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Insurance specialist vs billing specialist

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 vs billing specialist overview

Insurance SpecialistBilling Specialist
Yearly salary$34,281$35,624
Hourly rate$16.48$17.13
Growth rate-3%-3%
Number of jobs98,59555,205
Job satisfaction--
Most common degreeBachelor's Degree, 42%Bachelor's Degree, 31%
Average age4446
Years of experience42

What does an insurance specialist do?

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.

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 specialist vs billing specialist salary

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

Insurance SpecialistBilling Specialist
Average salary$34,281$35,624
Salary rangeBetween $27,000 And $42,000Between $27,000 And $45,000
Highest paying CityNew York, NYWashington, DC
Highest paying stateNew HampshireDelaware
Best paying companyDeloitteTIBCO Software
Best paying industryGovernmentManufacturing

Differences between insurance specialist and billing specialist education

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

Insurance SpecialistBilling Specialist
Most common degreeBachelor's Degree, 42%Bachelor's Degree, 31%
Most common majorBusinessBusiness
Most common college-University of Pennsylvania

Insurance specialist vs billing specialist demographics

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

Insurance SpecialistBilling Specialist
Average age4446
Gender ratioMale, 22.1% Female, 77.9%Male, 12.7% Female, 87.3%
Race ratioBlack 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 Percentage11%7%

Differences between insurance specialist and billing specialist duties and responsibilities

Insurance specialist example responsibilities.

  • Manage database by processing renewals and endorsements.
  • Maintain confidentiality and adhere HIPPA guidelines with handling patients' information
  • Make recommendations on operationalization and oversight of specific marketplace enrollment policies.
  • Verify various health insurance plan benefit information and eligibility for patients with chronic illnesses.
  • Identify third party patient eligibility for Medicaid, Medicare, private insurance and alternate resources.
  • Enter and prepare advanced beneficiary notices base on diagnosis and procedure codes for Medicare cover patients.
  • Show more

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 specialist vs billing specialist skills

Common insurance specialist skills
  • Patients, 18%
  • Customer Service, 11%
  • Insurance Coverage, 4%
  • Insurance Verification, 4%
  • Life Insurance, 4%
  • Data Entry, 4%
Common billing specialist skills
  • Patients, 16%
  • Customer Service, 10%
  • Data Entry, 9%
  • Medical Billing, 7%
  • Medicaid, 6%
  • CPT, 3%

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