Reimbursement Specialist Salary
The average Reimbursement Specialist in the United States can expect to rake in roughly $17.28 per hour. Earnings for this group are mostly affected by geography, followed by career length and the individual firm. Job satisfaction is reported as high by the vast majority of workers. Most receive medical and dental insurance and a strong majority get vision insurance. There are far more female Reimbursement Specialists who answered the questionnaire than men, making up 89 percent. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Reimbursement Specialist
Reimbursement specialists work within the billing departments of medical or insurance companies to oversee reimbursement and collections for patients' treatment expenses. They may work for a doctors' office, clinic, hospital, or insurance company. Reimbursement specialists also keep track of accounts receivable and billing invoices while communicating with individuals or insurance companies to obtain reimbursement.Read More...
Generally, a high school diploma and some insurance experience is required for entry-level specialists. However, a Bachelor's degree in Accounting or Finance is required by most employers, and some require a Master's degree and certification in accounting. Reimbursement specialists must have superior knowledge of medical and health insurance billing practices, in addition to accounting and billing experience. They must have superior analytical and quantitative reasoning skills in order to balance accounts, and strong written and verbal communication skills to work with the collections process.
Reimbursement specialists will work with insurance companies to verify patient eligibility, process patients claims, and ensure payments are received properly. They will usually work either on a team addressing part of the billing workload, or alone as an officer in charge of all the billing for a small business (such as a doctor's office). They are supervised by either a billing department head or office manager.
Typically, reimbursement specialists will have their own desks and work during normal day-time business hours. They generally spend their time making calls, sending e-mails, and balancing accounts, and must be proficient with accounting software and communications technologies such as fax machines.
Reimbursement Specialist Tasks
- Ensure services are in compliance with professional standards, state and federal regulatory requirements.
- Identify, compile, abstract and code patient accounts, verify with physician in order to expediate the bill for payment to the insurance provider.
- Research denials from insurance providers in order to maximize reimbursement.
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Popular Skills for Reimbursement Specialist
Survey results imply that Reimbursement Specialists deploy a deep pool of skills on the job. Most notably, skills in Microsoft Excel, Knowledge of Medicaid & Medicare, Insurance, and Medical Terminology are correlated to pay that is above average, with boosts between 4 percent and 12 percent. At the other end of the pay range are skills like Accounts Receivable, Billing, and bill collections. Most people skilled in Medicaid & Medicare Billing are similarly competent in Collections and Insurance.
Pay by Experience Level for Reimbursement Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Reimbursement Specialists, extensive experience does not lead to significantly more money. The median compensation for relatively untried workers is $35K; in the five-to-10 year group, it's higher at around $38K. Reimbursement Specialists with one to two decades of relevant experience report an average salary of approximately $42K. 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 $44K.
Pay Difference by Location
With a pay rate for Reimbursement Specialists that is 42 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Reimbursement Specialists can also look forward to large paychecks in cities like Atlanta (+32 percent), Dallas (+24 percent), Houston (+15 percent), and Cleveland (+11 percent). Those in the field find the lowest salaries in St. Louis, 17 percent below the national average.
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