Financial counselor is a professional who advises and counsels the client on which would be the best and the most secured investment option after conducting a proper study, assessment, and research of the client's financial history. He should have a good business acumen as well as a financial vision that will assist in handling the financial counselor responsibilities effectively. He is responsible for providing financial solutions that are cost effective, ensure good returns, and also help the clients to gain confidence that their finances are in safe hands.
Key Responsibilities of a Financial Counselor
Financial counselor advises the clients to come out of the shaky financial condition and assist them in settling down. Whenever there is an emergency medical situation, a hospital financial counselor plays a vital role in counseling the medical patients by educating them on choosing the best affordable financial option. They provide the best possible insurance and medical benefits to the patients, and make sure that the patient receives targeted medical treatment that is cost effective. To get a better idea, here are some points that best illustrate the key responsibilities that are handled by a financial counselor in the medical field:
He is responsible for answering telephone inquiries, handling and drafting of relevant correspondence, maintaining the files, ensuring that all the documentation is in appropriate billing jackets, verifying the information, and completing the necessary or missing details, etc. He maintains professional relationships with the patients as well as with the internal members. He carries out investigation to identify the obstacles that may be causing delay in the approvals and collects the balance payments.
He ensures that timely payments are accepted and posted accurately, and that they are compliant with the policies and procedures. He balances the outstanding balances within the established procedures, negotiates with the payment arrangements using personal judgment, and responds in a timely manner regarding any relevant medical billings or any other queries that the client may have. He is responsible for determining the patient's eligibility for various financial programs and assists them in making the best decisions.
Essential Skills and Abilities
To be a successful financial counselor, you need to have at least some of the following essential skills and abilities:
Educational Background
A high school diploma or any other relevant professional certification or training is required to make an entry as a financial counselor. Prior working experience in a similar role would definitely be an added advantage.
Salary Details
The minimum salary that is offered for financial counselors is in the range of $25,000 to $30,000. The maximum that is offered for financial counselors is $50,000 to $55,000. It varies depending on the relevant working experience, skills, educational background, etc. The location, type, and size of the industry are equally important factors that may be the deciding factors in determining the salary of the candidates.
Work Hours
The financial counselor needs to work for at least thirty five to forty hours per week. He may need to work extra depending on his work load and need to organize his work to ensure its timely completion. Sometimes, he may work late in the evenings or at nights to complete the emergency work or if he needs to arrange and attend meetings with clients.
Career Prospects
If you love helping people, have an aptitude for finance, and are good at solving problems and coming out with effective solutions, then this is definitely the right career option for you. The financial counselors are surely going to have a huge demand in the coming years and have bright prospects.
Thus, before you make an entry in this field, make sure you are fully aware of the financial counselor responsibilities you will need to handle.