What does a billing analyst do?
A billing analyst is responsible for supporting the operations of an accounting department, evaluating and issuing invoices, and analyzing the financial transactions of the company. Billing analysts assist with creating financial statements and reports, managing billing discrepancies, updating recent account statements on the company's database, and checking the accuracy of balance sheets. A billing analyst must have excellent analytical skills, as well as the knowledge of the accounting principles, performing account reconciliations, processing receivables, and tracking clients' billing statements.
Billing analyst responsibilities
Here are examples of responsibilities from real billing analyst resumes:
- Set up, manage, and terminate ACH accounts.
- Manage multiple contracts including timely and accurate billing of monthly invoices, payment notifications, and reconciliations.
- Use of the CMS website to determine the correct LCDs or NCDs for Medicare claims.
- Master sales, events, and reservations systems.
- Produce month-end reports from IDX for executive staff.
- Prepare provisional invoices for billing after provisional rates are receive from DCAA.
- Train new billing staff; assist with the implementation of new EMR software.
- Respond efficiently to patient, insurance carrier and attorney inquiries without HIPPA breach.
- Review and update ICD-10 codes to ensure correspondence to correct tests and results.
- Process retroactive bills/rate adjustment invoices upon receiving approve DCAA rate letter for every year.
- Learn functions of database software and SQL programming in order to facilitate the customers' needs.
- Process healthcare applications, plan changes, reconciliation and enrollments accordingly using Humana and CMS guidelines.
- Monitor and train accounts receivable team on collections for all A/R products to minimize risk and maximize revenue.
- Analyze and review workers compensation claims to ensure that the CPT and ICD9 codes are accurate before making payments.
- Conduct periodic data analysis and generate reports on TTFILES missing sequence and trend monitoring, mediation, interconnect, etc.
Billing analyst skills and personality traits
We calculated that 16% of Billing Analysts are proficient in Customer Service, Patients, and Billing Issues. They’re also known for soft skills such as Communication skills, Organizational skills, and Math skills.
We break down the percentage of Billing Analysts that have these skills listed on their resume here:
- Customer Service, 16%
Cross trained functional teams resulting in increased communication between account management, sales and billing providing customers with excellent customer service.
- Patients, 7%
Answer telephone or mail inquiries from patients and other internal/external customers or representative, and address problems regarding billed inpatient services.
- Billing Issues, 6%
Reviewed month-end ratings of customer accounts through account reconciliations and variance analysis; resolved billing issues.
- Strong Analytical, 5%
Resolved discrepancies via carrier Strong analytical and communication skills were required.
- Billing System, 5%
Prepared management reports, updated the account billing system, coordinated with systems personnel regarding systems enhancement and trained co-workers.
- Data Entry, 4%
Increased data entry speed and improved process by assisting several departments with development of customized macros.
Most billing analysts use their skills in "customer service," "patients," and "billing issues" to do their jobs. You can find more detail on essential billing analyst responsibilities here:
Communication skills. The most essential soft skill for a billing analyst to carry out their responsibilities is communication skills. This skill is important for the role because "financial clerks should be able to explain policies and procedures to colleagues and customers." Additionally, a billing analyst resume shows how their duties depend on communication skills: "complete data entry & written communication for bills. "
Organizational skills. Another soft skill that's essential for fulfilling billing analyst duties is organizational skills. The role rewards competence in this skill because "financial clerks must be able to arrange files so they can find them quickly and efficiently." According to a billing analyst resume, here's how billing analysts can utilize organizational skills in their job responsibilities: "practice strong data entry and organizational skills. "
Math skills. Another skill that relates to the job responsibilities of billing analysts is math skills. This skill is critical to many everyday billing analyst duties, as "the job duties of financial clerks includes calculating charges and updating financial records." This example from a resume shows how this skill is used: "produced revenue statistics, handled billing inquiries, and analyzed usage to produce settlement statements for gef partners. "
The three companies that hire the most billing analysts are:
- CTG214 billing analysts jobs
- Randstad North America, Inc.47 billing analysts jobs
- Amazon37 billing analysts jobs
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Compare different billing analysts
Billing analyst vs. Accounts receivable clerk
An Accounts Receivable Clerk specializes in processing payment records and bill statements of a company or organization. Among the duties include calculating total revenues and unpaid invoices, maintaining financial records and keeping a detailed and organized database, and verifying financial transactions and payment delinquencies. Furthermore, an Accounts Receivable Clerk must resolve and examine deductions, prepare invoices and necessary documentation, and review customer payment plans and history records and coordinate with the collections department should there be any issues.
