What does a finance counselor do?
A finance counselor specializes in providing billing advice to patients in a hospital or similar setting. They are primarily responsible for giving cost-estimates and offering financial assistance in payment plans and other options such as insurance. Moreover, they must gather patient information and requirements, verifying them for authenticity. They must also review financial and medical history to ensure that the patient can uphold financial obligations. Furthermore, it is essential to build rapport with clients to improve relationships.
Finance counselor responsibilities
Here are examples of responsibilities from real finance counselor resumes:
- Lead cleanup of company database and files with pending patient and insurance payments through Meditech software program.
- Work one on one with the nurses to insure all patients are registered and treat with dignity and compassion.
- Develop ad implement in-house software financial aid college work-study program.
- Collect student paperwork to verify FAFSA applications to award accurate financial aid.
- Provide excellent customer service reflecting respect and compassion towards every patient and visitor.
- Interview and train college work-study personnel, and counsele students/parents for eligibility for financial aid.
- Verify patient eligibility with insurance carriers follow by notifying & assisting patients in understanding the entire process of their individual case.
- Monitor the NSLDS transfer monitoring program and verify students overlapping loans.
- Trust accounting, bank reconciliations, and accounts payable in QuickBooks.
- Print incoming ISIR's and distribute to the appropriate financial aid counselor.
- Default prevention, notifying and counseling students of outstanding loan debt, using NSLDS records.
- Package pell awards and campus-base funds in accordance with the applicable financial aid rules and regulations.
- Read medical records to confirm accuracy in CPT & ICD-9 coding for deny claims, submit adjust claims if require.
- Work as a contractor to assist with Medicaid in-patient as well as out-patient billing and assist with confirming Medicare billing.
- Obtain patient eligibility, benefits, co-pays, policy restrictions & all billing requirements, knowledge of ICD-9 and CPT codes.
Finance counselor skills and personality traits
We calculated that 28% of Finance Counselors are proficient in Patients, Customer Service, and Medical Terminology. They’re also known for soft skills such as Analytical skills, Math skills, and Sales skills.
We break down the percentage of Finance Counselors that have these skills listed on their resume here:
- Patients, 28%
Provided oncology patients with counseling regarding payment assistance programs for chemotherapy medications for firm managing California Cancer Center's collection services.
- Customer Service, 11%
Coordinated patient admission process including registration and insurance verification, ensuring accurate information for billing purposes while maintaining excellent customer service.
- Medical Terminology, 6%
Utilize extensive medical terminology background to ensure correct diagnosis/ICD-9 information coincides with patient record for prompt payment.
- Insurance Benefits, 5%
Consulted with Domestic and International patients to review treatment plan, financial options and insurance benefits/coverage; reviewing available financial options.
- Insurance Coverage, 4%
Analyze insurance coverage and benefits for service to ensure timely reimbursement and obtain all Prior Authorization Certification and/or authorizations as appropriate.
- Payment Arrangements, 4%
Determined patient qualification for CICP, Medicaid, hospital charity programs, and payment arrangements based on confidential financial information.
"patients," "customer service," and "medical terminology" are among the most common skills that finance counselors use at work. You can find even more finance counselor responsibilities below, including:
Analytical skills. The most essential soft skill for a finance counselor to carry out their responsibilities is analytical skills. This skill is important for the role because "in determining an investment portfolio for a client, personal financial advisors must be able to assess a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions." Additionally, a finance counselor resume shows how their duties depend on analytical skills: "input patient registration data into system. "
Math skills. Another soft skill that's essential for fulfilling finance counselor duties is math skills. The role rewards competence in this skill because "personal financial advisors must be adept at working with numbers to determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments." According to a finance counselor resume, here's how finance counselors can utilize math skills in their job responsibilities: "use mathematical skills to calculate copay or percentage of financial estimate amount due and/or establish payment arrangements accurately. "
Sales skills. finance counselors are also known for sales skills, which are critical to their duties. You can see how this skill relates to finance counselor responsibilities, because "to expand their base of clients, personal financial advisors must be convincing and persistent in selling their services." A finance counselor resume example shows how sales skills is used in the workplace: "define sales methodologies within company support system through communications (email/letters/phone calls) with follow up appointments. "
Speaking skills. finance counselor responsibilities often require "speaking skills." The duties that rely on this skill are shown by the fact that "personal financial advisors interact with clients every day." This resume example shows what finance counselors do with speaking skills on a typical day: "work in collaboration with the billing department to resolve open insurance claims as presented by walk-in clients. "
Interpersonal skills. Another common skill required for finance counselor responsibilities is "interpersonal skills." This skill comes up in the duties of finance counselors all the time, as "a major part of a personal financial advisor’s job is making clients feel comfortable." An excerpt from a real finance counselor resume shows how this skill is central to what a finance counselor does: "demonstrated proactive interpersonal communications skills while dealing with patient concerns through telephone calls, emails and in-person conversations. "
The three companies that hire the most finance counselors are:
- Lee Regional Health System27 finance counselors jobs
- UnitedHealth Group23 finance counselors jobs
- Hca Hospital Services Of San Diego
22 finance counselors jobs
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Compare different finance counselors
Finance counselor vs. Registration representative
In medical facilities, a registration representative serves as the patients' first point of contact in clinics and hospitals. They primarily greet patients, identify their needs, gather personal and medical information, and assist them in filling out forms. They must also handle admission and discharge procedures, process payments, arrange payment plans, and collect insurance information. Furthermore, as a registered representative, it is essential to maintain an active communication line with staff for a smooth and efficient workflow.
