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 imply that Revenue Cycle Managers put a diverse skill set to use. Most notably, skills in Operations Management, Accounts Receivable, Financial Analysis, and Data Analysis are correlated to pay that is above average. Skills that pay less than market rate include bill collections, Medical Coding, and People Management. 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.
Revenue Cycle Managers do not generally earn higher incomes from more experience in the field. Salaries for the relatively untried average out to around $56K, but survey participants with five to 10 years of experience earn a significantly higher median of $65K. Revenue Cycle Managers claiming one to two decades of experience make an estimated median of $66K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $71K.
Pay Difference by Location
For Revenue Cycle Managers, busy New York offers a higher-than-average pay rate, 30 percent above the national average. Revenue Cycle Managers can also look forward to large paychecks in cities like Denver (+27 percent), Portland (+24 percent), Seattle (+21 percent), and Dallas (+19 percent). Philadelphia is home to the smallest salaries in the field, lagging the national average by 8 percent. Employers in Cincinnati and Indianapolis also lean toward paying below-median salaries (7 percent lower and 4 percent lower, respectively).