Job Facility: University of Maryland Medical System
Employment Type: Full Time
What You Will Do:
The University of Maryland Medical System is a 12-hospital system with academic, community and specialty medical services reaching every part of Maryland and beyond. UMMS is a national and regional referral center for trauma, cancer care, Neurocare, cardiac care, women's and children's health and physical rehabilitation. UMMS is the fourth largest private employer in the Baltimore metropolitan area and one of the top 20 employers in the state of Maryland. No organization will give you the clinical variety, the support, or the opportunities for professional growth that you’ll enjoy as a member of our team. UMMS is currently seeking a Financial Posting Specialist for our Hunt Valley location
***High School Diploma or equivalent (GED) and 2 years work experience as a billing/collections or accounts receivable clerk is required.
Under general supervision, prepares University of Maryland’s deposits into batches to allocate payment information and other financial activity on patient’s hospital accounts. Contacts insurance carriers for information and/or clarification regarding financial reimbursement, rejections, etc. Researches and reconciles accounts and batches in accordance with departmental procedures.
Principal Responsibilities and Tasks
The following statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all job duties performed by personnel so classified.
1. Collects deposit documents and verifies deposit totals. Separates the payments by type and groups into batches. Verifies that the batches’ total equals the deposit total, taking into consideration any miscellaneous cash received that was not deposited but needs to be posted. Updates worksheets with daily information to account for all batches received for a given deposit date and verifies that the cash posting formula reconciles for a given deposit day.
2. Posts payments and adjustments in the computer system to ensure accurate account balances. Reviews and checks the mathematical accuracy (including discount %) and completeness of financial documents and reports (such as EOB’s, vouchers, remits, and receipts). Verifies account number with patient information (name, date of service, etc.). Files/records paper copies in a neat and orderly fashion for entire dept.’s use/research.
3. Reconciles daily. Processes include reconciling (balancing) so that the bank deposits equal the total batches (to be posted), and the total batches equal the posted amount plus any miscellaneous cash and that the total daily transmittals equal the applicable Star Report. Plans work for self and with the team, including setting goals, prioritizing work, and coordinating the execution of work. Interprets data and reports to determine work priorities keeping in mind that the daily unposted cash should be no more than a one day backlog.
4. Using the daily transmittals from the cash posting team, reconciles posted cash totals from the applicable STAR Report which tallies each payment posted by user and by batch number. Enters totals sorted by user into Daily Cash Performance spreadsheet after totals have been verified. Reconciles beginning un-posted totals to ending un-posted totals.
5. Analyzes EOB’s for high-dollar ending account balances and decides to either contact insurance carrier for more information or refer to the follow-up teams for timely reaction. Investigates and resolves basic insurance claim rejections. Identifies potential account write-offs and communicates in a timely fashion to supervisor. Identifies credit balance accounts and begins the refund process. Creates/updates spreadsheet reports for individual payers as needed by teams.
6. Using previous day/week vouchers, organizes denials by category to report the total number and dollar of accounts denied by denial reason for each carrier, focusing on the largest of the payer mix. Documents the findings in a monthly statistics report to upper management. Anticipates a proactive strike against the highest level of payer denials by focusing on the cause of the denial. The targeted focus of this responsibility is to reduce the number of denials and to increase cash volume for the University.
7. Identifies accounts with a credit balance that may be eligible for refunds. Utilizes STAR reports, requests received by mail and/or phone calls to identify accounts. Researches all documentation relating to the account balance such as notes, remittances, etc. Contacts insurance representatives to verify coverage and benefits. Prepares request form for Accounts Payable. Maintains organized notes and documentation on the requested refunds. Works with Accounts Payable to ensure a timely turnaround on refund checks. Posts refund activity and information to the STAR system to ensure accurate communication. Maintains check logs and refund files for quick reference as needed to resolve questions or concerns regarding prior refunds.
8. Actively and continuously improves work processes. Uses continuous improvement tools and methods to improve individual, team, and cross-departmental performance. Provides guidance and assistance to co-workers where skills are in need of improvement, as needed.
9. Continuously develops and enhances skills in areas such as service quality improvement, posting, reconciling, trouble-shooting, customer service, and interpersonal skills.
As an employee of the University of Maryland Medical System (UMMS), you will enjoy a comprehensive benefits program designed with you and your dependents in mind. Subject to any eligibility waiting period, all of the benefits are available to regular full-time employees and most benefits are available to regular part-time employees who are regularly scheduled to work twenty (20) or more hours per week. Many benefits are provided at no cost to employees. For others, the cost is shared between UMMS and employees.
What You Need to Be Successful:
High School Diploma or equivalent (GED) is required.
Two years work experience as a billing/collections or accounts receivable clerk required.