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Insurance collector vs billing specialist

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 vs billing specialist overview

Insurance CollectorBilling Specialist
Yearly salary$39,463$35,624
Hourly rate$18.97$17.13
Growth rate-8%-3%
Number of jobs46,89755,205
Job satisfaction--
Most common degreeAssociate Degree, 29%Bachelor's Degree, 31%
Average age4646
Years of experience122

What does an insurance collector do?

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.

What does a billing specialist do?

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 collector vs billing specialist salary

Insurance collectors and billing specialists have different pay scales, as shown below.

Insurance CollectorBilling Specialist
Average salary$39,463$35,624
Salary rangeBetween $33,000 And $46,000Between $27,000 And $45,000
Highest paying City-Washington, DC
Highest paying state-Delaware
Best paying company-TIBCO Software
Best paying industry-Manufacturing

Differences between insurance collector and billing specialist education

There are a few differences between an insurance collector and a billing specialist in terms of educational background:

Insurance CollectorBilling Specialist
Most common degreeAssociate Degree, 29%Bachelor's Degree, 31%
Most common majorBusinessBusiness
Most common college-University of Pennsylvania

Insurance collector vs billing specialist demographics

Here are the differences between insurance collectors' and billing specialists' demographics:

Insurance CollectorBilling Specialist
Average age4646
Gender ratioMale, 12.4% Female, 87.6%Male, 12.7% Female, 87.3%
Race ratioBlack 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 Percentage8%7%

Differences between insurance collector and billing specialist duties and responsibilities

Insurance collector example responsibilities.

  • Verify accuracy of claims, work EOB's for all insurance company types, identify and solve problems with unpaid claims.
  • Handle workers' comp., HMO, PPO correspondence.
  • Identify incorrect charges base on proper CPT coding and payment methodologies.
  • Utilize ICD9 and CPT code medical directories for billing purposes to get paid on claims.
  • Perform necessary task to have commercial and workers comp EOB's reprocess to receive the correct total reimbursement.
  • Download weekly Florida Medicaid remittance amounts and send to management.
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Billing specialist example responsibilities.

  • Use of QuickBooks to manage vendors' accounts, set up filing system to maintain files and supporting billing documents.
  • Manage the daily correspondence with keeping doctor/patient confidentiality under consideration along with HIPPA regulations.
  • Use independent judgment, manage and impart confidential information appropriately per HIPAA regulations and company requirements.
  • Accept and process healthcare claims and confidential medical records; verify patient eligibility and manage the Medicare and Medicaid billing process.
  • Provide additional information/clarification for insurance claims using knowledge of CPT, ICD-9, and HCPCS codes, as well as modifiers.
  • Assist staff with proper billing for patients, ensure proper coding using ICD-10, ICD-9 and CPT-4 coding.
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Insurance collector vs billing specialist skills

Common insurance collector skills
  • Patients, 20%
  • Medical Billing, 8%
  • Healthcare, 7%
  • Medicaid, 5%
  • Appeals, 5%
  • Insurance Accounts, 4%
Common billing specialist skills
  • Patients, 16%
  • Customer Service, 10%
  • Data Entry, 9%
  • Medical Billing, 7%
  • Medicaid, 6%
  • CPT, 3%

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