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Responsible for managing the successful process of cash collections, with a goal of maintaining a DSO at or below industry standard (60 days) and increasing cash collection to 100% of average monthly revenue. Oversees proper reconciliation to include daily cash posting of electronical and paper remittances ensuring we are taking the proper adjustments to outstanding Accounts Receivables to resolve balances based on correct accounting principles. Manage members of the Revenue Cycle department using KPI’s as a baseline for productivity and individual goals based on the total aging. Focus on assuring the continued stability of the bad debt reserve percentage with a goal of continued reduction when applicable. Responsible for managing the members of the Revenue Cycle department; assuring that all responsibilities within those areas are in compliance with our HIPAA privacy standards, all state and local laws, our Accrediting agency, OSHA, Medicare/Medicaid, Third-Party and private payor guidelines, and that established Collection techniques are followed consistently. Promotes adherence to all corporate policies, practices, and compliance programs. Enables teams to meet production and quality goals by encouraging increased production and being available for questions and additional coaching whenever necessary. Under direction, researches, formulates, and executes management reports detailing the production of cash goals, reduction in DSO and bad debt reserve.
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Major Areas of Accountability
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- Manages and reports on monthly trending of aging.
- Manages daily cash collection progress.
- Manages the daily reconciliation processes to include cash posting, credits, adjustment, write offs and refunds to both payers and insurance.
- Manages and creates detailed strategy on pursuing payers that are paying outside the contractual terms.
- Manages denial trends and is responsible for notifying the business on areas of increased denials for immediate correction either from the business or the billing function.
- Trains and introduces new members of the department to the functions and responsibilities of the team.
- Assures the team is familiar with the equipment, routine, and standards of the department. Monitors progress of team members and inform them of changes in procedures, technologies, policies, and practices.
- Assists team with the efficient analysis and resolution of all open balances; monitors productivity and report shift to Director, Revenue Cycle to assure the team can meet production and collection goals established by management.
- Works with the Director, Revenue Cycle to attain weekly/monthly goals for team; promotes a positive and cooperative attitude with the team to facilitate a high degree of morale in the department; translates that positive attitude into a productive and loyal workforce.
- Generates monthly AR reports that facilitate workflow metrics and audit processes for the department; distributes to designated staff.
- Reviews collection issues that impact the team's ability to process work within the department; conduct periodic audits of collection activity for quality assurance purposes and to assure that the team is utilizing the most efficient methods for processing of work.
- Develops and presents reimbursement strategies to leadership.
- Develops, enforces, and tracks departmental goals based on strategies.
- Manages all reimbursement transactions & train staff regarding new policies.
- Becomes fluent in the denials management tool application which houses all customer accounts, utilizing the managerial functions within the system, such as reporting and employee tracking tools, to successfully manage the department.
- Be able to manage and resolve escalated customer or insurance issues.
- Maintains knowledge of payer requirements and terms.
- Coloplast employees are required to conduct business to the highest ethical and professional standards; comply with applicable laws and regulations, the Advamed Code of Ethics on Interactions with Healthcare Professionals, and company policies.
- Other duties as dictated by business conditions or management directive.
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Basic Qualifications
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- Bachelor’s Degree or 10+ years medical RCM collections experience
- 4+ years managerial experience in reimbursement
- Knowledge of governmental payors, medical terminology, regulatory compliance, and billing codes, specifically of diagnostic and procedural terminology, ICD and CPT/HCPCS coding systems, and compliance rules
- Knowledge of governmental payors, medical terminology, regulatory compliance, and billing codes, specifically of diagnostic and procedural terminology, ICD and CPT/HCPCS coding systems, and compliance rules
- Excellent written and verbal communication skills
- Ability to work successfully work as an individual and team contributor
- Must be comfortable analyzing data and interpreting reports
- Must be tech-savvy to navigate through software programs
- Experience in CRM system conversions
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Preferred Qualifications
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- DME business experience preferred.
- Experience in the Brightree denial management software
At Coloplast, we believe in recognizing and rewarding the contributions of our employees. Our total rewards package is designed to support your well-being, foster your professional growth, and ensure a healthy work-life balance. Here is some of what you can expect:
- Health and Wellness: Comprehensive medical, dental, and vision insurance plans to keep you and your family healthy. Plus, access to company sponsored wellness programs and mental health resources, paid leave of absence for qualifying events and generous paid parental leave for both birthing and non-birthing parents.
- Financial Security: A competitive 401(k) plan with company match that vest immediately, financial planning services to help you secure your future, and corporate discount programs for goods and services.
- Work-Life Balance: Generous paid time off, flexible work hours, and flexible work arrangement options to help you balance your personal and professional life may be available.
- Professional Development: Opportunities for continuous learning and career advancement through training programs, mentorship, and tuition reimbursement.
- Recognition and Rewards: Recognition programs to celebrate achievements and contributions, including peer recognition, bonuses, awards, and special events.
- Community and Culture: A supportive and inclusive work environment where everyone feels valued, and diversity is celebrated. Participate in team-building activities, volunteer opportunities, and company-sponsored events. Employee Resource Groups that support Women, Minorities, Veterans and LGBTQ+ Community. Sustainability strategy that outlines our ambitions for how to run our company in a more sustainable way.
Competitive Compensation: The compensation range for this position is $101,579 - $152,368. Actual compensation is influenced by a variety of factors including but not limited to skills, experience, qualifications, and geographic location. Hired candidates may be eligible to receive additional compensation in the form of bonuses and/or incentive.
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