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
- Research, develop and recommend strategic advice to ensure companies align with all applicable laws and regulations.
- Responsible for the coordination and completion of all government, regulatory, and compliance documents for all business units in an organization.
- Ensure relevant documents are in compliance with established guidelines and standards.
Common Career Paths for Compliance Specialist
Though not the most common occurrence, Compliance Specialists sometimes become Chief Compliance Officers, where the average income is $103K per year. Career advancement for the typical Compliance Specialist often leads to becoming a Compliance Manager or a Compliance Analyst; median salaries in these positions are $24K higher and $1K higher, respectively.
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Popular Employer Salaries for Compliance Specialist
Dominating the field, Bank of America Corp. (BOFA), The PNC Financial Services Group, Inc., Cigna Corporation, J.P. Morgan Chase & Co. (JPMCC), and Medtronic, Inc. are top firms with a reputation for hiring a great number of Compliance Specialists. Employees of Bank of America Corp. (BOFA) can expect to make the most, with the company offering a median salary of $80K; however, pay is widely dispersed from bottom to top, ranging from $58K to $103K.
Popular Skills for Compliance Specialist
Compliance Specialists report using a deep pool of skills on the job. Most notably, facility with Data Analysis, Insurance, and Export Compliance are correlated to pay that is significantly above average, leading to increases of 28 percent, 10 percent, and 8 percent, respectively. Skills that pay less than market rate include Microsoft Excel and Compliance. The majority of those who know Auditing also know Internal Audit and Legal Compliance. Those familiar with Regulatory Compliance tend to be well versed in Legal Compliance and Internal Audit.
Pay by Experience Level for Compliance Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Compliance 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 $47K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $55K. On average, Compliance Specialists make $58K following one to two decades on the job. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $60K.
Pay Difference by Location
For Compliance Specialists, Washington, New York, and Boston, three eastern American cities, are home to the highest salaries in the country, all offering a rate above the national average. Those in the field find the lowest salaries in Cleveland, 9 percent below the national average. Employers in Atlanta and Austin also lean toward paying below-median salaries (6 percent lower and 1 percent lower, respectively).
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