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 workers categorized as administrative services managers will increase by 8% through the decade ending in 2024. That’s slightly faster than the average growth rate for all jobs nationwide during that same 10-year period. 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 have stronger employment 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 record keeping, 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.
Nationwide, administrative services managers in the healthcare and social assistance sector had a median annual wage of $83,810 as of May 2016, according to BLS statistics. That’s more than double the median wage for all occupations. Recent graduates of bachelor’s degree programs may begin their career in an accounts receivable specialist position, at the lower end of the salary range, with advancement to a managerial role possible with additional experience and/or qualifications.
Potential salary ranges, like employment opportunities, are determined by numerous factors, including local market conditions, industry type and size, and a candidate’s work history and degree level.
Education and Training
Many employers will expect medical accounts receivable managers to hold at least a bachelor’s degree in business administration, finance or accounting, and may 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 relevant experience before being appointed to a manager position.
A career as a medical accounts receivable manager can begin by earning 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.
Graduates of a business administration program with a specialization in healthcare management should be prepared to:
- Institute and lead change in the healthcare workplace
- Demonstrate an understanding of healthcare management, including staffing and leadership
- Communicate effectively with healthcare workers, patients and insurance companies
- Exercise sound decision-making ability
Many organizations offer support for continuing education through tuition assistance and reimbursement programs, making it possible for eligible employees to pursue a bachelor’s degree or other qualifications while continuing to work full time.
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 a challenging and rewarding career 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. A bachelor’s degree in business administration with a specialization in healthcare management can help hone the knowledge needed to advance on this professional path.