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Collector vs collections specialist

The differences between collectors and collections 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 collector and a collections specialist. Additionally, a collections specialist has an average salary of $35,164, which is higher than the $34,872 average annual salary of a collector.

The top three skills for a collector include patients, customer service and payment arrangements. The most important skills for a collections specialist are customer service, patients, and customer accounts.

Collector vs collections specialist overview

CollectorCollections Specialist
Yearly salary$34,872$35,164
Hourly rate$16.77$16.91
Growth rate-8%-8%
Number of jobs23,94840,277
Job satisfaction--
Most common degreeBachelor's Degree, 31%Bachelor's Degree, 34%
Average age4646
Years of experience1212

What does a collector do?

Collectors are responsible for monitoring and providing immediate actions for client accounts with overdue payments. Collectors must be able to contact clients through phone or e-mail. A collector's duty also includes negotiating on payment procedures and offering repayment plans and alternative payment solutions to free the debt. Collectors need to document any agreements made to the client, updating and verifying contact information, resolving account discrepancies and client complaints, and report escalated concerns to the management.

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.

Collector vs collections specialist salary

Collectors and collections specialists have different pay scales, as shown below.

CollectorCollections Specialist
Average salary$34,872$35,164
Salary rangeBetween $27,000 And $44,000Between $27,000 And $45,000
Highest paying CityLos Angeles, CABoston, MA
Highest paying stateAlaskaConnecticut
Best paying companyUlineKent Daniels & Associates
Best paying industryFinanceFinance

Differences between collector and collections specialist education

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

CollectorCollections Specialist
Most common degreeBachelor's Degree, 31%Bachelor's Degree, 34%
Most common majorBusinessBusiness
Most common college--

Collector vs collections specialist demographics

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

CollectorCollections Specialist
Average age4646
Gender ratioMale, 36.0% Female, 64.0%Male, 30.5% Female, 69.5%
Race ratioBlack or African American, 12.1% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.5% American Indian and Alaska Native, 0.5%Black 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%
LGBT Percentage8%8%

Differences between collector and collections specialist duties and responsibilities

Collector example responsibilities.

  • Manage patient focuse reports, collection modules, provider/facility A/R, collections, patient discharge letters.
  • Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
  • Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
  • Provide customer service via telephone and correspondence for patients and authorize representatives regarding outstanding patient accounts in accordance with facility protocol.
  • Verify and run eligibility on the following insurance, Medi-Cal, Medi-Cal HMO, Medicare, Medicare HMO.
  • Provide excellent customer service while following HIPPA confidentiality laws.
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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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Collector vs collections specialist skills

Common collector skills
  • Patients, 14%
  • Customer Service, 10%
  • Payment Arrangements, 10%
  • Excellent Interpersonal, 9%
  • Delinquent Accounts, 8%
  • Student Loans, 5%
Common collections specialist skills
  • Customer Service, 23%
  • Patients, 8%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
  • Delinquent Accounts, 4%
  • Phone Calls, 4%

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