Revenue Cycle Specialist Salary
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.
Revenue Cycle Specialist Job Listings
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Popular Skills for Revenue Cycle Specialist
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Accounts Receivable, Medical Terminology, Medical Coding, 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. Most people skilled in Billing are similarly competent in Accounts Receivable.
Pay by Experience Level for Revenue Cycle Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $33K, but folks who have racked up five to 10 years see a notably higher median of $41K. Revenue Cycle Specialists claiming one to two decades of experience make an estimated median of $42K. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $40K.