Medical accounts receivable managers are responsible for overseeing and directing a healthcare facility’s billing and receivables operation. Because of its emphasis on financial and management matters, a strong knowledge of business practices and an understanding of the healthcare industry are important for success in this profession. A career as a medical accounts receivable manager can begin with enrolling in a bachelor’s degree in business administration program with a specialization in healthcare management.
Job Outlook for Medical Accounts Receivable Managers
The U.S. Bureau of Labor Statistics (BLS) reports that employment of all administrative support managers, including medical accounts receivable managers, is expected to grow steadily in coming years. Job growth will result from an increasing need for skilled management in the expanding healthcare industry. Medical accounts receivable managers with advanced education and experience should enjoy the best prospects.
The primary responsibility of medical accounts receivable managers is to oversee a healthcare facility’s billing department. They must ensure that patients and insurance companies are properly billed for all services, and that payments are received and processed in a timely manner. Medical accounts receivable managers also provide direction to staff on resolving billing issues and prepare reports for management. In addition, they may interview and hire new employees for their department.
Other duties of medical accounts receivable managers include supervising all accounts receivable functions, such as recordkeeping, following through on overdue invoices and issuing refunds. Depending on the size of their department, they may work closely with insurance companies for reimbursement. Medical accounts receivable managers will also review, reconcile and correct account records. As supervisors, they may communicate directly with patients and establish payment plans for individuals without insurance.
Most medical accounts receivable managers have an office within a hospital or other healthcare facility, and they generally work a 40-hour workweek.
According to national salary data on PayScale.com, accounts receivable managers typically earned an annual income between $38,611 and $59,834 as of October 2010. Recent bachelor’s graduates will often start out in an accounts receivable specialist position at the lower end of the range, and move into a higher-paying managerial role with further experience.
Education and Training
Most employers expect medical accounts receivable managers to hold at least a bachelor’s degree in business administration, finance or accounting, and will generally give preference to those who specialized in healthcare management. While smaller organizations – such as a private practitioner’s office – may hire recent bachelor’s graduates to run an accounts receivable department, larger healthcare facilities usually require applicants to have some relevant experience before being appointed to a manager position.
A successful medical accounts receivable manager career can begin with a bachelor’s degree in business administration with a specialization in healthcare management. Coursework typically includes accounting, healthcare organizations, managed care, strategic management and quality improvement methods in healthcare.
Employers can be confident that graduates of a business administration program with a specialization in healthcare management are able to:
- Institute change in the healthcare workplace.
- Demonstrate an understanding of healthcare management, including staffing and leading.
- Communicate effectively with healthcare workers, patients and insurance companies.
- Exercise sound decision-making ability.
- Leverage advanced skills and knowledge to succeed as a medical accounts receivable manager.
Many employers offer opportunities for continuing education. It’s possible to gain an entry-level position with a bachelor’s degree and use tuition assistance to further your education.
Are You Considering a Medical Accounts Receivable Manager Career?
If you possess strong verbal and written communication skills, leadership ability and accounting knowledge, you may find success as a medical accounts receivable manager. The ability to think on your feet and an understanding of computer software are also valuable for this occupation. Take advantage of the many promising job opportunities within the growing healthcare industry by earning your bachelor’s degree in business administration with a specialization in healthcare management, and hone the skills and knowledge you need to excel as a medical accounts receivable manager!