Senior Manager, Cash Applications
Company: Lifescan Labs of Illinois
Posted on: March 14, 2023
Lifescan Labs of Illinois -
Location: -Skokie, IL -
Reports to: -Chief Revenue Cycle Officer -
FLSA Status: -Exempt (full-time)
Work Hours: -Monday - Friday 9:00 a.m. - 5:30 p.m. CT
The Senior Manager, Cash Applications serves and an integral leadership role on the Lifescan Labs Revenue Cycle Team. The position is responsible for all cash functions for client and patient accounts; Cash posting, unapplied cash, credit balances, adjustment posting, and correspondence activities. The Senior Manager strives to optimize staff performance through technology, process automation, standard operating procedure implementation, and internal controls. -
Essential Job Functions:
- Provides daily overall management and direction to the cash application team. -
- Develops, implements, and revises standard operating procedures for all cash application functions. Partners with the Training Team to develop department training. -
- Utilizes daily banking and system reports to reconcile cash posted against remittance advice and bank deposits at the department level. Monitors team's batches and assists with individual reconciliation ensuring department level daily reconciliation.
- Directs the transition of payers to the bank lockbox or ACH payments with electronic remittance. Identifies payers or repricer's charging fees and updates the payer remittance information to eliminate unnecessary fees.
- Identifies and executes key performance indicators to assess the effectiveness and efficiency of cash application processes.
- Develops and implements productivity and quality key performance indicators for the cash application team. Continually assesses volume of payments and remittance to determine and maintain appropriate staffing levels.
- Partners and supports all financial reconciliation processes at month and year end with the Finance Team.
- Identifies and reports payment issues, remittance issues, or extensive payment lag times. May work directly with payer or partner with Senior Manager Payer Relations to resolve payer payment issues.
- Acts as subject matter expert to support Client Billing, Insurance Specialists, and Account Managers with payment questions and payment issues.
- Creates and monitors clearing accounts and ensures all unapplied payments are researched and resolved timely.
- Manages the documentation and resolution of credit balances and refunds in accordance with government regulations, payer contracts, and Lifescan Labs policy and procedure.
- Enhances and standardizes workflow processes to achieve consistency and best practices.
- Remains current with trends, regulatory requirements, and business strategies related to the payer relations and revenue cycle. -
- Operates in compliance with all local, state, and Federal laws as well as policy and compliance standards.
- Other duties and responsibilities as assigned.
Education and Experience: -
- Bachelor's degree in a healthcare, business, finance, or a related field. -
- 5+ years-experience in cash applications at a healthcare provider; or an equivalent combination of education and experience.
- Advanced Microsoft Office skills - Excel, Power Point, and Word. -
- Ability to analyze and interpret key performance metrics and performance reports. -
- Multi-state or multi-site experience in lab services, nursing home, or skilled nursing homes.
- High attention to detail with ability to analyze and summarize data. -
- Ability to work independently and as part of a team with all levels of leadership.
Manages 3 -6 team members
Key Job Competencies:
- Accounting and math skills
- Analytical and critical thinking skills
- Excellent verbal and written communication -
- Strong relationship building and diplomacy skills
- Servant leader with customer service aptitude -
- Receptive to receiving and providing thoughtful productive feedback
Lifescan Labs of Illinois -
Keywords: Lifescan Labs of Illinois, Skokie , Senior Manager, Cash Applications, Executive , Skokie, Illinois
here to apply!