Reimbursement Specialist Salary
Reimbursement Specialists in the United States are largely female. The average salary of the entire group is approximately $17.24 per hour. Compensation for this group is mainly affected by residence, but career duration and the specific company are influential factors as well. Work is enjoyable for Reimbursement Specialists, who typically claim high levels of job satisfaction. Most get medical and dental insurance, and a strong majority get vision plans, too. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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 substantial tool kit of skills at work. Most notably, skills in Microsoft Excel, Knowledge of Medicaid & Medicare, Medical Terminology, and Claim Handling are correlated to pay that is above average. Skills that pay less than market rate include Accounts Receivable, Billing, and bill collections. The majority of those who know Medicaid & Medicare Billing also know Collections and Insurance.
Pay by Experience Level for Reimbursement Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. People who have worked for fewer than five years bring home $35K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $37K. Reimbursement Specialists bring in $42K after working for 10 to 20 years. More than 20 years of experience mean a somewhat bigger median paycheck of $44K, but it's not much more than what less experienced people make.
Pay Difference by Location
For those looking to make money, Reimbursement Specialists in Chicago enjoy an exceptional pay rate, 42 percent above the national average. Reimbursement Specialists can also look forward to large paychecks in cities like Atlanta (+32 percent), Dallas (+28 percent), Houston (+15 percent), and Charlotte (+7 percent). The lowest-paying market is St. Louis, which sits 17 percent below the national average.
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