Billing Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a billing analyst. Feel free to use our billing analyst job description template to produce your own. We also provide you with information about the salary you can earn as a billing analyst.
Who is a Billing Analyst?
The role that assists Revenue Assurance and billing management teams in conducting timely and accurate issue analyses is known as billing analysis. For the specified period, the Billing Analysis report gives information on billing decisions relating to time and expenses. The report will assist you in determining the realization percentage of your firm’s billing rates, margin, and the most profitable clients, employees, or services. The report will show you whether or not your firm was able to bill for your employees’ allocated rates, as well as the gap between what you’re billing and the firm’s cost. As a result, a billing analyst is someone who works in a company’s accounting department to ensure that clients are billed appropriately. They communicate with clients, send bills, and manage the company’s revenue intake and finances. A billing analyst verifies the correctness of customer bills. As a billing analyst, you’ll answer customers’ inquiries about their bills, evaluate billing statements, and resolve billing problems in the billing, accounting, or financial departments. You may also be responsible for invoicing clients, depending on the organization; however, most companies will use billing and invoicing software to automate this process.
Billing analysts work in mid-and large-sized corporations’ accounting divisions. Billing analysts work for a variety of companies, but some qualities remain consistent. A company would go out of business if it didn’t have revenue, and the billing analyst is in charge of sending bills out to bring in money. Most large and mid-sized businesses employ billing analysts, and while their titles may range significantly, their responsibilities are the same. Billing Analysts’ responsibilities vary depending on their employer, although invoicing and financial analysis are usually their primary concerns. Billing Analyst is an entry-level financial career that many people use as a stepping stone to more advanced positions in accounting. A Bachelor’s degree in a finance-related subject, such as accounting or business, is required for most billing analysts. It’s a conventional office job, with timetables that follow the standard 9 to 5 corporate routine. Demand for Billing Analysts is expected to fall by 8% through 2024, according to the Bureau of Labor Statistics. Despite the fact that demand is expected to fall, the function of billing analysts remains vital. The predicted rise of automation over the next decade is a major factor in this projection.
Creating invoices to bill for the company’s services or products is part of the billing analyst’s job description. They may generate invoices based on contracts that the customer has signed. Monthly or annual billing is required under contracts, which the analyst will use to build a billing invoice. In certain businesses, the billing analyst collaborates with salespeople to bill clients after they’ve placed orders. Before invoicing, they collaborate with shipping and sales to confirm that orders have been completed. Analysts examine invoices to ensure that clients are correctly billed. Analysts who work in billing or invoicing are frequently the first point of contact for customers.
Because invoices are the primary means by which a company is paid, a Billing Analyst’s primary responsibility is to create them. To ensure that all bills are prepared and issued on time, competence in Microsoft Office and great attention to detail, as well as organizational abilities, are required. A Billing Analyst is responsible for taking control of the invoicing process, in addition to the more standard responsibilities. This necessitates critical thinking as well as an understanding of the company’s financial objectives. When it comes time for a promotion, a Billing Analyst who excels at this task is generally noticed. Internal and external invoicing questions are answered by billing analysts. They must also collaborate with clients to achieve their goals and to make sure that the billing is set up correctly for them. This includes taking care of tax-exempt consumers, discounted customers, and, in some situations, ensuring that resellers are properly set up. Customer calls and billing complaints may be handled by billing analysts in some firms. The analysts collaborate with clients to find solutions, which may include credit or extended billing. To be successful as a billing analyst, you must be a dedicated worker who can work independently and efficiently under pressure. Finally, you should be able to verify that billing activities run smoothly and accurately. Aside from invoicing and taking leadership of invoicing operations, a Billing Analyst can anticipate doing the following essential activities on a daily basis:
Payment Issues Should Be Reported and Resolved: This is a job that may necessitate dispute resolution abilities, as it can involve disputing payment issues with clients and customers. Some difficulties must be documented and escalated to the Manager of Accounting, which necessitates organizational abilities.
Analyze Unbilled Accounts: This is where good analytical abilities are required. A billing analyst must be able to swiftly discover unbilled balances by looking at financial statements. In large companies with dozens, hundreds, or even thousands of transactions every day, this is an especially significant responsibility.
