What Does An Insurance Coordinator Do?

When compared to other jobs, Insurance Coordinator careers are projected to have a as fast as average growth rate of 0.05% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more is that the projected number of opportunities that are predicted to become available for a Insurance Coordinator by 2028 is 72,100.

Insurance Coordinators typically earn $30,609 annually, which breaks down to $14.72 an hour. However, Insurance Coordinators can earn anywhere from upwards of $22,000 to $42,000 a year. This means that the top-earning Insurance Coordinators make $20,000 more than the lowest-earning ones.

Let's say you're currently a Insurance Coordinator, but maybe you're looking for a new opportunity. You may even be playing around with the idea of becoming a Insurance Coordinator. If that's the case, you'll probably want to know how these roles compare to other positions. Luckily, you came to the right place. Here, you'll find extensive information on roles such as a Scheduling Coordinator, Medication Coordinator, Insurance Specialist, and Collections Coordinator just so you can compare job roles and responsibilities. We'll explain how these compare to Insurance Coordinators in a bit.

Insurance Coordinator Traits
Analytical skills
Analytical skills have to do with gathering information from various sources and then interpreting the data in order to reach a logical conclusion that benefits the business.
Math skills
Math skills include being able to perform basic addition and subtraction, as well as solving for the unknown and visualizing data that will be helpful in the workplace.
Self-confidence
Self-confidence involves believing in your skills and abilities.

Insurance Coordinator Job Description

Here are the duties and responsibilities that an Insurance Coordinator is likely to perform in their role.

  • Manage inventory, including ordering of necessary medications, DME's, supplies and keep good vendor relations.
  • Gain basic knowledge of HCPCS and ICD-9 coding.
  • Mail out medicare, commercial and private claims and statements.
  • Assist patients with filling out MRI assessment and screening forms.
  • Perform medical coding with most accurate and descriptive HCPCS code.
  • Work denied claims to ensure Lincare are reimbursed the full contract amount.
  • Code ICD-9 and CPT codes and post charges for both office visits and outpatient hospital procedures for the urology practice.
  • Verify ICD-9 codes and CPT billing codes to insure payment will be process for claim under customer's insurance plan.
  • Decipher EOB statements, match payments to invoices, and post cash payments and contractual allowances.
  • Utilize web base portals for various states to determine coverage eligibility for Medicaid/CMO payers.

Insurance Coordinator Skills and Personality Traits

We calculated that 36% of Insurance Coordinators are proficient in Insurance Companies, Financial Arrangements, and Patient Care. They’re also known for soft skills such as Analytical skills, Math skills, and Self-confidence.

We break down the percentage of Insurance Coordinators that have these skills listed on their resume here:

  • Insurance Companies, 36%

    Provide updated documentation to insurance companies to support the need of additional or extended authorization for services originally ordered.

  • Financial Arrangements, 5%

    Calculated fees for Treatment Coordinating and Patient Financial arrangements.

  • Patient Care, 5%

    Obtained insurance prior authorizations and kept authorizations current for patient care.

  • Front Desk, 4%

    Communicated medical information with referring doctors/front Desk throughout MD/DC/VA.

  • Customer Service, 4%

    Provided quality customer service to insurance customers, including addressing all of their questions and concerns regarding their medical benefits.

  • Treatment Plans, 3%

    Present and review treatment plans/fees/estimated insurance benefits with patients.

Insurance Companies, Financial Arrangements, and Patient Care aren't the only skills Insurance Coordinators have. In fact, there's a whole list of personality traits that are commonly seen among them, including:

  • While it may not be the most important skill, having Math skills as an Insurance Coordinator is still essential. The job duties of financial clerks includes calculating charges and updating financial records. This example is just one of many ways Insurance Coordinators are able to utilize Math skills: "Recorded patient's medical history, vital statistics, or information such as test results in medical records."
  • Another common skill for an Insurance Coordinator to be able to utilize is Communication skills. Financial clerks should be able to explain policies and procedures to colleagues and customers. an Insurance Coordinator demonstrated the need for this skill by putting this on their resume: "Document all communication and actions with patients on Eaglesoft."
  • In order to accomplish your goal of becoming a Insurance Coordinator, we've found that over half, 27.2% to be exact, of Insurance Coordinators have a bachelor's degree. The good news is that it doesn't seem like more schooling than that is necessary with only 7.6% having master's degrees. While it's true that some Insurance Coordinators have a college degree, it's generally possible to become one with only a high school degree. In fact, one out of every four Insurance Coordinators did not spend the extra money to attend college.

    The Insurance Coordinators who went onto college to earn a more in-depth education generally studied Business and Health Care Administration, while a small population of Insurance Coordinators studied Medical Assisting Services and Accounting.

    Once you've graduated with your degree, you're ready to tackle the world as an Insurance Coordinator. But where to start? Generally, Insurance Coordinators are hired the most by Fresenius Medical Care North America, Centene, and Robert Half International. Currently, Fresenius Medical Care North America has 9 Insurance Coordinator job openings, while there are 3 at Centene and 3 at Robert Half International.

