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Senior collection specialist vs collections specialist

The differences between senior collection specialists and collections 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 senior collection specialist and a collections specialist. Additionally, a senior collection specialist has an average salary of $45,150, which is higher than the $35,164 average annual salary of a collections specialist.

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

Senior collection specialist vs collections specialist overview

Senior Collection SpecialistCollections Specialist
Yearly salary$45,150$35,164
Hourly rate$21.71$16.91
Growth rate-8%-8%
Number of jobs31,19240,277
Job satisfaction--
Most common degreeBachelor's Degree, 41%Bachelor's Degree, 34%
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 specialist do?

As their name entails, collections specialists collect payments for the outstanding accounts receivables. Collections specialists list the names of those who were unable to pay their overdue bills based on their delinquency severity. They locate the customers through loan documents, background checks, credit bureau information, and other databases or paperwork. These specialists are expected to be excellent in their negotiation and communication skills. They should also be trustworthy, reliable, and act professionally to be considered as good specialists.

Senior collection specialist vs collections specialist salary

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

Senior Collection SpecialistCollections Specialist
Average salary$45,150$35,164
Salary rangeBetween $33,000 And $61,000Between $27,000 And $45,000
Highest paying CityHartford, CTBoston, MA
Highest paying stateConnecticutConnecticut
Best paying companyJPMorgan Chase & Co.Kent Daniels & Associates
Best paying industryHealth CareFinance

Differences between senior collection specialist and collections specialist education

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

Senior Collection SpecialistCollections Specialist
Most common degreeBachelor's Degree, 41%Bachelor's Degree, 34%
Most common majorBusinessBusiness
Most common college--

Senior collection specialist vs collections specialist demographics

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

Senior Collection SpecialistCollections Specialist
Average age4646
Gender ratioMale, 40.4% Female, 59.6%Male, 30.5% Female, 69.5%
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, 12.2% Unknown, 4.1% Hispanic or Latino, 18.5% Asian, 3.7% White, 61.0% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between senior collection specialist and collections specialist 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 specialist example responsibilities.

  • Manage university A/R processes and enforce tuition payment policy.
  • Manage accounts for healthcare clients, review detailed patient information for payment resolution while abiding HIPPA privacy and security regulations.
  • Review denied Medicare and Maine Medicaid insurance claims for accuracy.
  • Analyze hospital insurance claims of individual patients for errors and contact major insurance carriers for claims dispute resolution.
  • Analyze accounts for patients ineligible for private insurance, Medicare or Medicaid and indicating inability to pay balance.
  • Possess effective persuasion and negotiation skills, excellent interpersonal and communications skills with the ability to deliver quality customer service.
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Senior collection specialist vs collections specialist 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 specialist skills
  • Customer Service, 23%
  • Patients, 8%
  • Customer Accounts, 6%
  • Payment Arrangements, 5%
  • Delinquent Accounts, 4%
  • Phone Calls, 4%

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