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The differences between insurance specialists and billing specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become an insurance specialist, becoming a billing specialist takes usually requires 1-2 years. Additionally, a billing specialist has an average salary of $35,624, which is higher than the $34,281 average annual salary of an insurance specialist.
The top three skills for an insurance specialist include patients, customer service and insurance coverage. The most important skills for a billing specialist are patients, customer service, and data entry.
| Insurance Specialist | Billing Specialist | |
| Yearly salary | $34,281 | $35,624 |
| Hourly rate | $16.48 | $17.13 |
| Growth rate | -3% | -3% |
| Number of jobs | 98,595 | 55,205 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 42% | Bachelor's Degree, 31% |
| Average age | 44 | 46 |
| Years of experience | 4 | 2 |
An insurance specialist is an individual responsible for interpreting insurance plans and providing risk management advice to clients and wealth managers. Insurance specialists must have a full understanding of risk management to craft a comprehensive solution that integrates well with the client's portfolio. They need to manage their clients' accounts and should maintain contact with clients after the application process. Insurance specialists must ensure that government insurance programs comply with federal laws, regulations, and contracts within the healthcare industry.
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 specialists and billing specialists have different pay scales, as shown below.
| Insurance Specialist | Billing Specialist | |
| Average salary | $34,281 | $35,624 |
| Salary range | Between $27,000 And $42,000 | Between $27,000 And $45,000 |
| Highest paying City | New York, NY | Washington, DC |
| Highest paying state | New Hampshire | Delaware |
| Best paying company | Deloitte | TIBCO Software |
| Best paying industry | Government | Manufacturing |
There are a few differences between an insurance specialist and a billing specialist in terms of educational background:
| Insurance Specialist | Billing Specialist | |
| Most common degree | Bachelor's Degree, 42% | Bachelor's Degree, 31% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between insurance specialists' and billing specialists' demographics:
| Insurance Specialist | Billing Specialist | |
| Average age | 44 | 46 |
| Gender ratio | Male, 22.1% Female, 77.9% | Male, 12.7% Female, 87.3% |
| Race ratio | Black or African American, 13.8% Unknown, 4.3% Hispanic or Latino, 14.4% Asian, 3.9% White, 63.2% 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 | 11% | 7% |