Medical collections specialist vs loss mitigation specialist

The differences between medical collections specialists and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a medical collections specialist and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $36,249 average annual salary of a medical collections specialist.

The top three skills for a medical collections specialist include patients, healthcare and medical collections. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Medical collections specialist vs loss mitigation specialist overview

	Medical Collections Specialist	Loss Mitigation Specialist
Yearly salary	$36,249	$43,251
Hourly rate	$17.43	$20.79
Growth rate	-8%	-8%
Number of jobs	83,342	7,596
Job satisfaction	-	3.67
Most common degree	Associate Degree, 28%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

What does a medical collections specialist do?

Medical collections specialists are responsible for the collection of insurance claims. The responsibilities of this position include locating debtors, contacting debtors to address the overdue payments, keeping records of debts, collecting updated information on client accounts and payments, processing payments, and reviewing records to ensure they are accurate. They also conduct follow ups for insurance reimbursement, repossess claims, draft appeals, and resolve unpaid claims.

What does a loss mitigation specialist do?

A loss mitigation specialist is responsible for evaluating outstanding debts, assisting the mortgage owner on minimizing losses by reviewing potential risks before settling a mutual agreement for the debtor and the bank. Loss mitigation specialists analyze financial documents and account statements, determining the property value, and assess the debtor's credit ratings. They also negotiate on payment plans, ensuring that the debtor understands the terms and conditions to prevent further financial damage. A loss mitigation specialist must have excellent knowledge of the financial industry, including banking products and services.

Medical collections specialist vs loss mitigation specialist salary

Medical collections specialists and loss mitigation specialists have different pay scales, as shown below.

	Medical Collections Specialist	Loss Mitigation Specialist
Average salary	$36,249	$43,251
Salary range	Between $30,000 And $43,000	Between $34,000 And $54,000
Highest paying City	Tracy, CA	Virginia Beach, VA
Highest paying state	Connecticut	Maryland
Best paying company	Pacific Medical	Accenture
Best paying industry	Professional	Professional

Differences between medical collections specialist and loss mitigation specialist education

There are a few differences between a medical collections specialist and a loss mitigation specialist in terms of educational background:

	Medical Collections Specialist	Loss Mitigation Specialist
Most common degree	Associate Degree, 28%	Bachelor's Degree, 51%
Most common major	Health Care Administration	Business
Most common college	-	-

Medical collections specialist vs loss mitigation specialist demographics

Here are the differences between medical collections specialists' and loss mitigation specialists' demographics:

	Medical Collections Specialist	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 19.5% Female, 80.5%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 12.8% Unknown, 4.1% Hispanic or Latino, 20.8% Asian, 3.7% White, 58.1% American Indian and Alaska Native, 0.5%	Black or African American, 13.9% Unknown, 3.9% Hispanic or Latino, 20.7% Asian, 3.4% White, 57.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between medical collections specialist and loss mitigation specialist duties and responsibilities

Medical collections specialist example responsibilities.

Manage accounts for healthcare clients, review detailed patient information for payment resolution while abiding HIPPA privacy and security regulations.
Job duties include collecting on HMO, PPO, Medicare, and HMO Medicaid.
Work directly with Medicare and HMO Medicaid plans, and statewide HMO/PPO/POS plans.
Reprocess denied medical claims using extensive appeal tactics or special appeals processing instructions for commercial and government carriers.
Adhere to all HIPAA guidelines as well as various policies and guidelines.
Provide itemized billing statements and screen HIPAA authorization forms for hundreds of legal firms.

Loss mitigation specialist example responsibilities.

Manage internal team SharePoint and document repository.
Document accurate loss mitigation reviews and foreclosure details via MSP.
Submit Medicare claims through DDE.
Deal with Nielsen and Rentrak to monitor advertiser ad ratings
Check accounts for accuracy according to Medicare HMO guidelines.
Resolve customer disputes and prepare adjustments to A/R when necessary.

Medical collections specialist vs loss mitigation specialist skills

Common medical collections specialist skills

Patients, 19%
Healthcare, 14%
Medical Collections, 7%
Medicaid, 5%
Patient Accounts, 5%
Appeals, 5%

Common loss mitigation specialist skills

Customer Service, 13%
Loan Modifications, 9%
Foreclosure Process, 8%
Inbound Calls, 5%
Loss Mitigation Options, 4%
Payment Arrangements, 3%

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Medical Collections Specialist
Medical Collections Specialist vs Loss Mitigation Specialist

Updated January 8, 2025

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