Cash Application Specialist

Lifecare Home Health is looking for a detail-oriented and diligent Cash Application Specialist to join our finance team. You will be responsible for the accurate gathering, posting, and reconciliation of all payments received by Lifecare Home Health and its acquired companies. This role is crucial for ensuring the integrity of our financial records and requires daily posting of deposits, along with weekly and monthly reconciliations against our accounting systems, lockboxes, and acquired agency bank accounts.

Patient Population

N/A

Essential Functions

• Payment Monitoring & Posting: Monitor clearinghouse platforms for incoming payments (835s) and other payer websites. Download and post remittances to Medicare/Commercial accounts. Manually key remittances when electronic formats are unavailable or not applicable.
• Issue Reporting: Notify your Supervisor of any trends or issues encountered with importing or receiving remittances from clearinghouses or online payment portals.
• Adjustment Processing: Review remittances for applicable adjustments, transferring balances to MSP or patient responsibility as appropriate.
• Credit Card Processing: Receive and process credit card payments via mail or phone, posting them to the applicable practice management system and balancing payments monthly with accounting.
• Under/Overpayment Identification: Identify underpayments or overpayments, coordinate follow-up with the Collections team, and notify the appropriate billing supervisor.
• Account Resolution: Respond to payment application inquiries and collaborate closely with associates to resolve any account variances. Research and correct data entry errors as needed.
• Lockbox Reconciliation: Daily, pull all incoming batches of live checks processed for deposit through lockboxes and confirm each deposit has been posted and reconciled to the appropriate practice management system. Ensure posted checks balance against batch totals.
• Write-offs & Refunds: Post approved write-offs before month-end. Post refund checks issued by accounting related to overpayment recoveries or credit balances on Kinnser accounts. Monitor and record monthly refund requests by agency location.
• Month-End Reporting: Provide a month-end bank file summarizing all processed deposits within the close month, allocated by agency location (Excel format). Account for total write-offs, refund requests, underpayments, overpayments, and credit balances, submitting each category on the provided template.
• Variance Resolution: Work closely with accountants to resolve month-end variances and reconcile outstanding items.
• Compliance: Adhere to all company policies and procedures.