurrence, Billing Specialists sometimes become Financial Analysts, where the average income is $55K per year. Billing Managers or Billing Supervisors are common next-step roles for Billing Specialists moving up in their careers; annual pay for Billing Managers is $12K higher on average, and it's $7K higher for Billing Supervisors.
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Popular Employer Salaries for Billing Specialist
Leading companies who hire large numbers of Billing Specialists include Laboratory Corporation of America (LabCorp), Ricoh Corporation, Parallon Business Solutions, Anmed Health, and Community Health Systems. Ricoh Corporation attracts talent by shelling out the biggest paychecks in the area — the median in that office is $43K.
Popular Skills for Billing Specialist
Billing Specialists seem to wield many skills on the job. Most notably, facility with Microsoft Word, Accounting, and Data Analysis are correlated to pay that is significantly above average, leading to increases of 41 percent, 9 percent, and 6 percent, respectively. Skills that seem to negatively impact pay include Insurance, Medical Coding, and Medicaid & Medicare Billing. A tool kit that includes Billing also typically contains Medicaid & Medicare Billing and Collections. Most people familiar with Accounts Receivable also know 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.
Experience and pay tend to be weakly linked for Billing Specialists — those with more experience do not necessarily bring in higher earnings. Those in the early stages of their career can expect to make around $32K; however, individuals with five to 10 years of experience bring in $36K on average — a distinctly larger sum. For Billing Specialists, 10 to 20 years of experience on the job amounts to an average salary of $38K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $40K.
Pay Difference by Location
With a pay rate for Billing Specialists that is 24 percent greater than the national average, New York offers a comfortable salary for those in this profession. Billing Specialists will also find cushy salaries in Philadelphia (+21 percent), Seattle (+17 percent), Chicago (+16 percent), and San Diego (+12 percent). Those in the field find the lowest salaries in San Antonio, 10 percent below the national average. Below-median salaries also turn up in Indianapolis and Portland (8 percent lower and 2 percent lower, respectively).
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