What does a collection analyst do?
Collections analysts assess the riskiness of a company or person in credit extension and repayment collection. The analysts manage data processing contract procurement negotiation. They help in the quarterly and yearly external and internal audits. It is part of their job to collect the first payment default and make sure that portfolios are inappropriate performance. They also act on collection calls for the area of responsibility assigned to them.
Collection analyst responsibilities
Here are examples of responsibilities from real collection analyst resumes:
- Represent and lead the collections' team during executive management weekly conference calls providing updates on the delinquent A/R reports.
- Assist in reducing the DSO down and limit bad debt expense while focusing on building revenue.
- Maintain customer relations while improving company DSO.
- Work remittance advice from Medicaid and Medicare ensuring accuracy of payments, correcting account billing according with Medicaid or Medicare disposition.
- Do credit checks for new clients with Dunn & Bradstreet along with Equifax.
- Perform processing functions necessary to ensure timely and accurate DME billing.
Collection analyst skills and personality traits
We calculated that 16% of Collection Analysts are proficient in Customer Service, Portfolio, and Patients. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Collection Analysts that have these skills listed on their resume here:
- Customer Service, 16%
Use effective time management to ensure collections/customer service experience is satisfactory and meet all expectations as given by reporting manager.
- Portfolio, 9%
Escalated issues with internal business partners for quick resolution to ensure customer satisfaction to maintain health of portfolio against assigned metrics.
- Patients, 5%
Prepared & submitted refund requisitions and adjustments; processed reimbursements to patients and insurance companies weekly.
- Customer Accounts, 5%
Researched accounting issues, reviewed customer accounts to ensure accuracy and negotiated/implemented repayment plans to minimize uncollected revenue.
- Delinquent Accounts, 4%
Followed established processes required to initiate legal proceedings, employ private collection agencies, or collect special arrangements for delinquent accounts.
- Reconciliations, 4%
Prepare various account reconciliations and research to obtain supporting documentation for appropriate action required to reconcile account balance with customers.
Most collection analysts use their skills in "customer service," "portfolio," and "patients" to do their jobs. You can find more detail on essential collection analyst responsibilities here:
Listening skills. One of the key soft skills for a collection analyst to have is listening skills. You can see how this relates to what collection analysts do because "collectors must pay attention to what debtors say when trying to negotiate a repayment plan." Additionally, a collection analyst resume shows how collection analysts use listening skills: "communicated & followed up effectively with project managers regarding customer accounts & billing transactions on a timely basis. "
Negotiating skills. Many collection analyst duties rely on negotiating skills. "the main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.," so a collection analyst will need this skill often in their role. This resume example is just one of many ways collection analyst responsibilities rely on negotiating skills: "contacted customers and worked directly negotiating repayment options and providing solutions on accounts greater than 90-days past due. "
Speaking skills. Another skill that relates to the job responsibilities of collection analysts is speaking skills. This skill is critical to many everyday collection analyst duties, as "collectors must be able to speak to debtors to explain their options and ensure that they fully understand what is being said." This example from a resume shows how this skill is used: "researched, reviewed and addressed billing discrepancies and payment history inquiries. "
The three companies that hire the most collection analysts are:
- USAA14 collection analysts jobs
- Corcentric6 collection analysts jobs
- The Walt Disney Company5 collection analysts jobs
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Compare different collection analysts
Collection analyst vs. Account representative
Account representatives are employees who manage client accounts and act as the main contact of the clients they are handling. They maintain existing accounts by updating client details regularly. They also check up on clients to see if they are still satisfied with the products or services of the company. They also create new accounts by welcoming new clients and assisting them in their needs. Account representatives manage client inquiries and process client requests. They also address complaints and ensure that any challenges are mitigated and that clients remain with the company.
While similarities exist, there are also some differences between collection analysts and account representative. For instance, collection analyst responsibilities require skills such as "portfolio," "reconciliations," "financial statements," and "strong problem-solving." Whereas a account representative is skilled in "data entry," "customer satisfaction," "cpt," and "medical terminology." This is part of what separates the two careers.
Account representatives really shine in the finance industry with an average salary of $38,433. Comparatively, collection analysts tend to make the most money in the technology industry with an average salary of $51,647.The education levels that account representatives earn slightly differ from collection analysts. In particular, account representatives are 2.8% less likely to graduate with a Master's Degree than a collection analyst. Additionally, they're 0.1% more likely to earn a Doctoral Degree.Collection analyst vs. Accounts receivable supervisor
An accounts receivable supervisor is responsible for overseeing the operations and activities related to an organization's accounts receivable. Your duties will vary and typically includes processing invoices and following-up on payments, maintaining cash receipts, and resolving payment issues on time. In addition, an accounts receivable supervisor will be responsible for updating and maintaining accurate financial records and ledgers, keeping information confidential to protect the organization's value, and accomplishing accounting and organizational mission by completing relevant results.
Each career also uses different skills, according to real collection analyst resumes. While collection analyst responsibilities can utilize skills like "portfolio," "strong problem-solving," "collection issues," and "payment arrangements," accounts receivable supervisors use skills like "data entry," "medicare," "payroll," and "general ledger accounts."
Accounts receivable supervisors may earn a higher salary than collection analysts, but accounts receivable supervisors earn the most pay in the technology industry with an average salary of $60,782. On the other hand, collection analysts receive higher pay in the technology industry, where they earn an average salary of $51,647.Average education levels between the two professions vary. Accounts receivable supervisors tend to reach similar levels of education than collection analysts. In fact, they're 0.3% less likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.Collection 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.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a collection analyst is likely to be skilled in "portfolio," "customer accounts," "strong problem-solving," and "collection process," while a typical account receivable associate is skilled in "data entry," "good judgment," "general ledger," and "cash receipts."
Account receivable associates earn the best pay in the technology industry, where they command an average salary of $51,557. Collection analysts earn the highest pay from the technology industry, with an average salary of $51,647.account receivable associates typically earn similar educational levels compared to collection analysts. Specifically, they're 1.8% less likely to graduate with a Master's Degree, and 0.0% less likely to earn a Doctoral Degree.Collection analyst vs. Billing and insurance coordinator
A billing and insurance coordinator is responsible for coordinating with employees from different departments of an organization for billing and insurance processing purposes. Billing and insurance coordinators sort mail for distribution to appropriate personnel, performing administrative and clerical duties as needed, managing and releasing of invoices under the manager's supervision, and responding to employees' inquiries and concerns. A billing and insurance coordinator must be highly analytical, as well as have excellent knowledge of the insurance disciplines and processes to assist the employees with their payments and benefits.
Types of collection analyst
Updated January 8, 2025
