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Senior collection specialist vs collections/accounts receivable

The differences between senior collection specialists and collections/accounts receivables can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a senior collection specialist and a collections/accounts receivable. Additionally, a senior collection specialist has an average salary of $45,150, which is higher than the $38,949 average annual salary of a collections/accounts receivable.

The top three skills for a senior collection specialist include portfolio, customer service and past due accounts. The most important skills for a collections/accounts receivable are customer service, patients, and delinquent accounts.

Senior collection specialist vs collections/accounts receivable overview

Senior Collection SpecialistCollections/Accounts Receivable
Yearly salary$45,150$38,949
Hourly rate$21.71$18.73
Growth rate-8%-8%
Number of jobs31,19230,523
Job satisfaction--
Most common degreeBachelor's Degree, 41%Bachelor's Degree, 40%
Average age4646
Years of experience1212

What does a senior collection specialist do?

Senior collection specialists lead others by distributing and balancing workload, providing on-the-job training, and demonstrating proper work methods to employees. The specialists determine the most effective and economical means of collecting for each account, compose correspondence requiring knowledge procedure and practices in the collection, and apply standard due diligence practice to collect monies owed. They should have work leadership, know how to gather data, and analyze financial information for decision-making purposes. Also, they apply payments received to proper accounts and make necessary adjustments or corrections.

What does a collections/accounts receivable do?

An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter. Furthermore, should there be any complex issues, it is essential to reach out to a manager or a supervisor right away.

Senior collection specialist vs collections/accounts receivable salary

Senior collection specialists and collections/accounts receivables have different pay scales, as shown below.

Senior Collection SpecialistCollections/Accounts Receivable
Average salary$45,150$38,949
Salary rangeBetween $33,000 And $61,000Between $30,000 And $49,000
Highest paying CityHartford, CTBoston, MA
Highest paying stateConnecticutConnecticut
Best paying companyJPMorgan Chase & Co.Apollo Global Management
Best paying industryHealth CareFinance

Differences between senior collection specialist and collections/accounts receivable education

There are a few differences between a senior collection specialist and a collections/accounts receivable in terms of educational background:

Senior Collection SpecialistCollections/Accounts Receivable
Most common degreeBachelor's Degree, 41%Bachelor's Degree, 40%
Most common majorBusinessBusiness
Most common college--

Senior collection specialist vs collections/accounts receivable demographics

Here are the differences between senior collection specialists' and collections/accounts receivables' demographics:

Senior Collection SpecialistCollections/Accounts Receivable
Average age4646
Gender ratioMale, 40.4% Female, 59.6%Male, 25.3% Female, 74.7%
Race ratioBlack or African American, 12.3% Unknown, 4.0% Hispanic or Latino, 20.9% Asian, 3.5% White, 58.8% American Indian and Alaska Native, 0.5%Black or African American, 12.0% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.4% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between senior collection specialist and collections/accounts receivable duties and responsibilities

Senior collection specialist example responsibilities.

  • Manage re-billings for third party accounts including: commercial carriers, manage care, PPO, POS and HMO organizations.
  • Work comp, MV cases, Medicare, Medicaid and commercial insurances.
  • Follow Medicare guidelines, posses knowledge of ICD and CPT coding, medical and reimbursement terminology, third party billing
  • Cross train fellow agents in store support and online product matrix, and train incoming agents in software and FDCPA guidelines.
  • Participate in the Medicaid conversion project.
  • Verify correct consumer provide disclosure to ensure compliance with FDCPA regulations.
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Collections/accounts receivable example responsibilities.

  • Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
  • Work accounts receivable for Medicaid verification and payments.
  • Work remittance advice from Medicaid ensuring accuracy of payments.
  • Research and obtain extensive knowledge of FDCPA debt recovery laws and assist in recovering commercial debt from organizations.
  • Communicate effectively with patients, physicians, hospital staff, and insurance representatives to ensure accuracy in claims processing.
  • Review claims to determine if process correctly and if necessary, direct patients to contact insurance companies regarding additional benefit questions.
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Senior collection specialist vs collections/accounts receivable skills

Common senior collection specialist skills
  • Portfolio, 9%
  • Customer Service, 8%
  • Past Due Accounts, 8%
  • Delinquent Accounts, 6%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
Common collections/accounts receivable skills
  • Customer Service, 21%
  • Patients, 6%
  • Delinquent Accounts, 5%
  • Credit Card Payments, 5%
  • Past Due Accounts, 5%
  • Customer Accounts, 5%

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