Compliance Specialist Salary
Job Description for Compliance Specialist
A compliance specialist reviews medical record findings to ensure their accuracy. They must have have an extensive knowledge of medical record documentation guidelines, as well as certifications in coding and compliance. Typically employers also require at least five years of experience working in settings that require coding and compliance.Read More...
Compliance specialists typically work in a heath care facility such as a hospital or doctor's office; because they typically work in a setting with many other health care professional, they must have excellent communication and interpersonal skills.
As part of their work, they must be willing to assist in answering any coding and document questions from colleagues, such as nurse reviewers. The compliance specialists can expect a high volume of work, and they must have excellent organizational skills and be able to work well under pressure. These specialists typically work in the day during regular business hours; however, certain employers may require different shifts or extended work hours.
Compliance Specialist Tasks
- Ensure relevant documents are in compliance with established guidelines and standards.
- Responsible for the coordination and completion of all government, regulatory, and compliance documents for all business units in an organization.
- Research, develop and recommend strategic advice to ensure companies align with all applicable laws and regulations.
Common Career Paths for Compliance Specialist
While Compliance Specialists do not often become Chief Compliance Officers, the job pays $102K per year on average. When Compliance Specialists are ready for the next step in their careers, they often become Compliance Managers or Compliance Analysts. Those roles pay an additional $24K and $1K, respectively.
Compliance Specialist Job Listings
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Popular Employer Salaries for Compliance Specialist
Bank of America Corp. (BOFA), The PNC Financial Services Group, Inc., Medtronic, Inc., J.P. Morgan Chase & Co. (JPMCC), and Cigna Corporation are among the top companies that take on many Compliance Specialists. Pay for Compliance Specialists is best at Bank of America Corp. (BOFA), which offers a median salary of $81K. However, the highest reported salaries don't seem to be much higher than the lowest ones; the pay range here runs from $59K to $102K.
Popular Skills for Compliance Specialist
Survey takers working as Compliance Specialists report using a large range of professional skills. Most notably, skills in Insurance, Export Compliance, Human Resources, and Legal Research are correlated to pay that is above average, with boosts in pay of 9 percent. Those listing Microsoft Office as a skill should be prepared for drastically lower pay. Writing Procedures & Documentation and Customer Service also typically command lower compensation. Most people skilled in Regulatory Compliance are similarly competent in Legal Compliance and Internal Audit. Those proficient in Auditing are, more often than not, also skilled in Internal Audit and Legal Compliance.
Pay by Experience Level for Compliance Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $47K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $54K. Compliance Specialists bring in $58K after working for 10 to 20 years. Compliance Specialists who surpass 20 years on the job report pay that isn't higher than those with 10 to 20 years.
Pay Difference by Location
For Compliance Specialists, busy New York offers a higher-than-average pay rate, 32 percent above the national average. Compliance Specialists can also look forward to large paychecks in cities like Charlotte (+26 percent), Los Angeles (+25 percent), Philadelphia (+25 percent), and Chicago (+23 percent). Indianapolis ranks last in the field for pay, reporting salaries 19 percent below the national average. Below-median salaries also turn up in Cleveland and Atlanta (9 percent lower and 5 percent lower, respectively).