Post job

Insurance collector vs debt collector

The differences between insurance collectors and debt collectors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both an insurance collector and a debt collector. Additionally, an insurance collector has an average salary of $39,463, which is higher than the $33,865 average annual salary of a debt collector.

The top three skills for an insurance collector include patients, medical billing and healthcare. The most important skills for a debt collector are customer service, outbound calls, and payment arrangements.

Insurance collector vs debt collector overview

Insurance CollectorDebt Collector
Yearly salary$39,463$33,865
Hourly rate$18.97$16.28
Growth rate-8%-8%
Number of jobs46,89723,385
Job satisfaction--
Most common degreeAssociate Degree, 29%High School Diploma, 34%
Average age4646
Years of experience1212

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 debt collector do?

Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.

Insurance collector vs debt collector salary

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

Insurance CollectorDebt Collector
Average salary$39,463$33,865
Salary rangeBetween $33,000 And $46,000Between $26,000 And $43,000
Highest paying City-San Francisco, CA
Highest paying state-California
Best paying company-Mayor Ethan Berkowitz
Best paying industry-Construction

Differences between insurance collector and debt collector education

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

Insurance CollectorDebt Collector
Most common degreeAssociate Degree, 29%High School Diploma, 34%
Most common majorBusinessBusiness
Most common college--

Insurance collector vs debt collector demographics

Here are the differences between insurance collectors' and debt collectors' demographics:

Insurance CollectorDebt Collector
Average age4646
Gender ratioMale, 12.4% Female, 87.6%Male, 30.7% Female, 69.3%
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, 12.2% Unknown, 4.0% Hispanic or Latino, 20.0% Asian, 3.4% White, 59.9% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between insurance collector and debt collector 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.
  • Show more

Debt collector example responsibilities.

  • Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
  • Work with FHA, obama programs at the time.
  • Educate customers on ways to get medical assistance such as Medicaid, Medicare etc.
  • Prevent foreclosure by putting people on repayment plans, submitting requests for modifications, or deed in lieu.
  • File Medicaid, Medicare and commercial claims consisting of PPO discounts, nurse practitioner discounts, humanitarian discounts, etc.
  • Maintain security and confidentiality of company and client information, following FDCPA regulations.
  • Show more

Insurance collector vs debt collector skills

Common insurance collector skills
  • Patients, 20%
  • Medical Billing, 8%
  • Healthcare, 7%
  • Medicaid, 5%
  • Appeals, 5%
  • Insurance Accounts, 4%
Common debt collector skills
  • Customer Service, 9%
  • Outbound Calls, 9%
  • Payment Arrangements, 8%
  • Delinquent Accounts, 8%
  • Credit Card Payments, 6%
  • FDCPA, 5%

Browse office and administrative jobs