Health care financial counselors work in clinical settings.
Health care financial counselors are usually hired by health care facilities to work with patients who have been treated by that institution's health care professionals. They help patients understand how much health care visits, procedures, supplies and other related items cost. In the United States, the median annual base salary for this job is $32,864.
Coordination
Understanding insurance, Medicare, Medicaid and the various other forms of health coverage can be confusing. A health care financial counselor helps patients or the parties responsible for their finances to organize and coordinate their financial obligations. The health care financial counselor is involved with the patient from pre-admission, through their care, and during discharge, assisting the patient or their responsible party in creating and understanding a financial picture and developing solutions to meet their financial responsibilities.
Detailed Billing
Health care financial counselors help patients untangle the complicated web of co-payments, deductibles and premiums. Inpatient and outpatient stays in medical facilities are usually covered differently under insurance and other health care plans. Medicare can be especially confusing, as multiple scenarios are possible under this program. Medicare Parts A, B, C and D each provide different coverage, with some being paid for by the patient and some by the federal government.
Resources
In addition to understanding the patient's financial obligations to the health care facility, a health care financial counselor helps patients identify sources they hadn't considered that could help them with their health care bills. Self-pay patients, for example, may be eligible for government assistance, charitable help or other forms of financial aid. The health care financial counselor is also responsible for answering the patient's questions regarding financial issues, payment options, medical coverage and assistance programs.
Regulations
Health care financial counselors must be capable of meeting regulations outlined by state, federal and third-party billers. If claims are made improperly or if regulations such as pre-certification are not met, payment penalties can occur, causing the patient to have higher out-of-pocket expenses. A health care financial counselor may also assist a patient in finding second opinions or follow-up care when necessary or required by a health plan or insurance company.
Requirements/Conditions
Usually, a health care financial counselor must have completed a high school degree. Creativity is required by this job, as the financial counselor must be able to visualize different scenarios that can best help the patient achieve his health care goals and meet his financial obligations. Latitude is also important, as each patient has a unique circumstance, and the health care financial counselor must operate within that framework. The job usually works under general supervision in the medical setting.
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