Insurance Jobs for Physicians – Overview
The health insurance industry is among the biggest and fastest-growing industries in the US. According to the Annual report on the Insurance Industry from various resources, the life and annuity premiums in the US totaled $864,702,869 in 2021.
The market has witnessed steady growth in the country since 2009, as insurance premiums totaled an astonishing $8.5 trillion, including casualty and life premiums.
The industry is booming and also offers incredible job opportunities for doctors.
Doctors consider working for insurance companies for several different reasons. An individual with a healthcare degree can choose to work for insurance companies in several different vital positions.
Suitable insurance jobs for physicians
To get a job in the healthcare industry, you need to earn a degree through proper training and certification.
Most positions for physicians and healthcare workers in the insurance sector are awarded to individuals who have undergone RN, MSN or BSN degrees.
There are also several positions ideal for LPNs in the insurance sector.
If you have a degree in healthcare, then you can choose to apply to become:
- Appeals consultant
- Health coach
- Nurse educator
- Case manager
- Quality manager
Insurance companies also have a huge demand for behavioral healthcare workers. These are required to handle and evaluate claims for behavioral healthcare plans.
Usually, the insurance company requires the candidate to have proper certifications, much like you must submit when working in the case management and review department for behavioral health claims.
There is also a great demand for doctors in the insurance sector, especially for doctors with significant experience in private practice or hospitals.
Such candidates are considered ideal to become claim reviewers or medical directors for the insurance provider.
How to find the best insurance jobs for physicians?
First off, you will need to complete your healthcare degree and any other specialized certifications required by the criteria. If you are qualified as a nurse, you must complete an associate’s degree or bachelor’s program before appearing for the RN exam.
If needed, you can even choose to pursue a master of science in nursing and continue it to qualify as a nurse practitioner.
However, if you want to get a job in the doctor’s insurance sector, you will need to complete medical school and the required residency program successfully first. Most insurance companies give employment priority to candidates who have considerable field experience.
Once you obtain your medical degree and work in the conventional healthcare system, you are more likely to get selected in the insurance industry. To get the required experience after completing your studies, you can choose to work in clinics, hospitals, schools, etc.
3 jobs for physicians in insurance companies
The insurance sector offers incredible job opportunities for healthcare workers. Many of these career profiles require additional skills besides your medical training. So, if you are a certified doctor, then you can choose to start a career in the insurance industry as:
1 – Medical Insurance Claims Specialist
A career as a medical insurance claims specialist is incredibly popular for doctors and other certified healthcare workers.
This is also called a health insurance claims specialist, and these individuals are responsible for accumulating and processing patient information which is required to resolve any health insurance claim.
The average salary of a Medical Insurance Claim Specialist is $72,040 per year.
When you become a health insurance claims specialist, you will also be responsible for investigating pending insurance claims, resolving billing problems/discrepancies and answering questions from customers/patients.
2 – Medical Insurance Billing Specialist
This is yet another excellent career choice for certified and experienced doctors in the insurance sector.
This job profile is most suited for physicians specializing in healthcare management.
Much like claims specialists, a medical insurance billing specialist handles health insurance claims and ensures that all necessary services have been provided to the patient.
You need to know medical coding to enter the patient information accurately in the insurance company’s billing system.
The average Salary of a Medical Insurance Billing Specialist is $47,180 per year.
In addition to checking for services provided and accurate billing, as a medical insurance billing specialist, you will also be responsible for posting insurance payments, generating bills to charge patients for procedures not covered under the insurance policy and managing denied claims and appeals.
3 – Insurance Underwriters
This is one of the increasingly popular insurance jobs for physicians in this sector. As an insurance underwriter, you are responsible for evaluating the insurance risk of applicants, calculating their correct premium quotes and developing terms and conditions for health insurance policies.
The Average Salary of an Insurance Underwriter is $76,230.
If, along with your medical expertise, you are also well-versed in accounting, finance and management, then a career as an insurance underwriter is an extremely profitable career choice for you.
These are only the top three jobs for doctors in insurance companies.
If you are a certified healthcare worker or an experienced doctor who wishes to get a non-clinical job, then a career in the insurance industry may be the right choice for you.