Reimbursement SpecialistJob Description, Salary, Career Path, and Trends
Reimbursement specialists are responsible for processing insurance claims quickly and efficiently, as well as investigating claims issues and keeping patient files updated along the way. It’s an essential job because reimbursement specialists are there to ensure that patients receive accurate reimbursements for their claims. This position requires strong attention to detail and familiarity with clerical and office processes, as well as medical and insurance terminology.
Reimbursement specialists can be found working in physician’s offices or at other health care and wellness facilities.
Sample job description #1
Responsible for the timely, accurate submission of invoices to the responsible payer, of any type, for all services and products provided. Evaluates payments received and applied to the patient account. Follows up with responsible parties to ensure the receipt of timely, accurate payments. Assists with Billing and Collection Training and completes “second-level” appeals to payers.
Submits timely, accurate invoices to payer for products and services provided. Understands the terms and fee schedule for all contracts for which invoices are submitted. Correctly determines quantities and prices for drugs billed. Verifies that the services and products are correctly authorized and that required documentation is on file. Ensures that invoices are submitted for services and products that are properly ordered and confirmed as provided.
Evaluates payments received for correctness and applies payments accurately to the system. Verifies that payments received are correct according to the fee schedule. Applies the payment correctly to the patient account. Ensures that secondary bills and patient invoices are mailed within 48 hours of receipt of payment. Notifies the Reimbursement Manager if there are overpayments and/or duplicate payments for the same service. Transfers payments belonging to other offices within 48 hours of receipt.
Follows up on invoices submitted to ensure prompt and timely payment. Calls to verify that claims submitted were received and are in processing. Sends letters to the patient or responsible party when their insurance carrier fails to make payment reasonable time frame. Generates and mails statements and collections letters. Follows up on all denials within 48 hours of receipt.
Ensures compliance with policies and guidelines outlined in the contract terms and fee schedule. Follows HIPPA guidelines when accessing and sharing patient information to maintain patient and business confidentiality.
Basic education and experience requirements
High School Diploma or equivalent
0 – 6 months previous Infusion Reimbursement or Intake/Admissions experience
Basic qualifications & interests
Basic level skill in Microsoft Excel (for example: opening a workbook, inserting a row, selecting font style and size, formatting cells as currency, using copy, paste and save functions, aligning text, selecting cells, renaming a worksheet, inserting a column, selecting a chart style, inserting a worksheet, setting margins, selecting page orientation, using spell check, and/or printing worksheets).
Basic level skill in Microsoft Word (for example: opening a document, cutting, pasting and aligning text, selecting font type and size, changing margins and column width, sorting, inserting bullets, pictures and dates, using find and replace, undo, spell check, track changes, review pane, and/or print functions).
Sample job description #2
How have you impacted someone’s life today? At ABC company our teams are focused on changing the lives of our patients by providing the highest level of care each and every day. From our hospitals, rehab centers, and occupational health teams to our long-term care centers and at-home care capabilities, our complete spectrum of services will allow you to apply your skills in multiple settings while building your career.
Assistance in the preparation of the Medicare and Chapter 160 cost reports by completing basic sections under supervision
Quarterly coordination and accumulation of physician time studies
Coordination and accumulation of statistical data
Coordination and accumulation of Interns & Resident’s schedules and all required personal data
Coordination and accumulation of all Direct Patient Care Contracted Labor & Administrative Contracted Labor
Software input of the cost report data, as needed
Performance of financial analysis of relevant reimbursement issues as they arise
Preparation of the Hospice cost report with supervision
Related sections of applicable monthly/yearly surveys. Other duties as assigned by Management
Bachelor’s degree or equivalent experience in Finance, Accounting, and/or Economics with GPA above 3.0
Possesses beginning to working knowledge of hospital reimbursement experience, including preparation of cost reports
Demonstrated proficiency in Microsoft Excel and Word
Effective written and verbal communication skills
One or more years hospital reimbursement experience, including preparation of cost reports
Sample job description #3
We are looking for an Insurance Reimbursement Specialist. The Insurance Reimbursement Specialist is responsible for collecting on all outstanding balances for a specific group of payers to assure maximum reimbursement.
Works aged accounts 30-120 days, processes appeals or corrected claims, researches and reconciles credit balance accounts, and processes adjustments as needed
Interacts with patients, clinicians, insurers, Reimbursement Supervisor, and Billing management to ensure timely collection of accounts
Participates in the Quality Assurance plan
Complies with applicable CLIA and HIPAA regulations
3-5 years of experience working in medical billing, health insurance, or collections with demonstrated results
Insurance billing experience is preferred
High School diploma or GED required
Good problem-solving and decision-making skills
Time management skills are a must
Excellent customer service and phone skills
Excellent organizational, communication, multitasking, and teamwork skills
Working knowledge of ICD-10, CPT, and HCPCS coding (preferred but not required)
Average salary and compensation
The average salary for a reimbursement specialist is $46,700 in the United States. Position salary will vary based on experience, education, company size, industry, and market.
Los Angeles, California
Minneapolis-St. Paul, Minnesota
New York City, New York
Sample interview questions
What made you want to work in this industry?
What previous experience do you have that will help you succeed in this role?
What would you change about the current records systems?
How would you describe your communication skills?
Why are good communication skills essential to becoming a good reimbursement specialist?
How do you make sure you stay up-to-date on insurance regulations and HIPAA laws?
What is your biggest challenge as a reimbursement specialist?
Describe your coding skills
How do you manage rejected or unpaid claims?
What strategies do you use for ensuring accuracy?
What software are you most familiar with?
How do you handle a customer that hasn’t paid their amounts due?
How well do you manage your time?
How do you stay organized?
Describe a time a customer was upset with you. How did you handle the situation?
Share a time you made a mistake making a claim. How did you resolve the issue?
How do you make sure to collect invoices in a timely manner?
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