Patient Financial Services Director Salary
Patient Financial Services Directors in the United States with more than 10 years of experience in their profession represent more than three-fourths of Patient Financial Services Directors. Salaries average out to around $83K annually and spread from $51K to $127K per year. Among survey respondents, women are more common than men; 87 percent of Patient Financial Services Directors are female. Job satisfaction for Patient Financial Services Directors is high. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to a majority. This report is based on responses to the PayScale salary survey.
|Salary||$58,258 - $125,051|
|Bonus||$-0.49 - $19,820|
|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).)
|$53,327 - $134,442|
|Bonus||$-0.49 - $19,820|
|Total Pay (||$53,327 - $134,442|
Job Description for Patient Financial Services Director
A director of patient financial services reports directly to their chief financial officer and is in charge of several important procedures. They monitor activities between collection and insurance agencies, along with patient activity. Their main concern is working within the limits of their contracts, legal terms, and several regulatory requirements. This influences how they work within their department and is of the utmost importance.Read More...
Often, they will develop their own techniques and procedures to ensure optimum efficiency within their department and produce quality results. This will be done by doing such things as preparing financial reports, resolving third party denials and reimbursements, and setting forth plans and priorities for all processes in order to set a standard of quality for their company. Putting custom plans in motion, keeping up to a good standard of service, and establishing performance indicator reports and other benchmarks are common duties for directors. Many will direct department operations through the reports they generate. Additionally, they will personally handle collections and assign responsibilities to co-workers to assist them with workflow. Work shifts are typically during normal business hours and are full-time.
Directors of patient financial services are required to have a bachelor’s degree or the equivalent. Also required are work experience, excellent analytical skills, and extensive knowledge of Excel and IDX/Flowcast applications. They must have experience in patient financial services for specific insurance companies relevant to the company they work for. About five years of management experience is a minimum for a director of patient financial services. (Copyright 2017 PayScale.com)
Patient Financial Services Director Tasks
- Plan, implement and monitor accounting processes and procedures.
- Create, implement and audit patient account processes to ensure timeliness, accuracy and compliance in order to maximize reimbursement.
- Directs the patient accounts staff to ensure billing, collections and customer services are in compliance with professional, state and federal standards.
- Oversee and plan department goals, patient account receivables, cash budgets and forecasts.
Common Career Paths for Patient Financial Services Director
Patient Financial Services Director Job Listings
Pay by Experience Level for Patient Financial Services Director
Pay by Experience for a Patient Financial Services Director has a positive trend. An entry-level Patient Financial Services Director with less than 5 years of experience can expect to earn an average total compensation of $67,000 based on 16 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Patient Financial Services Director with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $83,000 based on 23 salaries. An experienced Patient Financial Services Director which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $87,000 based on 45 salaries. A Patient Financial Services Director with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $89,000 based on 37 salaries.
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Key Stats for Patient Financial Services Director
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