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Collections associate vs account specialist

The differences between collections associates and account specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a collections associate and an account specialist. Additionally, an account specialist has an average salary of $42,586, which is higher than the $38,589 average annual salary of a collections associate.

The top three skills for a collections associate include phone calls, customer service and UPC. The most important skills for an account specialist are customer service, patients, and account management.

Collections associate vs account specialist overview

Collections AssociateAccount Specialist
Yearly salary$38,589$42,586
Hourly rate$18.55$20.47
Growth rate-8%-8%
Number of jobs20,297116,010
Job satisfaction--
Most common degreeBachelor's Degree, 43%Bachelor's Degree, 54%
Average age4646
Years of experience1212

What does a collections associate do?

A collections associate is an individual who acts as a liaison between creditors and customers to collect outstanding payments and negotiates debt payments. Collections associates must contact debtors through telephone to negotiate debt recovery and prevent recurring delinquency. They must enact debt recovery plans and collaborate with other departments on debt collection strategies. They are required to research publicly-available resources such as loan documents and background checks to track down defaulters. They must also initiate legal proceedings when debt recovery fails and send statements of delinquency to the credit bureau.

What does an account specialist do?

An account specialist is responsible for reaching out to customers or potential clients through calls, emails, and other forms of correspondence to secure sales and strengthen business relations. An account specialist may also perform other tasks such as arranging appointment schedules with clients, providing price quotes and responding to further inquiries, process orders, generating sales leads, and handling complaints and resolving issues. Furthermore, an account specialist may also be involved in developing strategies, finding new opportunities, producing and completing necessary documents, and preparing reports, all in adherence to the company's policies and regulations.

Collections associate vs account specialist salary

Collections associates and account specialists have different pay scales, as shown below.

Collections AssociateAccount Specialist
Average salary$38,589$42,586
Salary rangeBetween $23,000 And $63,000Between $28,000 And $62,000
Highest paying CityDanbury, CTWashington, DC
Highest paying stateAlaskaVirginia
Best paying companyJPMorgan Chase & Co.Microsoft
Best paying industryFinanceFinance

Differences between collections associate and account specialist education

There are a few differences between a collections associate and an account specialist in terms of educational background:

Collections AssociateAccount Specialist
Most common degreeBachelor's Degree, 43%Bachelor's Degree, 54%
Most common majorBusinessBusiness
Most common college--

Collections associate vs account specialist demographics

Here are the differences between collections associates' and account specialists' demographics:

Collections AssociateAccount Specialist
Average age4646
Gender ratioMale, 34.4% Female, 65.6%Male, 32.2% Female, 67.8%
Race ratioBlack or African American, 12.3% Unknown, 4.2% Hispanic or Latino, 17.5% Asian, 3.8% White, 61.7% American Indian and Alaska Native, 0.5%Black or African American, 13.2% Unknown, 4.1% Hispanic or Latino, 17.8% Asian, 3.7% White, 60.8% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between collections associate and account specialist duties and responsibilities

Collections associate example responsibilities.

  • Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
  • Perform follow up on Medicaid accounts.
  • Execute assertive collection skills for inbound/outbound calls while meeting FDCPA guidelines.
  • Call center collections following FDCPA guidelines for third party outbound collections.
  • Perform collections activities on delinquent loan accounts to include repossessions, foreclosures, bankruptcy proceedings, and disposition of repossess assets.
  • Position requires knowledge of Medicaid/Medicare formulary of cover drugs, the dosage and restrictions.
  • Show more

Account specialist example responsibilities.

  • Cultivate productive long-term relationships with all assign accounts, and manage all reporting and presentation needs for RFP's.
  • Manage a portfolio of accounts end to end RFP program execution inclusive of pricing, contracting, process and technology solutions.
  • Manage the daily correspondence from assign practices with keeping doctor/patient confidentiality under consideration along with HIPPA regulations.
  • Deliver exceptional customer service to hospital accounts and internal sales representatives in accordance to revenue recognition policies and HIPAA regulations.
  • Experience with CMS 1500 and UB-04 claims using HCPC/CPT codes as well as NDC codes
  • Monitor CMS and real time aux codes.
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Collections associate vs account specialist skills

Common collections associate skills
  • Phone Calls, 16%
  • Customer Service, 14%
  • UPC, 10%
  • Time Card, 7%
  • Retail Store, 7%
  • Patients, 4%
Common account specialist skills
  • Customer Service, 25%
  • Patients, 13%
  • Account Management, 6%
  • PowerPoint, 4%
  • Data Entry, 4%
  • Catheter, 3%

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