The job of a healthcare collections manager is complex and challenging in the healthcare industry. A health care facility involves huge amount of financial expenditures and collection during the course of its daily operation. The duty of a finance or credit collection in an organization is an important and critical issue, which can only be carried out by experienced and expert professionals. Healthcare collections manager responsibilities are performed by a professional who ensures that all financial collections including revenues from debtors are received on time and with accuracy. The collection manager may work for hospitals, public health homes, nursing homes, health care agencies, insurance companies, or any other health administration organization.
The healthcare facilities are in constant need of money to meet the operational and other expenses. There are huge numbers of internal and external transactions that take place on a daily basis. On the other hand, these facilities must have the capacity to handle the financial and credit collections regularly to avoid mismanagement of finances or disparity in the profit and loss statement or balance sheet. Collection managers have the expertise in managing the in-flow and out-flow of money in the collection department. He/she supervises this department and the junior staff to help in accurate financial reporting.
With good management skills and knowledge of finance and organizational practices, you may look upon this challenging position in any healthcare facilities according to your choice. The first and foremost step that you need to take while applying for this position is to have a complete understanding of the roles and responsibilities of such a professional. The key responsibilities and other qualifications have been discussed below in the article for your reference. Remember that the following details have been discussed in a generalized way, and the scope of work may involve other aspects for some employers.
A healthcare collections manager should possess minimum qualifications in order to qualify for such a position. He/she must hold a bachelor's degree in finance, accounting, or a related field. A master’s degree adds value to this position to perform the managerial functions efficiently. Some employers hire only candidates with master's degree or diploma in financial management, accounting management, risk management or business administration.
A health collections manager must bring with him/her at least five years of experience in finance and accounting with minimum two years of responsible experience in the healthcare industry.
A healthcare collections manager receives a salary of $ 74,700 per year approximately. Earnings of a healthcare collections manager depends on the experience, expertise of the candidate, the location and type of the organization and other such factors.
With the growing health care industry, the employment opportunities in this field will grow up to 16% by the end of 2015. The healthcare collections manager responsibilities and qualifications as mentioned in the article will clear any doubts that you might have about the profession. There are ample opportunities waiting for you in the job market. If you have a finance and accounting background and possess work experience in the healthcare industry, you may apply for this senior position immediately.