Payment Posting Specialist
hace 2 meses
**VIP Medical Group**, one of our top experts in vein disease and pain management is looking for associates to be a part of the **Medical Billing team** We specialize in pain management and vascular procedures. Our main goal is to always provide the best level of care and compassion to individuals who are being treated.
The **Insurance Payment Posting Specialist** is responsible for accurately posting insurance payments in the revenue cycle management process. This role requires attention to detail, knowledge of insurance payment practices, and an understanding of reconciliation processes to align daily bank deposits with entries in the practice management system. Additionally, the specialist will compile and submit weekly posting reports to the accounting division.
**What You'll Do**:
- **Payment Posting**:
- Post both in-network and out-of-network insurance payments into the practice management system accurately and promptly.
- Verify payment entries to ensure they align with Explanation of Benefits (EOBs) and remittance advice from insurance providers.
- Allocate cost-sharing balances, including copayments, deductibles, and coinsurances, to patient accounts appropriately.
- **Reconciliation & Adjustment**:
- Ensure all posted payments reconcile with daily ACH and check deposits, aligning with the organization's financial records.
- Monitor and verify auto-posted entries to prevent incorrect account adjustments or duplications.
- Investigate and resolve discrepancies between practice management entries and bank deposits promptly.
- **Reporting & Communication**:
- Prepare and submit weekly payment and reconciliation reports for the accounting division, ensuring accurate reflection of daily postings and reconciliations.
- Communicate with the revenue cycle and accounting teams regarding any significant payment or reconciliation issues.
- Escalate unresolved discrepancies to the Revenue Cycle Manager for review and assistance as needed.
- **Compliance & Documentation**:
- Maintain compliance with all regulatory requirements and internal policies for payment posting, documentation, and reconciliation.
- Ensure timely and accurate documentation of payment activities and adjustments for auditing and quality control purposes.
- Participate in regular audits and reviews as required by the Revenue Cycle Manager.
**What You'll Bring To The Team**:
- High school diploma or GED required; associate or bachelor’s degree in accounting, finance, or a related field preferred.
- Minimum of 1-2 years in a healthcare revenue cycle or medical billing role, with a focus on insurance payment posting.
- Strong attention to detail and ability to work with numerical data.
- Proficient in using practice management and/or billing software.
- Knowledge of insurance EOBs, remittance advice, and payment methodologies.
- Basic understanding of medical billing, coding, and cost-sharing elements (copayments, deductibles, and coinsurance).
- Excellent organizational and time management skills.
**Why You'll Love Working with Us**:
- Impactful Work: You'll play a crucial role in educating clients about their Insurance options and making a positive impact on their lives.
- Professional Growth and Learning: We're committed to your improvement and development. Join a team that values your potential and invests in your success.
- Supportive Environment: Work in a collaborative, supportive and comfortable environment where your ideas are valued, and your contributions are recognized.
- Flexible Working Hours: Enjoy a comfortable 8-hour work shift from Monday to Friday for you to enjoy your weekends to the fullest
- Competitive Compensation: Enjoy a competitive salary with benefits that reward your hard work and dedication.
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