Patient Financial Services Director Salary
With around three in four of Patient Financial Services Directors in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $56K to $119K per year and averages out to $80K per year. Medical benefits are awarded to a large number, and most earn dental coverage. Most Patient Financial Services Directors like their work and job satisfaction is high. This report is based on responses to the PayScale salary survey.
Job Description for Patient Financial Services Director
A director of patient financial services reports directly to their chief financial officer and is in charge of several important procedures. They monitor activities between collection and insurance agencies, along with patient activity. Their main concern is working within the limits of their contracts, legal terms, and several regulatory requirements. This influences how they work within their department and is of the utmost importance.Read More...
Often, they will develop their own techniques and procedures to ensure optimum efficiency within their department and produce quality results. This will be done by doing such things as preparing financial reports, resolving third party denials and reimbursements, and setting forth plans and priorities for all processes in order to set a standard of quality for their company. Putting custom plans in motion, keeping up to a good standard of service, and establishing performance indicator reports and other benchmarks are common duties for directors. Many will direct department operations through the reports they generate. Additionally, they will personally handle collections and assign responsibilities to co-workers to assist them with workflow. Work shifts are typically during normal business hours and are full-time.
Directors of patient financial services are required to have a bachelor’s degree or the equivalent. Also required are work experience, excellent analytical skills, and extensive knowledge of Excel and IDX/Flowcast applications. They must have experience in patient financial services for specific insurance companies relevant to the company they work for. About five years of management experience is a minimum for a director of patient financial services.
Patient Financial Services Director Tasks
- Plan, implement and monitor accounting processes and procedures.
- Create, implement and audit patient account processes to ensure timeliness, accuracy and compliance in order to maximize reimbursement.
- Directs the patient accounts staff to ensure billing, collections and customer services are in compliance with professional, state and federal standards.
- Oversee and plan department goals, patient account receivables, cash budgets and forecasts.
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Pay by Experience Level for Patient Financial Services Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Patient Financial Services Directors — those with more experience do not necessarily bring in higher earnings. The average worker who claims fewer than five years of experience earns around $67K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $80K. Patient Financial Services Directors with one to two decades of relevant experience report an average salary of approximately $85K. Patient Financial Services Directors with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $87K.