Medical collectors or medical billing specialists determine what patients owe based on the diagnosis or medical procedure. They then send medical forms to insurance companies for reimbursement. Medical collectors also work closely with medical coders because all billing is based on a coding system. Medical collectors call patients or customers who are late paying bills.
Average Annual Salary
Medical collectors earn $12.21 to $16.33 per hour, according to 2011 PayScale.com data, which equals $25,399 to $33,966 per year, based on 40 hours of work per week. Additionally, medical collectors earn average overtime pay of $17.88 to $24.32 per hour, annual bonuses of $247 to $1,046 and profit sharing of $687 to $2,985 per year. Consequently, medical collectors can earn average annual incomes of $26,198 to $35,978. Also, a 2010 Bureau of Labor Statistics (BLS) report states that medical records and health information technicians, two comparable professions, earn median salaries of $30,610 per year.
Medical collectors' salaries can vary significantly by the type of employer. For example, medical collectors tend to earn the highest hourly rates working for colleges and universities at $12.21 to $21.62, per PayScale.com, or $25,399 to $44,970 annually, based on a 40-hour workweek. Medical collectors also earn high hourly rates working for foundations or trusts: $13.88 to $20.39 per hour or $28,870 to $42,411 annually. Additionally, medical collectors earn $12.33 to $17.88 per hour or $25,696 to $37,190 per year working for the federal government; and $11.81 to $15.85 per hour or $24,565 to $32,968 annually working at hospitals.
Salary by Specialty
Medical collectors can earn higher hourly rates by specialty. For example, medical collectors earn some of the highest hourly rates in accounts receivable at $12.96 to $17.83, per PayScale.com, which equals $26,957 to $37,086 per year, based on a 40-hour workweek. Medical collectors working in Medicare earn $12.07 to $17.61 per hour or $25,107 to $36,629 annually. Additionally, medical collectors earn $11.97 to $16.53 per hour or $24,898 to $34,382 per year working as medical coders; and $11.10 to $16.39 per hour or $23,088 to $34,091 annually working in hospital billing.
Salary by City
Medical collectors earn some of the highest hourly rates in San Diego, Ca., at $12.21 to $18.15, per PayScale.com, which equals $25,397 to $37,752 annually, based on a 40-hour workweek. In Dallas, medical collectors can expect to earn $12.33 to $17.87 per hour or $25,696 to $37,170 per year. Additionally, medical collectors earn $13.31 to $17.21 per hour or $27,685 to $35,797 annually in Houston; $13.25 to $16.63 per hour or $27,560 to $34,590 annually in Austin, Texas; and $13.07 to $15.89 per hour or $27,186 to $33,051 per year in Atlanta.