Create Reports: Another one of the Billing Analyst’s roles is to prepare reports and present them to decision-makers. This necessitates good presentation abilities as well as the ability to talk in front of small groups.
Billing Analyst Job Description
Below are the billing analyst job description examples you can use to develop your resume or write a billing analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a billing analyst include the following:
- Perform a thorough examination of all billing methods.
- Obtain approval from superiors for billing.
- Prepare customer electronic invoices.
- Establish an efficient billing system.
- Go over all of the documents linked with the bills to guarantee correctness.
- Double-check that all billing computations are valid before sending bills to customers.
- Meet all billing deadlines.
- Record all billing transactions, expenses, revenue, and fund transfers meticulously.
- Reconcile billing data and income estimates are reported to the administration.
- Suggest changes in billing processes.
- Aid and support all billers.
- Mentor new hires/staff in the billing department.
- Participate in audits when necessary.
- Analyze and examine all third-party claims as well as insurance claims.
- Produce reports for management on a regular basis or upon request.
- Produce charts and graphs to demonstrate revenue discrepancies for billing manager or executive staff examination.
- Ensure billing practices are kept private.
- Examine and investigates overdue accounts.
- Makes contact with companies that have unpaid debts to work out a payment plan.
- Monitor companies with credit lines’ monthly payment schedules.
- Negotiate deals with businesses that are experiencing financial difficulties or are considering bankruptcy.
- Contact collection agencies to recover seriously delinquent bills.
- Work with attorneys when legal action is required to secure payment of bills.
- Manage numerous initiatives to improve ACH electronic billing and reporting automation.
- Assist with the introduction of new EMR software and train new billing employees.
- Go to the CMS website to determine the correct LCDs or NCDs for Medicare claims.
- Produce month-end reports for executive staff using IDX.
- Respond quickly to the patient, insurance carrier, and attorney requests without violating HIPPA.
- Review and update ICD-10 codes to ensure that they match the proper tests and outcomes.
- Perform billing and coding for the ambulance, emergency room, inpatient, and outpatient services.
- Learn how to use database tools and SQL programming to meet the needs of clients.
- Participate in the decision-making process for new or improved computer billing systems.
- Participate in the transition to a new system and the training of billing personnel on how to utilize it effectively.
- Process healthcare applications, plan revisions, reconciliation, and enrollments using Humana and CMS requirements.
- Analyze and examine workers’ compensation claims to confirm that the CPT and ICD9 codes are correct before processing payments.
- Correct non-billable information such as CPT and ICD codes, insurance, and demographic information while maintaining a daily cash drawer balance.
- Resolve client concerns about system and invoice difficulties, including A/R, payments, and collections, as well as writing all outgoing correspondence.
- Transfer all information from paper patient files to an electronic patient file system so that paper files can be destroyed in accordance with HIPPA regulations.
- Assist the clinical team in ensuring that the provider has entered the correct service descriptions and ICD-10 diagnoses.
- Creates PowerPoint presentations for educational input.
Qualifications
- 3+ years of experience working as a Billing Analyst or in a similar accounting job
- Good working knowledge of electronic billing procedures
- Strong communication and teamwork abilities
- Excellent knowledge of MS Office, particularly Excel
- Familiarity with databases and SQL
- Good time management and organizing skills
- Taking responsibility and paying attentive attention to the details ability to work under pressure
- A BSc or BA in accounting, finance, or another math-related field is required.
- The CPA stands for Certified Professional Billing Analyst.
Essential Skills
- Outstanding customer service abilities.
- Must be a great mathematician.
- A thorough understanding of billing programs is required.
- Accepted accounting techniques are familiar to you.
- Excellent computer abilities are required.
- Microsoft Access and Excel are two programs that you should be familiar with.
- Must be extremely organized and detail-oriented.
- Superior analytical abilities are required.
- Knowledge of industry-specific universal billing codes is required.
- Must be able to multi-task effectively.
- Must be able to look at computer screens for long periods of time.
- Excellent written and vocal communication abilities are required.