There are some key differences in the responsibilities of each position. For example, finance counselor responsibilities require skills like "financial obligations," "payment options," "financial assistance applications," and "insurance carriers." Meanwhile a typical registration representative has skills in areas such as "patient care," "physician orders," "insurance cards," and "insurance verification." This difference in skills reveals the differences in what each career does.
Registration representatives really shine in the health care industry with an average salary of $34,337. Comparatively, finance counselors tend to make the most money in the health care industry with an average salary of $39,699.On average, registration representatives reach similar levels of education than finance counselors. Registration representatives are 4.5% less likely to earn a Master's Degree and 0.7% less likely to graduate with a Doctoral Degree.Finance counselor vs. Investment advisor
An investment advisor is responsible for managing the clients' financial portfolios, advising them of investment options according to their financial goals and objectives, and their ability to handle risks. Investment advisors should have excellent knowledge of the investment policies, providing the clients with the best financial strategies according to their interests. They also determine their expenses, income, and credit scores to identify a comprehensive financial plan. An investment advisor helps the clients with cash management techniques, as well as conducting data analysis on financial market projections.
In addition to the difference in salary, there are some other key differences worth noting. For example, finance counselor responsibilities are more likely to require skills like "patients," "customer service," "medical terminology," and "insurance benefits." Meanwhile, an investment advisor has duties that require skills in areas such as "exceptional client," "risk management," "client relationships," and "business development." These differences highlight just how different the day-to-day in each role looks.
Investment advisors may earn a higher salary than finance counselors, but investment advisors earn the most pay in the telecommunication industry with an average salary of $127,062. On the other hand, finance counselors receive higher pay in the health care industry, where they earn an average salary of $39,699.investment advisors earn higher levels of education than finance counselors in general. They're 6.3% more likely to graduate with a Master's Degree and 0.7% more likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for finance counselors in the next 3-5 years?
Lesley Casarez Ph.D.
Director, Quality Enhancement Plan Program Coordinator, M.S. Professional School Counseling Associate Professor, Curriculum and Instruction, Angelo State University
Finance counselor vs. Wealth management internship
In a wealth management internship, an intern's duties depend on the directives of a supervising manager or staff. Typically, their responsibilities revolve around gaining industry insights while performing support tasks for the team, such as preparing and processing documents, answering calls and correspondence, organizing and disseminating files, and running errands as needed. They may also perform market research, assist in risk assessment procedures, and participate in developing management strategies. Furthermore, as an intern, it is essential to familiarize and adhere to the company's policies and regulations.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from finance counselor resumes include skills like "patients," "customer service," "medical terminology," and "insurance benefits," whereas a wealth management internship is more likely to list skills in "client portfolios," "financial services," "equity research," and "morningstar. "
Most wealth management interns achieve a similar degree level compared to finance counselors. For example, they're 1.3% more likely to graduate with a Master's Degree, and 0.3% more likely to earn a Doctoral Degree.Finance counselor vs. Wealth management advisor
As a wealth management advisor, you will be responsible for advising and guiding clients on financial plans using your knowledge and expertise on investment and tax strategies, pension plans, insurance, real estate, and securities. You will be regularly checking clients to re-evaluate their situation and future financial goals. Additionally, you are responsible for assessing clients' tolerance for risk and providing an investment strategy to help them reach these goals. Other duties and responsibilities may include coordinating with your lawyers or accountants to minimize the tax owed by their clients and assisting clients with estate planning strategies.
Types of finance counselor
Updated January 8, 2025
