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Collections specialist vs account specialist

The differences between collections specialists 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 specialist and an account specialist. Additionally, an account specialist has an average salary of $42,586, which is higher than the $35,164 average annual salary of a collections specialist.

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

Collections specialist vs account specialist overview

Collections SpecialistAccount Specialist
Yearly salary$35,164$42,586
Hourly rate$16.91$20.47
Growth rate-8%-8%
Number of jobs40,277116,010
Job satisfaction--
Most common degreeBachelor's Degree, 34%Bachelor's Degree, 54%
Average age4646
Years of experience1212

What does a collections specialist do?

As their name entails, collections specialists collect payments for the outstanding accounts receivables. Collections specialists list the names of those who were unable to pay their overdue bills based on their delinquency severity. They locate the customers through loan documents, background checks, credit bureau information, and other databases or paperwork. These specialists are expected to be excellent in their negotiation and communication skills. They should also be trustworthy, reliable, and act professionally to be considered as good specialists.

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 specialist vs account specialist salary

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

Collections SpecialistAccount Specialist
Average salary$35,164$42,586
Salary rangeBetween $27,000 And $45,000Between $28,000 And $62,000
Highest paying CityBoston, MAWashington, DC
Highest paying stateConnecticutVirginia
Best paying companyKent Daniels & AssociatesMicrosoft
Best paying industryFinanceFinance

Differences between collections specialist and account specialist education

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

Collections SpecialistAccount Specialist
Most common degreeBachelor's Degree, 34%Bachelor's Degree, 54%
Most common majorBusinessBusiness
Most common college--

Collections specialist vs account specialist demographics

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

Collections SpecialistAccount Specialist
Average age4646
Gender ratioMale, 30.5% Female, 69.5%Male, 32.2% Female, 67.8%
Race ratioBlack or African American, 12.2% Unknown, 4.1% Hispanic or Latino, 18.5% Asian, 3.7% White, 61.0% 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 specialist and account specialist duties and responsibilities

Collections specialist example responsibilities.

  • Manage university A/R processes and enforce tuition payment policy.
  • Manage accounts for healthcare clients, review detailed patient information for payment resolution while abiding HIPPA privacy and security regulations.
  • Review denied Medicare and Maine Medicaid insurance claims for accuracy.
  • Analyze hospital insurance claims of individual patients for errors and contact major insurance carriers for claims dispute resolution.
  • Analyze accounts for patients ineligible for private insurance, Medicare or Medicaid and indicating inability to pay balance.
  • Possess effective persuasion and negotiation skills, excellent interpersonal and communications skills with the ability to deliver quality customer service.
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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 specialist vs account specialist skills

Common collections specialist skills
  • Customer Service, 23%
  • Patients, 8%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
  • Delinquent Accounts, 4%
  • Phone Calls, 4%
Common account specialist skills
  • Customer Service, 25%
  • Patients, 13%
  • Account Management, 6%
  • PowerPoint, 4%
  • Data Entry, 4%
  • Catheter, 3%

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