Cash Applications Specialist Job Description
Cash Applications Specialist Duties & Responsibilities
To write an effective cash applications specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included cash applications specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Cash Applications Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Education for Cash Applications Specialist
Typically a job would require a certain level of education.
Employers hiring for the cash applications specialist job most commonly would prefer for their future employee to have a relevant degree such as Associate and Bachelor's Degree in Accounting, Finance, Associates, Education, Business, Business/Administration, Bookkeeping, Communication, Reading, Medical Terminology
Skills for Cash Applications Specialist
Desired skills for cash applications specialist include:
Desired experience for cash applications specialist includes:
Cash Applications Specialist Examples
Cash Applications Specialist Job Description
- Meet performance metric goals established by management
- Post line item payments and adjustments to patient accounts with accuracy and sense of urgency upon receipt -Analyze any/all credit accounts to determine if/when refunds should apply for processing
- Process necessary refunds
- Analyzes any credit accounts to determine if a refund should be processed
- Accurately post payments and zero payments to appropriate FSC on IDX
- Calculate/Post contractual adjustments or other adjustments, post insurance message codes and if there is a balance, change the invoice to the next appropriate FSC
- Add IDX invoice comments that clearly explain reasons for adjustments, denials or refunds
- Research and resolve requests for patient and payer refunds within an established time frame
- Research unidentified cash by requesting assistance from payer via telephone or written correspondence
- Write the FSC category on the insurance Explanation of Benefits (EOB) whenever another insurance is to be billed and gives the copies of EOB’s to the appropriate Insurance Claims Specialist for use in billing secondary or supplemental insurances
- Demonstrated strengths in organizational, attention-to-detail, follow-through, sound reasoning, critical thinking, and problem-solving skills
- Must have a minimum of 2 years of work experience in a Cash Application role
- 10-key/typing by touch Required ( Must type 10,000 key strokes or more)
- Ability to effectively communicate with multiple customers and work with a diversity of people at various skill levels, strong English language capability required
- 2 plus years of Accounts Receivable experience, required
- Experience working in a high volume, fast paced environment, required
Cash Applications Specialist Job Description
- Identify and accurately log all incoming cash receipt information by payer category and submits monthly cash summary to Cash Applications Team Supervisor
- Distribute remittance advices and stubs to the cash application staff responsible for that payer category
- Reviews credit balances, refunds, adjustments, and claim denials
- Oversee the daily processing of cash receipts and postings to customer accounts, including payments made by credit card, lockbox, ACH/Wire and branch deposits other adjustments to customer accounts for credits/debits and account write-offs
- Processes inquiries and research requests received by the collections team in order to resolve customer account discrepancies and/or questions
- Oversees the research, resolution and reduction of aged unapplied cash receipts and postings to customer accounts
- Will play an essential role in assisting the Credit and Collections Manager in developing, implementing, and monitoring standard operating procedures (SOPs) to ensure cost effective work flow in research and resolution of unapplied cash, investigate methods of improving the capabilities of the organization through changes in structure, technology or method
- Monitors/measures receivable performance, including monthly metrics and provide support/reporting to the Credit and Collections Manager and Assistant Controller
- Download and process daily bank reporting
- Resolve and reconcile receivable variances
- Experience with large ERP system, highly preferred
- Maintain and report on all relevant statistics for cash applications, such as percentage of cash auto-applied and turn-around time for processing lockbox
- Experience posting payments to customer accounts
- Experience with Great Plains or JDEdwards or Oracle highly preferred
- Preference given to those with construction background
- Able to perform business math (percentages, ratios, discounts, etc)
Cash Applications Specialist Job Description
- ACH wires
- Credit card batches and cash deposits
- Process and reconcile postings of cash deposits, credit card, and other Accounts Receivable application spreadsheets
- Review new account set-up and gather new customer information including executed credit applications, personal and company credit reports, create a summary of the customer's payment history, and make a decision about the customer's credit worthiness
- Effectively review existing credit lines, make credit decisions based on policies within credit guidelines, and provide a complete assessment of the customer's credit risk
- Maintain and build positive relationships with Auto Plus's Sales team and other parts of the organization
- Receive daily lock box deposits, code checks, and apply as necessary
- Post daily adjustments
- Receive and apply all wire transfers daily
- Run reports for Celcan
- Ability to speak on the telephone for a large portion of the day
- Well organized and neat with the ability to multi-task
- Experience should include an established proven track record of success in prior positions overseeing the cash applications function including experience with automated cash applications
- Ability to grasp new topics and concepts quickly and transfer knowledge to others on the team when appropriate
- BenefitPoint experience preferred
- Associate's Degree in Business Administration plus but not required
Cash Applications Specialist Job Description
- Assist in streamlining the cash application process
- Research disputed invoices
- Support the AR/Credit Team to resolve credit, deduction and cash application issues
- Support the Billing Team to resolve deduction from invoice issues
- Research and track to conclusion cash/wire disputes and obtain proper documentation
- Proof of Delivery processing
- Posts line item payments and adjustments to patient accounts within 24 hours of receipt ins business office according to established guidelines
- Sorts lock box receipts and posts accordingly
- Analyzes credits accounts to determine if a refund should be processed
- Maintains all checks and EOBs by deposit date to ensure batch integrity
- 2 + years Full cycle A/R experience preferred
- Cash application and SAP experience is preferred
- Minimum of three (3) years’ experience in either physician/hospital billing or other healthcare business setting
- Demonstrated CRT skills, 10-Key by touch and the ability to use an automated billing system with speed and accuracy
- Billing, collection or cash
- Must have a solid understanding of AR and cash applications practices
Cash Applications Specialist Job Description
- Maintains cash book logs, clearing accounts, ledgers and daily journals in a complete set of records to indicate financial transactions
- Research and resolve discrepancies with payors and banking institutions
- Compiles data for and prepares regularly scheduled or special reports and analyses
- Post customer payments to the accounts receivable trial balance in the financial system
- Analyze payments and communicate with customers to ensure correct customer and invoice identification
- Balance cash posted against bank deposit reports daily and monthly
- Audit cash receipt journals for errors
- Accurately posts all payments sent from customers to the their respective AR accounts in a timely and daily manner
- Posts and balances all work completed before daily deadlines while adhearing to internal quality assurance controls
- Collects, reviews and processes all cash deposits, check deposits, and credit card payments submitted by branches daily
- Makes bank deposits daily
- Researches posting discrepancy issues and posts NSF checks
- Answers branch telephone inquiries concerning postings made to customer accounts and follows up on related unresolved issues
- Files daily processed work
- Develops positive working relationships with branches and customers
- Performs any directly related appropriate duties assigned by the Corporate Credit Manager