Revenue Cycle Specialist Salary
|Salary||$31,822 - $61,426|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$28,159 - $52,310|
|Hourly Rate||$13.06 - $21.92|
|Overtime||$17.90 - $33.33|
|Total Pay (||$28,159 - $52,310|
Job Description for Revenue Cycle Specialist
Revenue cycle specialists work primarily in health-related fields to ensure financial success for hospitals and other health care facilities. This position requires in-depth knowledge of billing, invoicing, arranging payment methods, overseeing collections, accounts receivable, and proper financial statements.Read More...
Revenue cycle specialists typically work in an office filling out paperwork and calculating health care payments to maintain the finances of their facilities, and they must use a variety of computer programs and tools to create spreadsheets and billing statements. They may work with a variety of co-workers, including accountants, financial analysts, and human resources (HR) professionals to oversee each financial decision made by the facility. Revenue cycle specialists must oversee each and every piece of paperwork regarding the facility's billing, insurance, and other financial matters, as failure in these areas can result in the company being audited or even closed.
Aspiring revenue cycle specialists should have an extensive background in accounting, business, finance, and related fields, and a bachelor's degree and/or several years of experience in the field are generally required for this position.
Revenue Cycle Specialist Tasks
- Identify revenue cycle problems and implement solutions for improvement.
- Coordinate activities of staff responsible for charge capture, coding, charge entry, insurance follow up, reimbursement analysis, or other financial functions.
- Responsible for operations of patient business services, insurance verification, and workers compensation authorizations.
Popular Skills for Revenue Cycle Specialist
Revenue Cycle Specialists report using a diverse set of skills on the job. Most notably, skills in Accounts Receivable, Medical Coding, Insurance, and Billing are correlated to pay that is above average. Those listing Microsoft Office as a skill should be prepared for drastically lower pay. Electronic Medical Records and Microsoft Excel also typically command lower compensation. Those proficient in Billing are, more often than not, also skilled in Accounts Receivable.
Pay by Experience Level for Revenue Cycle Specialist
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 $34K; however, individuals with five to 10 years of experience bring in $40K on average — a distinctly larger sum. The average pay reported by folks with 10 to 20 years of experience is around $41K. Folks who claim more than 20 years of relevant experience actually report a comparatively lower median income of $40K.
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Key Stats for Revenue Cycle Specialist
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