Financial Counselor

Virginia Urology / Med Atlantic Inc•Richmond, VA

4d•Onsite

About The Position

The Financial Counselor will help patients understand and manage the financial aspects of their care by verifying insurance, estimating costs, and connecting them with financial assistance, establishing payment plans, collecting balances, and following up on delinquent or bad-debt accounts. This role ensures timely access to services while supporting effective revenue cycle operations.

Requirements

High school diploma or equivalent
2+ years in Medical Business Office providing direct patient customer service
Knowledge of medical insurance plans, coverage rules, and benefit structures, including commercial insurance, Medicare, and Medicaid.
Basic understanding of medical billing, coding terminology, and revenue cycle processes.
Skill in explaining financial information, cost estimates, and payment responsibilities to patients in a clear and supportive manner.
Ability to establish payment plans, perform collections activities, and follow up on delinquent or bad-debt accounts.
Knowledge of procedures for reviewing accounts related to bankruptcy and preparing claims for bankruptcy court.
Proficiency in using electronic medical records (EMR) and billing systems with accuracy and attention to detail.
Strong customer service and communication skills to interact effectively with patients, staff, and insurance representatives.
Ability to analyze financial information, resolve account issues, and identify appropriate financial assistance options.
Strong organizational and time management skills to manage multiple accounts and deadlines.
Ability to maintain confidentiality and comply with HIPAA and financial disclosure regulations.

Nice To Haves

In-depth knowledge of urology specific procedures, diagnostic tests, and treatment pathways to provide accurate financial guidance.
Advanced understanding of medical billing practices, CPT/HCPCS codes, and insurance authorization requirements for specialty care.
Knowledge of hospital and outpatient revenue cycle operations, including claims processing, denials management, and reimbursement methodologies.
Familiarity with bankruptcy laws, court claim procedures, and healthcare related debt regulations.
Knowledge of financial assistance programs, charity care guidelines, and community resources that support patients with financial hardship.
Understanding of payer contract structures and how negotiated rates impact patient responsibility.
Knowledge of EMR and practice management systems such as Epic, Availity, Athena, or other payer portals and similar platforms.
Awareness of compliance standards related to HIPAA, patient financial communications, and fair debt collection practices.
Understanding customer service best practices in a healthcare setting, especially for patients dealing with sensitive or complex medical conditions.
Prior Work Experience: Medical Billing Specialist, Patient Financial Counselor, Insurance Verification Specialist, Authorization Specialist, Healthcare Collections Representative

Responsibilities

Verify insurance eligibility and benefits for services to ensure accurate coverage of information and prevent delays in patient care.
Provide cost estimates and financial counseling to help patients understand expected out-of-pocket expenses and make informed decisions about their treatment.
Establish and manage payment plans to support patients in meeting financial obligations while maintaining steady revenue flow for the department.
Collect patient balances to reduce outstanding accounts and support timely reimbursement.
Follow up on delinquent and bad debt accounts to resolve outstanding balances and minimize financial loss to the organization.
Review accounts for patients filing bankruptcy and prepare claims for bankruptcy court to ensure accurate reporting and maximize potential recovery.
Assist patients with financial assistance applications to connect eligible individuals with charity care or external support programs.
Coordinate with billing, coding, and clinical teams to resolve insurance issues, authorization needs, or discrepancies that may impact claims or patient charges.
Document all financial interactions in the EMR to maintain accurate records and support continuity of care and compliance requirements.
Educate patients on insurance requirements and financial policies to improve understanding, reduce confusion, and enhance the overall patient experience.
Provides cross-functional support as business needs evolve.