About the position
The Patient Financial Specialist is responsible for understanding the overall organizational goals for timely and appropriate resolution of accounts. This role works in accordance with Patient Friendly standards consistent with policies and procedures, ensuring complete, accurate, and compliant processes that result in optimal collection and customer service performance for the organization. Responsibilities include the collection of deductibles, co-pays, and co-insurances, as well as payments towards accounts classified as self-pay. The specialist performs in-depth demographic and financial assessments, generally at the bedside, to determine an appropriate payor source. Follow-up from the assessment may involve assisting the patient and contacting outside agencies such as Vocational Rehabilitation, Department of Health and Human Services, and Social Security Administration. The position collaborates with Social Work and Outcomes Management to support their initiatives in ensuring the most appropriate continuum of care for the patient.
Responsibilities
- Interviews patient and/or patient's representative to obtain complete and accurate demographic and financial information.
- Possesses and demonstrates knowledge of computer systems and financial counseling processes.
- Exercises judgment in analyzing collected information and ensures the patient receives every consideration for financial assistance.
- Ensures elimination of all possible payor sources prior to consideration of hospital sponsorship.
- Communicates patient's estimated financial responsibility and requests payment prior to or at the time of service.
- Receives payments and issues receipts in accordance with departmental cash handling procedures.
- Monitors high dollar accounts to ensure complete and accurate financial and demographic information.
- Initiates authorization and insurance verification processes as necessary.
- Coordinates and delegates referrals to the Department of Health and Human Services for application completion.
- Maintains superior revenue cycle knowledge through ongoing review of regulations and guidelines.
- Contacts Social Security Administration and makes appointments for patients as needed.
- Completes special projects related to the revenue cycle as assigned.
Requirements
- High School diploma or equivalent OR post-high school diploma/highest degree earned.
- 3 years of Health Care Revenue Cycle Experience (such as Billing, Collections, and/or Customer Service).
- In lieu of the above, a Bachelor's degree and 3 years' experience in a service industry may be substituted.
