LIFESCAN LABS OF ILLINOIS LLC Hiring for Accounts Receivable Director Job at Skokie, IL Full Time

The Director, Accounts Receivable and Cash Applications serves is an integral leadership role on the Lifescan Labs Revenue Cycle Team overseeing the denial and cash management daily activities. The position is responsible for maximizing collections, performing timely insurance denial and appeal management, cash posting, monitoring credit balances, and correspondence activities.

The Director strives to optimize staff performance through technology, process automation, standard operating procedure implementation, and internal controls. Partnering with the Sales and Operations Teams evaluates and optimizes processes to improve the client experience, enhance operational efficiencies, and drive revenue growth.

Essential Job Functions:

• Provides daily overall management and direction to the accounts receivable and cash application teams for government, commercial, and third-party payers to obtain reimbursement and resolve the accounts receivable.
• Develops, implements, and revises standard operating procedures for all accounts receivable and cash application functions. Partners with the Training Team to develop department training.
• Continually monitors claims volume and aging. Actively follows up on aged pending claims that require resolution or next action for payment. Actively manages the distribution, prioritization of accounts, and assignment of work for Accounts Receivable Specialists and offshore team.
• Oversees denial management by performing denial analysis and creates improvement plans to reduce overall denials and decrease payment lag by payer or client.
• Coordinates and schedules cross-departmental denial management meetings as needed to reduce denials and write-offs.
• Reviews insurance payment trends to validate reimbursement is in accordance with contract terms, Medicare fee schedule, or as paid as expected. Ensures underpayment appeals are submitted timely per payer guidelines.
• Maintains knowledge of and ensures compliance with state and federal laws, regulations for Medicare, Medicare Advantage, Medicaid, managed care, and other third-party payers.
• 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.
• Schedules weekly business review meetings with the offshore team to assess performance and key performance metrics.
• Documents and maintains current workflows, policies, standard operating procedures, and department training material.
• Identifies accounts receivable and cash issues, researches and analyzes data, creates action plans, and implements solutions for improvement.
• Assists IT with testing new features and functions in the practice management system. Develops training material and trains staff members on new revenue cycle system implementations in collaboration with It Project Managers.
• Identifies and executes key performance indicators to assess the effectiveness and efficiency of accounts receivable and cash application processes. ? Develops and implements productivity and quality key performance indicators for the accounts receivable and cash application, teams. Continually assesses the volume of payments and remittances 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 payer excessive denials, payment issues, remittance issues, or extensive payment lag times. May work directly with payer or partner with Senior Manager Payer Relations to resolve payer claims or payment issues.
• Acts as subject matter expert to support Client Services, Sales, and Account Managers with insurance claims, denials, 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.
• Performs quality audits, identifies opportunities, provides feedback, implements payer-specific training and/or action plans to improve accuracy and meet production/patient satisfaction targets.
• Collaborates with Director, Revenue Cycle to disseminate new regulatory and payer changes to the Revenue Cycle, Sales, and Operations Teams.
• Provides coverage and backup of other Revenue Cycle functional areas as required to avoid disruption in business operations.
• Coaches, develops, and mentor accounts receivable cash applications and offshore teams. Performs on-the-job training to increase Lead, Specialist, or Agent skill sets.
• 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 healthcare, business, finance, or a related field required.
• Master’s degree in healthcare, business, or related field preferred.
• 7+ years experience in accounts receivable at a healthcare provider or medical group utilizing the CMS1500 claim form.

Job Type: Full-time

Pay: $100,000.00 – $125,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Health insurance
• Life insurance
• Paid time off
• Vision insurance

Physical setting:

• Office

Schedule:

• Monday to Friday

Supplemental pay types:

• Bonus pay

Ability to commute/relocate:

• Skokie, IL 60077: Reliably commute or planning to relocate before starting work (Required)

Education:

• Bachelor’s (Required)

Experience:

• Accounts receivable: 7 years (Required)

Work Location: One location