- Has the capacity to work on their own with minimal supervision.
- Has the ability to handle stressful events, especially as a month or fiscal year is coming to a close.
- To learn new billing systems and processes, or to renew credentials, you must be willing to attend classes.
How to Become a Billing Analyst
If you’re thinking about starting a career as a Billing Analyst, keep in mind the skills, qualifications, and time it takes to become a professional Billing Analyst, as well as how to improve your career. The ways to start and enhance your Billing Analyst career are outlined below.
- Get a college diploma
If you want to work as a billing analyst, one of the first things you should think about is how much schooling you’ll need. Billing Analysts with a bachelor’s degree account for 58.8% of the workforce. In terms of education, we discovered that 7.5 percent of Billing Analysts hold a master’s degree. Despite the fact that most billing analysts have a college diploma, it is feasible to work as one with only a high school diploma or a GED. A Bachelor’s Degree in Accounting or a similar discipline is normally required to begin your Billing Analyst job path in order to stay a competitive alternative for employers. Focus on developing industry-specific skills during your studies so that you are well-prepared for applying for entry-level jobs and joining the workforce. Before entering the profession, you may need to complete a Billing Analyst internship to get your Bachelor’s degree and gain critical on-the-job skills.
- Pick a specialty
You may be required to choose a specialty within your profession as a billing analyst. Determine the aspect of the billing analyst sector you excel at, and continue to take proactive actions to advance in your chosen specialty.. When it comes to learning how to become a billing analyst, picking the correct major is crucial.
- Obtain an entry-level position
You’ll normally start your career as an entry-level Billing Analyst after earning a Bachelor’s Degree in Accounting or a similar discipline. In general, after earning a four-year bachelor’s degree in a comparable field, you can work as a billing analyst. Depending on the type of Billing Analyst position you wish to pursue, you might want to look into certified coding specialist or certified professional coder cpc certification.
- Get some experience
You might find that previous work experience will assist you in becoming a billing analyst. Many Billing Analyst roles, for example, demand prior experience as a Customer Service Representative. Meanwhile, many Billing Analysts, on the other hand, have prior work experience as a Billing Specialist or Administrative Assistant.
- Make progress in your career
There are multiple Billing Analyst career path levels to advance into after entry-level. As an entry-level Billing Analyst, it can take up to two years to advance to the next seniority level position. To advance in your Billing Analyst career path, you’ll need about 2 years of experience at each level. To continue your Billing Analyst career path, you may need extra schooling, an advanced degree such as a Master’s Degree in a related subject, or unique certifications.
- Opportunities for further education
Continuing education is not required in many industries or firms to further your Billing Analyst career path. Earning this degree, on the other hand, may help you rise to higher-paying employment more rapidly. It can take four years to acquire a bachelor’s degree in accounting. People with a Bachelor’s Degree earn an average of $69,724 per year, compared to $35,460 for those without one.
Where to Work as a Billing Analyst
Billing analysts work in Hospitals, mid and large-sized corporations’ accounting divisions.
Billing Analyst Salary Scale
In the United States, the average billing analyst earns is $90,443. The average bonus for a Billing Analyst is $375, or 0% of their annual pay, with 25% of workers saying that they receive a bonus every year. Billing Analysts earn the most in San Francisco, CA, with an average total compensation of $135,762, which is 50% higher than the national average.
A billing specialist in Nigeria earns roughly 249,000 NGN per month on average. Salaries range from 122,000 NGN to 388,000 NGN (lowest to highest) (highest). This is the monthly average pay, which includes housing, transportation, and other benefits. Salary for billing specialists varies greatly depending on experience, skills, gender, and region. A full breakdown based on a variety of parameters may be found below. The most essential criterion in deciding a wage is the amount of experience. Naturally, the more years of experience you have, the more money you will earn. A billing specialist with less than two years’ experience can expect to earn around 145,000 NGN per month. Someone with two to five years of experience may expect to earn 186,000 NGN per month, which is 29% more than someone with less than two years of experience. In reality, someone with five to 10 years of experience earns 257,000 NGN per month, which is 38% more than someone with two to five years of experience.