Most collections coordinators list "customer service," "patients," and "phone calls" as skills on their resumes. We go into more details on the most important collections coordinator responsibilities here:
What Does a Collections Coordinator Do?
Usually working alongside a company's account receivables team, a collections coordinator is in charge of developing strategies to optimize the payment collection operations. Among their responsibilities include reaching out to clients through calls or correspondence to remind them of their payment obligations, arranging appointments, processing payments, arranging payment terms, and researching a client's communication information such as cellphone number, address, or email. Moreover, a collections coordinator must maintain an active communication line with staff while promoting and enforcing the company's policies and regulations.
Collections Coordinator Responsibilities
Here are examples of responsibilities from real collections coordinator resumes representing typical tasks they are likely to perform in their roles.
- Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
- Manage accounts receivable/payment, insurance billing and follow-up for a solo physician clinic, and direct communication with patients regarding bills.
- Audit outstanding accounts and resolve any balances including calling Medicare, Medicaid, government, private or commercial insurances.
- Perform daily follow-up on Medicare, Medicaid, workers compensation and commercial insurances.
- Hand illustrate fully render with marker and colore pencil sketches and Photoshop render drawings.
- Submit insurance appeals and provider disputes when necessary.
- Submit written appeals for reconsideration of deny or underpay claims.
- Assist with Medicare and Medicaid verification and reviews to Medicaid.
- Provide timely resolution of client billing disputes and account reconciliations.
- Identify patients in determining insurance eligibility and financial obligations prior to or at time of service.
- Plan and conduct HUMINT collection operations in response to specific theater and national-level intelligence collection requirements.
- Prepare various account reconciliations and research to obtain supporting documentation for appropriate action require to reconcile account balance with customers.
- Provide timely follow up on repossessions not re-cover in adequate time frame through various methods of investigation and customer tracking.
- Perform Medicaid and all other insurance billing/ completing private insurance verification forms and verifying accuracy of visits bill to insurance companies.
- Perform collections activities on delinquent loan accounts to include repossessions, foreclosures, bankruptcy proceedings, and disposition of repossess assets.
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Collections Coordinator Skills and Personality Traits
We calculated that 15% of Collections Coordinators are proficient in Customer Service, Patients, and Phone Calls. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Collections Coordinators that have these skills listed on their resume here:
- Customer Service, 15%
Worked with customer service and operations departments to resolve pressing payment issues involving confidential customer financial information.
- Patients, 12%
Managed accounts receivable/payment, insurance billing and follow-up for a solo physician clinic, and direct communication with patients regarding bills.
- Phone Calls, 6%
Managed a personal Queue of accounts with responsibilities including: phone calls, letters, payment programs, and skip tracing.
- Collection Efforts, 4%
Researched and analyzed accounts prior to initiating patient contact, examined historical data, evaluated past collection efforts.
- Delinquent Accounts, 4%
Distributed correspondence to various branches for resolution on severely delinquent accounts and prepared monthly status reports for senior management review.
- Appeals, 4%
Assisted Clinical Manager with Peer Review and Utilization Criteria appeals.
The three companies that hire the most prestigious collections coordinators are:
- Altice USA4 Collections Coordinators Jobs
- Performance Food Group4 Collections Coordinators Jobs
- ManpowerGroup3 Collections Coordinators Jobs
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What Accounts Receivable Specialists Do
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.
In this section, we take a look at the annual salaries of other professions. Take accounts receivable specialist for example. On average, the accounts receivable specialists annual salary is $1,935 higher than what collections coordinators make on average every year.
Even though collections coordinators and accounts receivable specialists have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require customer service, patients, and collection efforts in the day-to-day roles.
There are some key differences in responsibilities as well. For example, a collections coordinator responsibilities require skills like "phone calls," "customer accounts," "collection process," and "outstanding receivables." Meanwhile a typical accounts receivable specialist has skills in areas such as "financial reports," "general ledger," "cash receipts," and "credit memos." This difference in skills reveals how truly different these two careers really are.
Accounts receivable specialists receive the highest salaries in the technology industry coming in with an average yearly salary of $43,571. But collections coordinators are paid more in the professional industry with an average salary of $39,558.
