Revenue Cycle Manager Salary
Job Description for Revenue Cycle Manager
Revenue cycle managers are responsible for overseeing billing accounts and helping departments resolve their revenue cycle problems. They oversee the billing teams that manage accounts, communications with insurance, collections, contract analysis, cash posting, billing transactions with clients, and report creation. The revenue cycle manager helps ensure that these areas run smoothly, and they must detect problems in the billing systems and correct them accordingly.Read More...
This position requires an innovative person, as new solutions and automation in various billing areas must be created by a revenue cycle manager. The revenue cycle manager usually implements a system to ensure that billing communication to and from the customer reaches the billing system smoothly. When there are problems with billing related to patients and/or insurance, a revenue cycle manager must develop a solution. The revenue cycle manager may work in a medical facility or office setting, but also move around the facility to communicate with various departments. Generally, this is a full-time job that takes place during regular office hours.
A bachelor’s degree in finance or business administration is usually required for this position, and relevant experience is necessary for many positions. Revenue cycle managers should have a knowledge of how Medicare works, as many of the patients may be using Medicare. Since the revenue cycle manager oversees many billing departments, leadership skills are important; often, leadership experience in similar positions is needed. These managers should also be proficient with basic computer programs such as the Microsoft Office suite.
Revenue Cycle Manager Tasks
- Responsible for operations of patient business services, insurance verification, and workers compensation authorizations.
- Identify revenue cycle problems and implement solutions for improvement.
Revenue Cycle Manager Job Listings
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Popular Skills for Revenue Cycle Manager
Survey results suggest that Revenue Cycle Managers put a wide range of professional skills to use. Most notably, skills in Operations Management, Financial Analysis, Accounts Receivable, and Project Management are correlated to pay that is above average. At the other end of the pay range are skills like bill collections, Medical Coding, and Data Analysis. Those educated in Billing tend to be well versed in Medical Coding.
Pay by Experience Level for Revenue Cycle Manager
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. Relatively untried employees who have less than five years' experience make $56K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $64K. On average, Revenue Cycle Managers make $65K following one to two decades on the job. As Revenue Cycle Managers reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $71K.
Pay Difference by Location
For those looking to make money, Revenue Cycle Managers in Boston enjoy an exceptional pay rate, 35 percent above the national average. Revenue Cycle Managers can also look forward to large paychecks in cities like New York (+33 percent), Portland (+23 percent), Seattle (+22 percent), and Dallas (+15 percent). The smallest paychecks in the market, 11 percent south of the national average, can be found in Philadelphia. Not at the bottom but still paying below the median are employers in Cincinnati and Nashville (8 percent lower and 6 percent lower, respectively).
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Key Stats for Revenue Cycle Manager
Rated 5 out of 5
based on 76 votes.