    If you're in it for the money, you'll want to apply for positions at Turner Construction, Centene, and UnitedHealth Group as that's where Insurance Coordinators seem to make the most money. Let's take a closer look. At Turner Construction, the average Insurance Coordinator salary is $40,826. Whereas at Centene, Insurance Coordinators earn roughly $39,881. And at UnitedHealth Group, they make an average salary of $39,775. Before you get too excited over those salary numbers, you should make sure that securing a job at these companies is doable. For example, while Turner Construction has 0 job listings for Insurance Coordinators, Centene and UnitedHealth Group have 3 and 0 job listings respectively.

    Salaries aside, the most respected Insurance Coordinators are working at Social Security Administration, Express Services, and State Farm. By assessing which schools Insurance Coordinators mainly earn their degrees, and comparing that with the companies that have hired a significant number of Insurance Coordinators from the top 100 educational institutions in the United States, we're able to determine the most prestigious companies.

    The three companies that hire the most prestigious graphic designers are:

      How an Insurance Coordinator Compares to a Scheduling Coordinator

      First up to compare is the job of a Scheduling Coordinator. Let's start with salary. Generally speaking, Scheduling Coordinators receive $3,927 higher pay than Insurance Coordinators per year.

      While their salaries may differ, one common ground between Insurance Coordinators and Scheduling Coordinators are their skills. In both careers, employees bring forth skills such as Insurance Companies, Financial Arrangements, and Patient Care.

      These skill sets are where the common ground ends though. an Insurance Coordinator is more likely to need to be skilled in Insurance Forms, Medicaid, Accounts Receivables, and Medical Billing. Whereas a Scheduling Coordinator requires skills like Surgery, Patient Scheduling, Staff Members, and Radiology. Just by understanding these different skills you can see how truly different these careers are.

      Scheduling Coordinators receive the highest salaries in the Health Care industry coming in with an average yearly salary of $34,613. But Insurance Coordinators are paid more in the Insurance industry with an average salary of $30,778. The differences don't stop there. Next stop, education.

      On average, Scheduling Coordinators reach similar levels of education than Insurance Coordinators. In fact, Scheduling Coordinators are 0.3% less likely to earn a Master's Degree and 0.1% less likely to graduate with a Doctoral Degree.

      How an Insurance Coordinator Compares to a Medication Coordinator

      Now we'll compare Medication Coordinators, which averages a higher salary of $8,836 higher than Insurance Coordinators a year.

      A similarity between the two careers of Insurance Coordinators and Medication Coordinators are the skills associated with both roles. The similar skills include Insurance Companies, Patient Care, and Front Desk.

      In addition to the difference in salary, there are some other key differences that are worth noting. For example, a Insurance Coordinator is more likely to have skills in Financial Arrangements, Insurance Forms, Payment Arrangements, and Dental Insurance, while a typical Medication Coordinator is skilled in areas such as Medical Appointments, Ensure Compliance, Durable Medical Equipment, and Medical Coordinator. These differences highlight just how different the day-to-day in each role looks.

      While we already know that Medication Coordinators earn higher, we took a step further to see what industry these workers typically make the most. Interestingly, Medication Coordinators earn the most pay in the Health Care industry with an average salary of $41,804. Whereas, Insurance Coordinators have higher paychecks in the Insurance industry where they earn an average of $30,778.

      When it comes to education, Medication Coordinators tend to reach higher levels of education than Insurance Coordinators. In fact, they're 7.1% more likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.

      How an Insurance Coordinator Compares to an Insurance Specialist

      Let's now take a look at how Insurance Specialists compare. On an average scale, these workers bring in higher dough than Insurance Coordinators with a higher pay of $286 per year.

      Both Insurance Coordinators and Insurance Specialists utilize similar skills, such as Insurance Companies, Patient Care, and Front Desk, but beyond that the careers look very different.

      As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For starters, Insurance Coordinators are more likely to have skills like Financial Arrangements, Treatment Plans, Insurance Forms, and Dental Insurance. But a Insurance Specialist will probably be skilled in Life Insurance, Insurance Products, Outbound Calls, and FHA. This shows just how different these careers can be.

      Insurance Specialists make a very good living in the Insurance industry, where they make the highest salary of roughly $31,647. Whereas Insurance Coordinators are paid the highest salary in the Insurance industry with the average being $30,778.

      When it comes down to education, Insurance Specialists tend to reach similar levels than Insurance Coordinators. Especially since they're 1.2% more likely to earn a Master's Degree, and 0.5% more likely to graduate with a Doctoral Degree.

      How an Insurance Coordinator Compares to a Collections Coordinator

      Now, we'll compare Collections Coordinators who are known for averaging a higher pay when compared to Insurance Coordinators. In fact, the difference is about $11,734 per year.

      Both professions of Insurance Coordinators and Collections Coordinators use skills such as Insurance Companies, Customer Service, and Medicaid within their day-to-day roles.

      Even though their skill sets overlap, there are some key differences that are important to note. For one, a Insurance Coordinator tends to have more use for skills like Financial Arrangements, Patient Care, Front Desk, and Treatment Plans. Meanwhile, a typical Collections Coordinator makes use out of skills like Customer Accounts, Financial Status, Debt Repayment, and Credit Card Transactions. The difference in skills between the two professions really shows how different the two are.

      Collections Coordinators tend to earn a higher salary in the Health Care industry with an average of $45,982.

      When it comes to education, these two careers couldn't be more different. For example, Collections Coordinators reach similar levels of education when compared to Insurance Coordinators. The difference is that they're 3.6% more likely to earn a Master's Degree more, and 0.3% more likely to graduate with a Doctoral Degree.