Revenue Cycle Analyst Salary
Median pay for Revenue Cycle Analysts in the United States lies in the neighborhood of $56K annually. Geographic location is the biggest factor affecting pay for this group, followed by experience level. 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 Revenue Cycle Analysts making up 72 percent. For the most part, Revenue Cycle Analysts enjoy their work and report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Revenue Cycle Analyst
Revenue cycle analysts are responsible for analyzing incoming and outgoing revenue sources and measuring different financial cycles on behalf of their company. They are in charge of facilitating compliance for revenue systems and keeping contact with government officials regarding cycle and quarterly company obligations.Read More...
These individuals are responsible and pay close attention to detail. They possess strong analytical skills to identify financial and revenue discrepancies. Some of their main responsibilities include comparing business operations and coordinating technical analysis support for upcoming collection of accounts. They work well with other tax and revenue professionals to maximize revenue cycles. They strive to follow strict privacy regulations to avoid financial mishaps when declaring and presenting revenue amounts. They are proficient with office software, especially spreadsheet applications to run calculations and keep financial records accurate and organized. Revenue cycle analysts collect and analyze financial data to make future decisions. They also relay their progress to the revenue cycle manager in their organization. These professionals work well in a team setting by sharing important cycle information, although they can also work on their own with minimal supervision. Revenue cycle analysts know how to use databases to search for financial records and know how to create and troubleshoot revenue cycle reporting systems. These individuals maximize reimbursement and develop effective policies for billing and claim processing. They implement efficient authorization procedures to increase productivity in revenue cycles.
A bachelor's degree in finance, economics, business analysis, or a related field is required for this position. In addition, previous years of work experience in an analyst position can be helpful. Financial and leadership certifications are a plus.
Revenue Cycle Analyst Tasks
- Responsible for operations of patient business services, insurance verification, and workers compensation authorizations.
- Coordinate activities of staff responsible for charge capture, coding, charge entry, insurance follow up, reimbursement analysis, or other financial functions.
- Identify revenue cycle problems and implement solutions for improvement.
Revenue Cycle Analyst Job Listings
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Popular Skills for Revenue Cycle Analyst
Survey results suggest that Revenue Cycle Analysts use a fairly large toolkit of professional skills. Most notably, facility with Medicaid & Medicare Billing, Data Analysis, and Financial Reporting are correlated to pay that is significantly above average, leading to increases of 32 percent, 21 percent, and 4 percent, respectively. Skills that pay less than market rate include Microsoft Excel and Medical Coding. Most people familiar with Financial Analysis also know Medical Coding.
Pay by Experience Level for Revenue Cycle Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $47K; however, individuals with five to 10 years of experience bring in $55K on average — a distinctly larger sum. Revenue Cycle Analysts who work for 10 to 20 years in their occupation tend to earn about $56K. Revenue Cycle Analysts with more than 20 years of experience report incomes that are no higher than those with 10 to 20 years on the job.