Financial Specialist at Blue Cross… · Boston

Summary: Blue Cross Blue Shield of Massachusetts is dedicated to transforming healthcare, and they are seeking a Financial Specialist to manage a comprehensive book of business involving various financial arrangements. The role includes responsibilities such as account management, financial reconciliations, and collaborating with internal teams to resolve issues and improve processes. 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 - Partner with internal areas (e.g., Executive’s Office, Member Services, Legal, Sales, IT) to quickly resolve escalated issues for members and accounts and identify solutions to avoid future issues - 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 - Support Direct Pay business partners (if required), such as Member Services, through completing financial requests (BlueServe Connect, Blue View), responding to escalated member issues, and proactively managing Direct Pay AR (Cancelled Subs Database, Direct Pay CATB). These actions contribute directly to our corporate goal for First Call Resolution - Ability to identify and take direction on process improvements and departmental projects. Use those tools to contribute to overall department success. 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 (using financial acumen and data analytics) - Provide excellent customer service related to financial matters for internal and external employer group customers - Negotiating payment plans with accounts to balance customers’ needs while balancing the needs of Blue Cross - Complete financial reports for leadership and senior leadership to review and understand account standings such as the Bad Debt Reserve Report and the Past Due Issues report - Compliance with regulatory and contractual obligations (DOI regulations, performance guarantees, NACHA regulations, and banking regulatory practices 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 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 - Ability to handle escalated issues and know when to move forward - De-escalating calls from brokers and account leaders including sales - 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 appropriateness of financial arrangements and bill presentment methodology for new and retention business Required Qualifications: - Bachelor's Degree (preferably in a business-related field) - Minimum 1-2 years' experience in a financial area - Compliance with regulatory and contractual obligations (DOI regulations, performance guarantees, NACHA regulations, and banking regulatory practices 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 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 - Ability to handle escalated issues and know when to move forward - De-escalating calls from brokers and account leaders including sales - 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 appropriateness of financial arrangements and bill presentment methodology for new and retention business - 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 - Partner with internal areas (e.g., