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The differences between insurance collectors and billing specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become an insurance collector, becoming a billing specialist takes usually requires 1-2 years. Additionally, an insurance collector has an average salary of $39,463, which is higher than the $35,624 average annual salary of a billing specialist.
The top three skills for an insurance collector include patients, medical billing and healthcare. The most important skills for a billing specialist are patients, customer service, and data entry.
| Insurance Collector | Billing Specialist | |
| Yearly salary | $39,463 | $35,624 |
| Hourly rate | $18.97 | $17.13 |
| Growth rate | -8% | -3% |
| Number of jobs | 46,897 | 55,205 |
| Job satisfaction | - | - |
| Most common degree | Associate Degree, 29% | Bachelor's Degree, 31% |
| Average age | 46 | 46 |
| Years of experience | 12 | 2 |
An insurance collector is responsible for collecting and managing insurance payments. They need to generate funds through collecting bills, adhere to ethical standards, handle patients' claims, and complete other clerical work. They usually prepare and submit a member's bill for insurance so that the patient can be sure that there will be no delay in getting their claim.
Billing specialists are accounting or finance employees who are responsible for sending out billing invoices to clients. They calculate charges that their clients have incurred. They then write bills, ensure that all details are correct, and send these out to clients. They also manage payment due dates and ensure that clients are duly reminded of such deadlines. Billing specialists also manage client accounts and ensure that they are paying on time. They help identify clients who have outstanding payables and send out collection notices to them. At times, billing specialists also manage the receipt of payments to manage account records better.
Insurance collectors and billing specialists have different pay scales, as shown below.
| Insurance Collector | Billing Specialist | |
| Average salary | $39,463 | $35,624 |
| Salary range | Between $33,000 And $46,000 | Between $27,000 And $45,000 |
| Highest paying City | - | Washington, DC |
| Highest paying state | - | Delaware |
| Best paying company | - | TIBCO Software |
| Best paying industry | - | Manufacturing |
There are a few differences between an insurance collector and a billing specialist in terms of educational background:
| Insurance Collector | Billing Specialist | |
| Most common degree | Associate Degree, 29% | Bachelor's Degree, 31% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between insurance collectors' and billing specialists' demographics:
| Insurance Collector | Billing Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 12.4% Female, 87.6% | Male, 12.7% Female, 87.3% |
| Race ratio | Black or African American, 13.4% Unknown, 3.9% Hispanic or Latino, 22.6% Asian, 3.3% White, 56.4% American Indian and Alaska Native, 0.5% | Black or African American, 10.9% Unknown, 4.4% Hispanic or Latino, 19.2% Asian, 7.4% White, 57.3% American Indian and Alaska Native, 0.9% |
| LGBT Percentage | 8% | 7% |