Bank Reconciliations Specialist
The Bank Reconciliations Specialist is responsible for researching complex account transactions and reconciles to identify and minimize risk. The Reconciliations Specialist also handles daily applications of cash processing and reconciliation of payments to the physician accounts receivables. Reviews AR postings to ensure payments are applied correctly and appropriately. Reconciles adjustments related to prior payments posted as well as auditing and correction of rejected payments.
Research and resolve unapplied/unidentified cash postings. Responsible for identifying inappropriate adjustment/discounts taken by Payors and forwarding them to the appropriate Follow-up/Accounts Receivable Representative. Performs a daily audit to balances all cash application transactions to ensure accuracy to the Accounts Receivable and General Ledger. This position holds additional duties with respect to research, and participation in root cause analysis and identifying process improvements. As well as participation in onshore and offshore staff training and quality audits, with possible exposure to multiple practice management systems.
- Investigates complex account transactions and reconcile to identify and minimize risk
- Researches check, credit card and EFT exceptions on a daily basis.
- Reconcile all electronic postings for applicable Payors.
- Reconcile unidentified accounts weekly to avoid unidentified payments remaining in the account longer than 15 days.
- Problem solves differences between cash deposits to the bank and payment postings to the billing systems.
- Update and maintain spreadsheets used for reconciliation
- Work to clear out all variances that are identified on a daily basis.
- Identify refunds related to variances for insurances and process the refunds for approval.
- Work all Patient credits from clinics and review and submit all patient refunds to accounting dept.
- Will assist with any mail that comes in for the cash team and remote deposits/scanning.
- Will assist with pulling any remits from the different portals.
- Under immediate supervision, responsible for the posting of daily deposits and the researching of exception items.
- Applies payments, adjustments, and denials to customers' accounts on a daily basis.
- Responds to internal departments regarding payment and/or questions/issues. Escalates to Supervisor when necessary.
- Perform an audit at the end of each day to ensure that all activities from lock box, vouchers and Cashier’s Office (live checks and credit cards) are balanced.
- Analyze and resolve moderately complex electronic posting reconciliations and conducts reviews of own entry to prevent errors
- Independently identifies root cause issues and effectively resolve complex misdirected payment issues; categorize error reasons and coordinate with management or other team members to ensure process improvements are completed
- Completes reports and resolve high priority cash posting issues
- Incumbents are required to have physical attendance onsite at a Strivant Health approved office location to perform the duties of the role by regularly interacting with managers, other staff members, & clients.
- Performs other related duties as required or requested.
- High School diplomas or equivalency.
- An associates or bachelor's degree in Accounting or a minimum of 3 years of equivalent experience in Payment Posting / Cash Applications in a medical billing or medical accounts receivables environment.
- Attention to detail with the ability to identify/resolve problems and document the outcome
- Ability to complete mathematical calculations in order to complete required reports.
- Ability to effectively use a personal computer and working knowledge of spreadsheet application to perform data entry and analysis (must be intermediate in Excel and Word).
- Interpersonal skills needed to explain and interpret ledgers and accounts to employees and managers.
- Communication and interpersonal skills necessary to interact with internal/external customers in various circumstances.
- Ability to collaborate effectively in a team setting in order to maximize quality and efficiently of operations.
- Excellent organizational and time management skills. Ability to establish and meet deadlines while managing multiple priorities.
Strivant Health partners with physician practices to improve revenue cycle operations by optimizing people, processes and technology. We provide best in class Medical Billing, Collections, Call Center, Credentialing and Analytics that are all designed to focus on maximizing our provider clients’ revenue. This allows our client providers to stay focused on the practice of medicine, rather than the business of medicine. We have worked with over 4,000 providers representing 25 different specialties and over 30 technology platforms in our 20+ years of business.
Benefits: Strivant Health offers its employees excellent benefits including Health, Dental, Vision, Life, AD&D, 401(k), paid holidays, PTO.
Location: This position is based in our Tinley Park, IL Headquarters at 7851 West 185th St., Ste 200, Tinley Park, IL 60477.
Hours: Monday - Friday. 8:00 AM-4:30 PM, CST
Status: Full Time, benefits eligible
We are looking forward to reviewing your resume!
No agencies, please!
Search tags: Patient Access, Patient Financial Rep, Revenue Cycle, RCM, Accounts Receivables Rep, Patient Account Rep, Patient Service Rep, Account Rep, Medical Coding, Medical Credentialing, Medical Referrals, Medical Billing, Payment Posting, Cash Applications
Job Type: Full-time