Credit & Collections Officer

JOB OVERVIEW

The Credit & Collections Officer is responsible for the overall management of receivables within their portfolio. This role requires a comprehensive understanding of credit control practices, healthcare billing, and collections regulations. The Credit & Collections Officer will collaborate with internal and external stakeholders while maintaining positive customer relationships.

ESSENTIAL FUNCTIONS

• Management of receivables, including insurance claims, patient accounts, and self-pay accounts, within the assigned portfolio.
• Contacting patients and informing them of their outstanding balances.
• Sending out patient billing in a timely and accurate manner to minimize denials and reduce outstanding balances.
• Complete assigned workloads, reach performance targets, and complete regular performance evaluations.
• Follow credit & collection policies and procedures.
• Follow compliance with credit policies and regulations.
• Coordinate with other departments, such as Patient Refunds & Corporate Finance, to address credit related issues and resolve disputes.
• Engage in negotiations with patients, insurance companies, and other stakeholders to secure payment arrangements and settlements.
• Escalate unresolved issues or high-risk accounts to the Credit & Collections Manager or Director.
• Maintain positive relationships with patients, insurance companies, and other external stakeholders.
• Address escalated customer inquiries and concerns in a professional and customer-focused manner.
• Collaborate with other departments to ensure a coordinated approach to resolving customer issues and improving customer satisfaction.
• Ensure compliance with healthcare billing and collections regulations, including HIPAA and relevant industry standards.
• Prepare and analyze reports on collection performance, aging accounts, and key metrics.

Required Qualifications:

• Bachelor's degree in Finance, Accounting, Business Administration, or a related field.
• Relevant certifications or professional qualifications are a plus.
• Minimum of 3-5 years of experience in credit and collections, preferably in a healthcare or hospital setting.
• In-depth knowledge of credit control practices, healthcare billing regulations, and insurance reimbursement processes.
• Strong teamwork skills.
• Excellent analytical and problem-solving abilities, with attention to detail and accuracy.
• Proficiency in using billing and collections software, electronic health record systems, and Microsoft Office Suite.
• Exceptional communication and interpersonal skills, with the ability to effectively interact with internal and external stakeholders.
• Strong negotiation skills to resolve complex billing disputes and collect outstanding payments.
• Ability to adapt to changing regulations, policies, and industry trends.
• Knowledge of financial assistance programs and eligibility criteria.
• Familiarity with data privacy and confidentiality regulations, including HIPAA.
• Proven organizational skills and ability to prioritize tasks in a fast-paced environment.