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Finance coordinator vs collections coordinator

The differences between finance coordinators and collections coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a finance coordinator, becoming a collections coordinator takes usually requires 6-12 months. Additionally, a finance coordinator has an average salary of $49,358, which is higher than the $37,938 average annual salary of a collections coordinator.

The top three skills for a finance coordinator include patients, customer service and payroll. The most important skills for a collections coordinator are customer service, patients, and phone calls.

Finance coordinator vs collections coordinator overview

Finance CoordinatorCollections Coordinator
Yearly salary$49,358$37,938
Hourly rate$23.73$18.24
Growth rate-5%-8%
Number of jobs106,18740,113
Job satisfaction5-
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 48%
Average age5146
Years of experience612

What does a finance coordinator do?

Finance coordinators are skilled professionals who are employed by all types of industries to manage their financial records accurately. Under the supervision of financial managers, they correlate the company's accounts receivables and payables. They should be able to keep records together with documentation effectively to ensure precision and punctuality of deliverables. Their responsibilities include ensuring accurate billing of customers, managing billing issues and disputes, and making required adjustments to clients' accounts. Candidates for the job must be organized, detail-oriented, able to multi-task as well as cautiously handle sensitive information.

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.

Finance coordinator vs collections coordinator salary

Finance coordinators and collections coordinators have different pay scales, as shown below.

Finance CoordinatorCollections Coordinator
Average salary$49,358$37,938
Salary rangeBetween $34,000 And $71,000Between $30,000 And $47,000
Highest paying CityWashington, DCNew York, NY
Highest paying stateMarylandConnecticut
Best paying companyMcKinsey & Company IncUniversity of California, Berkeley
Best paying industryProfessionalProfessional

Differences between finance coordinator and collections coordinator education

There are a few differences between a finance coordinator and a collections coordinator in terms of educational background:

Finance CoordinatorCollections Coordinator
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 48%
Most common majorBusinessBusiness
Most common collegeUniversity of Pennsylvania-

Finance coordinator vs collections coordinator demographics

Here are the differences between finance coordinators' and collections coordinators' demographics:

Finance CoordinatorCollections Coordinator
Average age5146
Gender ratioMale, 22.1% Female, 77.9%Male, 26.6% Female, 73.4%
Race ratioBlack or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.4% Asian, 6.5% White, 67.7% American Indian and Alaska Native, 0.6%Black or African American, 12.1% Unknown, 4.1% Hispanic or Latino, 20.8% Asian, 3.6% White, 59.0% American Indian and Alaska Native, 0.5%
LGBT Percentage7%8%

Differences between finance coordinator and collections coordinator duties and responsibilities

Finance coordinator example responsibilities.

  • Manage patient and insurance account receivables, perform patient account reconciliations, account audits, process insurance billing/correspondence.
  • Construct posts featuring highlights of past events on Facebook.
  • Enter EOB payments and denials and perform follow up with insurance company on denials.
  • Create promotional flyers for annual concerts and fundraisers which are posted through via Facebook and local areas.
  • Review and process EOB's daily, entering comments into the bill comment log as to status of follow up.
  • Produce basic PowerPoint presentation materials, including graphical renderings for illustration.
  • Show more

Collections coordinator example responsibilities.

  • 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.
  • Show more

Finance coordinator vs collections coordinator skills

Common finance coordinator skills
  • Patients, 21%
  • Customer Service, 11%
  • Payroll, 5%
  • Reconciliations, 4%
  • Data Entry, 3%
  • Insurance Benefits, 3%
Common collections coordinator skills
  • Customer Service, 15%
  • Patients, 12%
  • Phone Calls, 6%
  • Collection Efforts, 4%
  • Delinquent Accounts, 4%
  • Appeals, 4%

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