Insurance Specialist Job Description
Insurance specialists provide professional advice and services to clients dealing with various insurance products and plans. Although insurance specialists typically require a bachelor’s degree to be eligible for a job, some employers will accept a high school diploma. They should possess excellent analytical skills and a thorough knowledge of industry compliance laws. Computer skills such as word processing and spreadsheet software are also important. Insurance specialists may work directly with customers or in a large agency that represents several insurance carriers. As such, their customer service skills are crucial.
Most medical offices employ an insurance specialist to handle billing and coding for patients. They calculate and process out-of-pocket expenses for patients, submit healthcare claims to insurance carriers and adhere to HIPAA laws. They also supervise cash flow in a practice and monitor for fraud. In addition to these duties, an insurance specialist must have excellent interpersonal and organizational skills. This includes being able to identify and correct small inaccuracies in insurance claims.
Some insurance specialists also possess strong communication skills. As an insurance specialist, you’ll work with clients and other insurance specialists, interpreting complex insurance policies. This will help you explain the process to customers and assist them in making informed decisions about their insurance plans. An insurance specialist will also be able to work with other insurance specialists to resolve their clients’ problems. This can help them increase their incomes. Once you’ve chosen a career path, be sure to check out your potential employer’s salary requirements.
The Affordable Care Act helped lower the rate of uninsured Americans by over 16.4% and increased enrollment in Medicaid and CHIP by 12.3 million. The result was a dramatic decrease in the cost of uncompensated healthcare in 2014, and insurance specialists are expected to benefit from this trend. According to the Bureau of Labor Statistics, there will be a strong demand for insurance specialists over the next decade. As the healthcare industry becomes more specialized, the job outlook is good for insurance specialists.
Employment opportunities for insurance specialists are plentiful, with average employment growth and decent benefits. Many insurance specialists work full-time, with a few exceptions. Some work in an office environment, while others may travel to meet clients and attend conferences. As with any job, insurance specialists are likely to face a high level of stress, as their work involves many important decisions, and they must stay on top of industry trends. Despite this, there are many advantages for this career, and the pay is great.
Education is important for insurance specialists. Those with an associate’s degree in a relevant field will be preferred by most healthcare organizations. Depending on the level of education, insurance specialists may choose to focus on finance, medical billing, or health informatics. If you have a bachelor’s degree in any of these fields, you can quickly rise to the mid-level role of an insurance claims specialist. You can even pursue an executive role in healthcare organizations by earning a four-year degree.