Financial Specialist

Blue Cross Blue Shield of Massachusetts • Boston, MA

4d • $31 - $38

About The Position

Ready to help us transform healthcare? Bring your true colors to blue. What We Need: This position involves account management in a billing and receivables area. The Financial Analyst will be identifying and interpreting payment trends and making recommendations and decisions involving financial status for external accounts. They will represent the company externally to accounts, brokers, and third party administrators via phone communication and occasional account visits. They will work collaboratively with internal constituents from various cross-functional departments. Customer Financial Management is responsible for the billing and collection of over $11 billion annually. This experienced analyst is responsible for interacting with key internal and external customers to ensure that financial strength is preserved. This role is eligible for our Flex Persona for candidates local to our Boston, MA or Hingham, MA office. Your Day to Day: Effectively manage a comprehensive book of business comprised of varying financial arrangements Demonstrate accounting skills in completing periodic settlements, processing journal entries and providing billed versus paid audits as required. Perform all aspects of account management: maximize cash flow, minimize bad debt, negotiate payment plans, communication with internal and external customers and brokers Ability to generate financial reconciliations and relay this information to accounts as appropriate. Ability to take direction on process improvements and departmental projects. Manage multiple priorities simultaneously Identifying financial trends within their assigned book of accounts. Drive adoption of the electronic bill presentment and payment tool through customer outreach using persuasive measures Provide excellent customer service related to financial matters for internal and external employer group customers We're Looking For: Compliance with regulatory and contractual obligations (DOI regulations, performance guarantees, etc.) within assigned book of accounts Dealing with sensitive matters for high profile accounts, Third Party Administrators and brokers Managing complex financial scenarios (bankruptcies, receiverships, etc.) within their assigned book of accounts while engaging the Legal department to resolve and minimize bad debt Ability to navigate multiple systems and software quickly in order to provide accurate and time sensitive financial information Coordinating cross-functional activities Negotiate account payment installment plans to minimize the potential for account terminations Assess unique account situations for possible reductions and/or increases in working capital or equalized deposits to ensure cash neutrality Continuously review book of business to determine when interest assessment should be applied and/or waived Make recommendations on bad debt reserve estimates and report on overall book of business status Coordinate discussions with Underwriting to manage Run-out deposits. Influence outcomes based on account trends and established relationships with accounts and brokers Initiate discussions and make recommendations regarding account cancellations due to non -payment and possible reinstatements Leadership Responsibilities: Participate in process improvement/efficiency projects Negotiate financial plans and influence payment remittance timing Train and mentor new associates and peers Educate internal areas on the available financial arrangements, payment options and business policies Assist sales counterparts in providing recommendations on appropriate financial arrangements and bill presentment methodology for new and retention business Qualifications (knowledge/skills/abilities/behaviors): List qualifications in order of importance. Include any particular mental or physical, ergonomic or environmental aspects. Experience with financial analysis, trend reporting, accounting, collection and negotiation skills Excellent verbal, written, and presentation skills Excellent time management and organizational skills Knowledge of BCBSMA financial arrangements and billing systems a plus Personal commitment to quality customer service and teamwork Education/Relevant Experience: Number of years and type of experience. List in order of importance. Bachelor’s Degree (preferably in a business-related field) 1-2 years experience in a financial area. Mastery of at least 3 of the following: Oracle, Excel, Word, Nuance, Salesforce, PowerPoint, Check Blue, AMS, Adobe Sign, Cisco Unified Intelligence, Teams, Verint, SharePoint, ASP Webs app, Benefits Focus E-Bill

Requirements

• Compliance with regulatory and contractual obligations (DOI regulations, performance guarantees, etc.) within assigned book of accounts
• Dealing with sensitive matters for high profile accounts, Third Party Administrators and brokers
• Managing complex financial scenarios (bankruptcies, receiverships, etc.) within their assigned book of accounts while engaging the Legal department to resolve and minimize bad debt
• Ability to navigate multiple systems and software quickly in order to provide accurate and time sensitive financial information
• Coordinating cross-functional activities
• Negotiate account payment installment plans to minimize the potential for account terminations
• Assess unique account situations for possible reductions and/or increases in working capital or equalized deposits to ensure cash neutrality
• Continuously review book of business to determine when interest assessment should be applied and/or waived
• Make recommendations on bad debt reserve estimates and report on overall book of business status
• Coordinate discussions with Underwriting to manage Run-out deposits.
• Influence outcomes based on account trends and established relationships with accounts and brokers
• Initiate discussions and make recommendations regarding account cancellations due to non -payment and possible reinstatements
• Experience with financial analysis, trend reporting, accounting, collection and negotiation skills
• Excellent verbal, written, and presentation skills
• Excellent time management and organizational skills
• Personal commitment to quality customer service and teamwork
• Bachelor’s Degree (preferably in a business-related field)
• 1-2 years experience in a financial area.
• Mastery of at least 3 of the following: Oracle, Excel, Word, Nuance, Salesforce, PowerPoint, Check Blue, AMS, Adobe Sign, Cisco Unified Intelligence, Teams, Verint, SharePoint, ASP Webs app, Benefits Focus E-Bill

Nice To Haves

• Knowledge of BCBSMA financial arrangements and billing systems a plus

Responsibilities

• Effectively manage a comprehensive book of business comprised of varying financial arrangements
• Demonstrate accounting skills in completing periodic settlements, processing journal entries and providing billed versus paid audits as required.
• Perform all aspects of account management: maximize cash flow, minimize bad debt, negotiate payment plans, communication with internal and external customers and brokers
• Ability to generate financial reconciliations and relay this information to accounts as appropriate.
• Ability to take direction on process improvements and departmental projects.
• Manage multiple priorities simultaneously
• Identifying financial trends within their assigned book of accounts.
• Drive adoption of the electronic bill presentment and payment tool through customer outreach using persuasive measures
• Provide excellent customer service related to financial matters for internal and external employer group customers
• Participate in process improvement/efficiency projects
• Negotiate financial plans and influence payment remittance timing
• Train and mentor new associates and peers
• Educate internal areas on the available financial arrangements, payment options and business policies
• Assist sales counterparts in providing recommendations on appropriate financial arrangements and bill presentment methodology for new and retention business

Benefits

• We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and a suite of well-being benefits to eligible employees.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 1,001-5,000 employees