Main Responsibilities and Required Skills for an Account Receivable Specialist
An Account Receivable Specialist is a professional who plays a crucial role in managing the financial transactions and accounts of a company. They are responsible for tracking and collecting payments from customers, ensuring timely and accurate invoicing, and maintaining the financial health of the organization. In this blog post, we will discuss the primary responsibilities and the most in-demand hard and soft skills for Account Receivable Specialists.
Get market insights and compare skills for other jobs here.
Main Responsibilities of Account Receivable Specialist
The following list describes the typical responsibilities of an Account Receivable Specialist:
Analyze
Analyze and report on key accounts receivable metrics, such as days sales outstanding (DSO) and bad debt ratios.
Analyze data to identify, diagnose, and resolve billing issues expeditiously.
Analyze EOBs and RAs for denials and irregularities, take corrective actions, and reprocess claims.
Answer
Answer or makes inbound / outbound calls in a fast-paced environment.
Apply
Apply for daily cash receipts and process credit card payments.
Assist in
Assist in identifying current and / or potential billing issues specific to outstanding receivable.
Assist in other duties as assigned.
Assist in special projects assigned by management.
Assist in the development and implementation of credit and collection policies and procedures.
Assist in the development and maintenance of automated systems and tools for efficient accounts receivable processes.
Assist in the preparation and review of reports from the billing system.
Assist management with ad-hoc projects.
Assist plant manager with any emergency problems.
Assist with audits and monthly close process.
Assist with collections efforts by calling customers.
Assist with Data entry to the billing system as required.
Assist with obtaining or verifying demographics and insurance information from client EMR systems.
Assist with posting insurance cash receipts, denials, and adjustments.
Assist with posting insurance cash receipts (payments) , denials and adjustments.
Collaborate with
Collaborate cross-functionally to resolve customer issues.
Collaborate with internal teams, such as sales and customer service, to resolve customer queries and address payment-related issues.
Collaborate with other finance team members to improve cross training.
Collaborate with the finance team to ensure accurate and timely month-end and year-end closing activities.
Communicate with
Communicate with customers on updates for projected timelines for projects.
Conduct
Conduct account research and analysis.
Conduct periodic credit reviews and reassess credit limits based on customer payment history and financial viability.
Contact
Contact customers to resolve invoice concerns and ensure prompt payment.
Create
Create and or maintain a practical filing system.
Develop
Develop and maintain relationships across a broad spectrum of payers.
Ensure
Ensure compliance with internal controls and company policies related to accounts receivable functions.
Ensure the timely receipt of claim payments and minimizes bad debt accrual.
Enter
Enter and oversee entry of inventory receipts.
Enter and oversee entry of Receivables.
Enter Customer Orders in ERP system (Microsoft PrintVis).
Facilitate
Facilitate payment of invoices due by sending bill reminders and contacting clients.
Follow-up
Follow-up on all customer transactions in a timely manner.
Follow up with customers regarding outstanding payments and resolve any billing discrepancies.
Follow-up with insurance companies on unpaid or rejected claims.
Generate
Generate and send invoices to customers for goods or services provided.
Generate financial statements and reports detailing accounts receivable status.
Handle
Handle customer inquiries and provide exceptional customer service, responding promptly to queries and resolving payment-related concerns.
Handle customer inquiries, disputes, or approved exceptions to credit terms.
Handle sensitive information in a confidential manner.
Identify
Identify accounts that need to be prioritized and escalated.
Identify and execute the necessary adjustments on accounts.
Identify and investigate delinquent accounts, initiating collection efforts and coordinating with collection agencies if necessary.
Identify any issues or trends and bring them to the attention of management team.
Insure
Insure CAR's are created by quality department and communicated to customer.
Interact with
Interact with payers and patient's to resolve outstanding issues.
Interface
Interface directly with internal departments to ensure customer satisfaction.
Investigate
Investigate denied claims and take necessary actions to overturn denials within specified timeframes.
Invoice
Invoice and create back order picks.
Issue
Issue or trend and reporting them to management.
Maintain
Maintain accurate and up-to-date records of invoices, payments, and customer interactions.
Maintain fleet records and fleet maintenance.
Maintain various reports i.e. AR follow-up list, Bill Stats, work queues, CSR tickets etc..
Make
Make appropriate decisions and calls to carriers to maximize reimbursement on accounts to be worked.
Make daily collection calls to payers or access payer portals to check status of claims.
Manage
Manage all A / R correspondence and inquiries with customers.
Manage clearing house process for eligibility and claims payment.
Manage clearing house process for Medicaid / Medicare eligibility and claims payment.
Manage trouble-shooting of emergency orders for customers.
Match
Match and code Receivables.
Meet
Meet monthly, quarterly and year-end deadlines.
Meet productivity and accuracy standards as established by management.