These skill sets are where the common ground ends though. The responsibilities of a billing analyst are more likely to require skills like "patients," "billing system," "powerpoint," and "excellent time management." On the other hand, a job as an accounts receivable clerk requires skills like "collection calls," "credit card payments," "process payments," and "cash receipts." As you can see, what employees do in each career varies considerably.
Accounts receivable clerks really shine in the finance industry with an average salary of $37,882. Comparatively, billing analysts tend to make the most money in the finance industry with an average salary of $73,956.On average, accounts receivable clerks reach similar levels of education than billing analysts. Accounts receivable clerks are 4.6% less likely to earn a Master's Degree and 0.2% less likely to graduate with a Doctoral Degree.Billing analyst vs. Payment processor
A payment processor is responsible for managing and informing the clients of their payment obligations for the services offered by a financial institution or other related organizations. Payment processors record transactions and ensure the timely completion of account statements. They discuss the terms and conditions of the service contract with the clients and respond to their inquiries and concerns. A payment processor must have excellent communication and organizational skills, especially in coming up with repayment plans and solutions for clients who are not able to pay services in time.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that billing analyst responsibilities requires skills like "strong analytical," "reconciliations," "excellent time management," and "pivot tables." But a payment processor might use other skills in their typical duties, such as, "ach," "phone calls," "credit card payments," and "patient payments."
Payment processors earn a lower average salary than billing analysts. But payment processors earn the highest pay in the insurance industry, with an average salary of $38,534. Additionally, billing analysts earn the highest salaries in the finance with average pay of $73,956 annually.payment processors earn similar levels of education than billing analysts in general. They're 3.9% less likely to graduate with a Master's Degree and 0.2% less likely to earn a Doctoral Degree.Billing analyst vs. Accounts receivable specialist
Accounts receivable specialists are members of the organization's finance or accounting department. They are responsible for managing the collection of payments for the company. They prepare official receipts and coordinate with account payable specialists from other companies with pending payables. They ensure that clients pay on time, and they also follow up on payments when necessary. They are responsible for checking whether the clients have already paid in full. Accounts receivable specialists are in charge of updating accounting records as well to ensure that client records are up to date.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a billing analyst is likely to be skilled in "strong analytical," "powerpoint," "excellent time management," and "pivot tables," while a typical accounts receivable specialist is skilled in "credit card payments," "collection calls," "past due accounts," and "medical billing."
Accounts receivable specialists earn the highest salary when working in the technology industry, where they receive an average salary of $43,571. Comparatively, billing analysts have the highest earning potential in the finance industry, with an average salary of $73,956.accounts receivable specialists typically earn similar educational levels compared to billing analysts. Specifically, they're 3.0% less likely to graduate with a Master's Degree, and 0.2% less likely to earn a Doctoral Degree.Billing analyst vs. Account receivable associate
An account receivable associate is responsible for collecting and posting client payments for the company's services, recording system transactions timely, and reaching out to clients for outstanding bills. Account receivable associates settle accurate receipts for records, resolve payment discrepancies, and handle other related financial transactions. They also create comprehensive financial reports to the supervisor for review and submission to the senior management. An account receivable associate reviews contract agreements and discusses payment terms with the clients.
Even though a few skill sets overlap between billing analysts and account receivable associates, there are some differences that are important to note. For one, a billing analyst might have more use for skills like "strong analytical," "billing system," "powerpoint," and "excellent time management." Meanwhile, some responsibilities of account receivable associates require skills like "good judgment," "credit card payments," "collection efforts," and "cash receipts. "
The technology industry tends to pay the highest salaries for account receivable associates, with average annual pay of $51,557. Comparatively, the highest billing analyst annual salary comes from the finance industry.The average resume of account receivable associates showed that they earn similar levels of education compared to billing analysts. So much so that theyacirc;euro;trade;re 2.1% less likely to earn a Master's Degree and less likely to earn a Doctoral Degree by 0.1%.Types of billing analyst
Updated January 8, 2025
