Director of Reimbursement Salary
Just under nine-tenths of Directors of Reimbursement in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $60K to $175K per year, and the average comes out to $98K annually. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Most workers in this position report high levels of job satisfaction. In this profession, most enjoy medical and dental coverage, and a strong majority have vision insurance, as well. Men are in the minority of survey respondents, with female Directors of Reimbursement making up 75 percent. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Director of Reimbursement
Directors of reimbursement are responsible for managing reimbursement activities for their companies, including overseeing and analyzing the streams of revenue for different departments. Strong problem-solving and mathematical skills are important in this position, and they communicate with a variety of personnel to ensure that reimbursement is approved and goes to the correct recipients before signing any important documents. They must also have leadership skills to alter strategies to improve efficiency and save company resources.Read More...
Some responsibilities of this position include receiving correspondence, managing payment problems, and facilitating communication between parties. They must understand cash flows and how to prioritize tasks to remain productive, and they also use a personal computer to respond to inquiries from budget departments and make revenue-related decisions. They should be proficient with office software and operate different applications to calculate reimbursements, and generally work in an office environment during regular business hours.
Attention to detail is important in this position to interpret documents, contracts, balances, and other financial records, and directors of reimbursement generally report their progress to an accounting supervisor in their company. They may also be tasked with communicating with payers about debts and providing advice and regulatory services. They must develop strong business relationships with existing clients and form new relationships with prospect payers, and also manage revenue performance, identify cost opportunities, and set estimates and discounts.
A bachelor's degree in accounting, business administration, finance, or a related field is generally required for this position, and prior experience in a relevant capacity is highly beneficial. Industry and leadership certifications are also helpful.
Director of Reimbursement Tasks
- Prepare and Analyze cost reports to maximize revenues.
- Oversee reimbursment departmental staff operations including business planning and budget development.
- Develop and implement reimbursement strategy for the organization.
- Direct efforts to create and disseminate educational materials on coding and billing guides.
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Pay by Experience Level for Director of Reimbursement
Median of all compensation (including tips, bonus, and overtime) by years of experience.
People who have worked for fewer than five years bring home $94K on average. It is reported that median compensation in the five-to-10 year group declines to approximately $92K. Professionals who spend a good 10 to 20 years in the workforce haul in an average of $101K. Directors of Reimbursement who have spent more than 20 years on the job report earning a significantly higher median of $112K.