How to Become a Payment Recovery Specialist
Step 1: Understand the job description and responsibilities of a Payment Recovery Specialist
What does a Payment Recovery Specialist do?
A Payment Recovery Specialist is responsible for analysis of denied reimbursement claims. Ensures appropriate insurance coverage for compliance standards and revenue generation. Being a Payment Recovery Specialist monitors, evaluates, and reviews all cost reporting in support of claims. Coordinates with departments and insurance companies to correct errors as necessary. Additionally, Payment Recovery Specialist requires a bachelor's degree in area of specialty. Typically reports to a supervisor or manager. To be a Payment Recovery Specialist typically requires 4 to 7 years of related experience. Contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature.
Step 2: Learn best tips to become a Payment Recovery Specialist
Best tips for those who want to become a Payment Recovery Specialist
Here are some tips to become a Payment Recovery Specialist.
Step 3: View best colleges and universities for Payment Recovery Specialist
Best colleges and universities for Payment Recovery Specialist
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be a Payment Recovery Specialist
Is being a Payment Recovery Specialist Worth it?
Whether a client is dealing with slow pay or no pay accounts, we deliver a customized approach that outperforms all recovery expectations.
Follow service recovery framework and escalate to managers or clinical staff as appropriate.
The Collections/Recovery Specialist will be expected to collect payments, negotiate payment plans, resolve discrepancies,negotiate settlements, skip trace….
This individual needs to use good judgment and their experience to make suitable payment plans with our customers.
Prepare and submit correspondence such as letters, emails, online inquiries, appeals, adjustments, reports and payment posting.
Step 5: Prepare relevant skills for being a Payment Recovery Specialist
What skills do you need to be a Payment Recovery Specialist?
Management often looks to professional level roles for execution on their visions and goals, as such some specific skills are required. The workload of this role requires knowledge of: CPT Coding (Current Procedural Terminology), ICD-10 Coding, Medical Billing. Sometimes for this role, knowledge of the following is helpful: Billing Software, Health Care Operations Software, Medical Practice Management Software. If you highlight these skills during your interview process, you will be more likely to land the job!
This individual needs to use good judgment and their experience to make suitable payment plans with our customers.
Step 6: View average salary for Payment Recovery Specialist
How much does a Payment Recovery Specialist make?
The average salary range for a Payment Recovery Specialist is from $49,283 to $64,784. The salary will change depending on your location, job level, experience, education, and skills.
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Step 7: Find relevant Payment Recovery Specialist jobs, and apply.
Looking for Payment Recovery Specialist jobs?
Here are some Payment Recovery Specialist jobs in the United States.