Job Summary:
As a Cash Application Specialist, you will play a crucial role in ensuring the accurate and efficient application of cash and payments to patient accounts.
This position offers a unique opportunity to contribute to the financial integrity of our hospital while supporting the well-being of our patients.
The primary responsibilities include accurately posting various forms of payments, conducting daily cash reconciliation, verifying payment details, applying insurance payments, resolving denials and underpayments, addressing credit balances, maintaining meticulous records, fostering communication with internal teams, and identifying opportunities for process improvement.
Key Responsibilities:
Accurately post various forms of payments to patient accounts within established timelines.
Conduct daily cash reconciliation to verify and balance payment transactions.
Review payment details and supporting documentation to validate accuracy.
Apply insurance payments received from different payers, adhering to contractual terms.
Collaborate with denial and underpayment management teams to investigate and resolve discrepancies.
Identify and address credit balances on patient accounts, processing appropriate refunds or adjustments.
Maintain organized documentation of cash application activities and ensure proper data entry.
Interact with internal billing and collections teams to address payment-related inquiries and provide updates.
Continuously evaluate cash application processes and recommend improvements to enhance efficiency and accuracy.
Education:
High school diploma or equivalent.
Additional education in finance, accounting, or a related field is desirable.
Experience:
Proven experience as a Cash Application Specialist or in a similar financial role, preferably within a healthcare or hospital environment.
Familiarity with medical billing, revenue cycle management, and healthcare payment processes is advantageous.
Proficiency in financial software and database applications for payment posting and reconciliation purposes.
Required Skills and Abilities:
Strong attention to detail and accuracy.
Excellent organizational and time management skills.
Effective communication and interpersonal skills.
Ability to work independently and collaboratively in a team environment.
Analytical mindset and problem-solving abilities.
Physical Requirements:
The work environment may involve prolonged periods of sitting and computer use.
Must have the ability to communicate effectively with internal teams and external stakeholders.
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