Accounts receivable specialists tend to reach similar levels of education than collections coordinators. In fact, accounts receivable specialists are 1.4% less likely to graduate with a Master's Degree and 0.3% less likely to have a Doctoral Degree.
What Are The Duties Of an Account Specialist?
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.
Next up, we have the account specialist profession to look over. This career brings along a higher average salary when compared to a collections coordinator annual salary. In fact, account specialists salary difference is $4,648 higher than the salary of collections coordinators per year.
While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. We used info from lots of resumes to find that both collections coordinators and account specialists are known to have skills such as "customer service," "patients," and "delinquent accounts. "
While some skills are similar in these professions, other skills aren't so similar. For example, several resumes showed us that collections coordinator responsibilities requires skills like "phone calls," "collection efforts," "appeals," and "collection process." But an account specialist might use skills, such as, "account management," "powerpoint," "catheter," and "customer satisfaction."
It's been discovered that account specialists earn higher salaries compared to collections coordinators, but we wanted to find out where account specialists earned the most pay. The answer? The finance industry. The average salary in the industry is $47,336. Additionally, collections coordinators earn the highest paychecks in the professional with an average salary of $39,558.
In general, account specialists study at similar levels of education than collections coordinators. They're 0.5% less likely to obtain a Master's Degree while being 0.3% less likely to earn a Doctoral Degree.
How a Payment Processor Compares
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.
Let's now take a look at the payment processor profession. On average, these workers make lower salaries than collections coordinators with a $3,908 difference per year.
By looking over several collections coordinators and payment processors resumes, we found that both roles utilize similar skills, such as "customer service," "patients," and "phone calls." But beyond that the careers look very different.
Some important key differences between the two careers are a few of the skills necessary to fulfill responsibilities. Some examples from collections coordinator resumes include skills like "collection efforts," "appeals," "account balances," and "collection process," whereas a payment processor might be skilled in "lockbox," "process payments," "securities," and "powerpoint. "
Additionally, payment processors earn a higher salary in the insurance industry compared to other industries. In this industry, they receive an average salary of $38,534. Additionally, collections coordinators earn an average salary of $39,558 in the professional industry.
Payment processors typically study at similar levels compared with collections coordinators. For example, they're 2.2% less likely to graduate with a Master's Degree, and 0.3% less likely to earn a Doctoral Degree.
Description Of an Accounts Receivable Analyst
An Accounts Receivable Analyst provides accounts receivable support through monitoring all aspects of the collection of outstanding debts owed to a company. They check missing and unresolved payment issues, monitor overdue accounts, and prepare statements for managers.
The fourth career we look at typically earns higher pay than collections coordinators. On average, accounts receivable analysts earn a difference of $5,754 higher per year.
According to resumes from both collections coordinators and accounts receivable analysts, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "customer service," "patients," and "collection efforts. "
While some skills are shared by these professions, there are some differences to note. "phone calls," "appeals," "collection process," and "medical billing" are skills that have shown up on collections coordinators resumes. Additionally, accounts receivable analyst uses skills like pivot tables, financial reports, credit memos, and strong analytical on their resumes.
In general, accounts receivable analysts make a higher salary in the hospitality industry with an average of $45,068. The highest collections coordinator annual salary stems from the professional industry.
The average resume of accounts receivable analysts showed that they earn similar levels of education to collections coordinators. So much so that the likelihood of them earning a Master's Degree is 2.0% more. Additionally, they're less likely to earn a Doctoral Degree by 0.3%.
Types Of Collections Coordinator
Coordinator
Average Salary: $41,599
Bachelor's Degree
Available Jobs: 174,219
How To Become a Coordinator
Collections Representative
Average Salary: $34,015
High School Diploma
Available Jobs: 31,487
How To Become a Collections Representative
Collection Agent
Average Salary: $32,689
High School Diploma
Available Jobs: 14,887
How To Become a Collection Agent
Billing And Insurance Coordinator
Average Salary: $41,141
Bachelor's Degree
Available Jobs: 9,792
How To Become a Billing And Insurance Coordinator
Finance Coordinator
Average Salary: $49,358
Bachelor's Degree
Available Jobs: 7,811
How To Become a Finance Coordinator
Billing Analyst
Average Salary: $51,544
Bachelor's Degree
Available Jobs: 7,180