Payment Posting
3 days ago
Job Summary The Payment Posting & Accounts Receivable Specialist is responsible for accurately posting payments from patients and insurance companies, reconciling accounts, and managing the accounts receivable process. This role ensures that all payments are correctly applied, unpaid balances are followed up, and billing discrepancies are resolved promptly. The specialist will work closely with the billing and collections teams to ensure timely and accurate payment processing to maintain the financial health of the practice.
Responsibilities
- Payment Posting: Accurately post payments received from insurance companies, patients, and other sources into the billing system, ensuring all payments are recorded in a timely and efficient manner.
- Accounts Reconciliation: Reconcile posted payments against Explanation of Benefits (EOBs), remittance advice, and patient accounts, ensuring accuracy and identifying any discrepancies.
- Accounts Receivable Management: Monitor accounts receivable balances, follow up on unpaid or underpaid claims, and initiate collection efforts for overdue accounts.
- Denial and Discrepancy Resolution: Identify and resolve payment discrepancies, claim denials, and underpayments by working with insurance companies and other relevant parties.
- Aging Reporting: Generate and review aging reports and accounts receivable summaries to provide regular updates to management on the status of outstanding accounts.
- Patient Communication: Communicate with patients regarding their account balances, resolve billing issues, and provide assistance in setting up payment plans, if necessary.
- Pre-Insurance Verification: Collaborate with the insurance verification team to ensure correct patient eligibility and benefits information is obtained for accurate billing.
- Billing Compliance: Ensure all payment posting and accounts receivable practices are compliant with HIPAA and other regulatory standards.
- Standards Documentation: Maintain accurate records of payment posting, reconciliations, and accounts receivable activities for audits and reviews.
Qualifications
- Education: High School Diploma or equivalent required; additional training in medical billing or accounting preferred.
- Experience: 1-3 years of experience in payment posting and/or accounts receivable management in a healthcare setting.
- Knowledge: Familiarity with medical billing software, accounts receivable procedures, insurance billing practices, and HIPAA.
- Compliance: Knowledge of regulatory requirements related to medical billing and privacy.
- Skills: Strong attention to detail and organizational skills; Proficiency with medical billing software and electronic health records (EHR) systems.
- Communication: Excellent problem-solving skills and ability to resolve payment discrepancies; strong communication skills to interact with patients, insurance companies, and internal staff.
- Confidentiality: Ability to handle sensitive patient and financial information appropriately.
Working Conditions
- Office-based role with a focus on administrative and financial tasks.
- Regular interaction with patients, insurance companies, and the billing team.
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