Meet productivity standards as outlined in client metrics.
Monitor
Monitor and manage customer accounts to ensure timely and accurate payment collections.
Monitor overall AR to ensure the continuous effective flow and prompt reconciliation of accounts.
Monitor service agreement reports for ending SA's.
Oversee
Oversee workflow of the team to ensure productivity measures are met.
Participate in
Participate in financial audits, providing necessary documentation and supporting information related to accounts receivable.
Partner with
Partner with the sales team to meet and exceed customer's service expectations.
Post
Post and process credit memos.
Post cash activity to the general ledger on a daily basis.
Post insurance payments using the medical claim billing software.
Prepare
Prepare and distribute regular financial reports, including accounts receivable aging and cash flow statements.
Prepare and draft cheques.
Prepare correspondence for delinquent accounts.
Prepare inventory receipts for entry.
Prepare reports for management as requested.
Process
Process accounts and incoming payments in compliance with financial policies and procedures.
Process and apply incoming payments to customer accounts, ensuring proper allocation and reconciliation.
Provide
Provide assistance and support to other team members.
Provide assistance, coaching and training to staff members, including new hires.
Reconcile
Reconcile customer accounts and provide supporting documents to customers.
Reconcile general ledger accounts, especially related to inventory and accounts payable.
Reconcile misapplied charges and / or payments.
Reconcile monthly vendor statements and investigate variances.
Refer
Refer complex accounts to management for further action.
Report
Report denial trends to management and suggest appropriate actions.
Research
Research accounts in the billing system as necessary to resolve client and patient questions.
Research and re-bill unpaid claims.
Research and resolve accounts appearing on AR Aging Reports.
Resolve
Resolve client-billing issues and rescue accounts receivable delinquency.
Resolve issues and resubmit claim.
Review
Review and analyze customer creditworthiness to determine appropriate credit terms and limits.
Review and reconcile complex customer accounts.
Review necessary information in billing system in order to respond to management questions.
Run
Run billing reports twice monthly.
Send
Send daily past due and delinquent notifications to customers via email.
Stay current with
Stay current with invoicing on a daily basis.
Stay updated with relevant accounting regulations and industry best practices related to accounts receivable management.
Strive
Strive to continually reduce aging balance and bad debt expense.
Train
Train others and Q / A work of other ARS's as assigned.
Transit
Transit accessible location.
Understand
Understand and abide by billing compliance regulations.
Utilize
Utilize Salesforce to manage communications with sales team, customers and management.
Verify
Verify accuracy of insurance payments received and posted to the billing system.
Verify discrepancies by and resolve clients' billing issues.
Work with
Work claims and claim denials to ensure maximum reimbursement for services provided.
Work closely with the sales team to resolve any disputes or issues that may impact timely payment collections.
Work on special projects as assigned.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Account Receivable Specialist:
Proficiency in accounting software and financial management systems.
Knowledge of accounting principles and practices.
Experience in invoicing, billing, and payment processing.
Familiarity with credit and collection procedures.
Strong analytical and problem-solving skills.
Attention to detail and accuracy in financial data entry and analysis.
Ability to interpret financial statements and reports.
Proficiency in Microsoft Excel or other spreadsheet software.
Understanding of taxation and legal regulations related to accounts receivable.
Knowledge of financial auditing processes.
Experience with data analysis and reporting tools.
Familiarity with automated accounts receivable systems and tools.
Ability to reconcile accounts and resolve discrepancies.
Understanding of financial risk assessment and credit evaluation.
Knowledge of cash application and payment reconciliation processes.
Proficiency in using customer relationship management (CRM) software.
Strong organizational and time management skills.
Ability to work with cross-functional teams and collaborate effectively.
Familiarity with financial forecasting and budgeting processes.
Continuous learning and willingness to stay updated with industry trends and changes in accounting practices.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Account Receivable Specialist:
Excellent communication and interpersonal skills.
Strong customer service orientation.
Detail-oriented and highly organized.
Ability to work independently and meet deadlines.
Adaptability and flexibility in a dynamic work environment.
Teamwork and collaboration.
Problem-solving and critical thinking abilities.
Strong numerical and mathematical skills.
Attention to confidentiality and data security.
Time management and prioritization skills.
Conclusion
An Account Receivable Specialist plays a vital role in managing financial transactions and ensuring the timely collection of payments. They are responsible for maintaining accurate records, communicating with customers, and collaborating with internal teams to ensure smooth accounts receivable operations. The most in-demand hard skills for Account Receivable Specialists include proficiency in accounting software, knowledge of accounting principles, and experience in invoicing and payment processing. Additionally, soft skills such as communication, problem-solving, and attention to detail are crucial for success in this role. By possessing the right combination of hard and soft skills, Account Receivable Specialists can effectively contribute to the financial health of an organization and maintain strong customer relationships.
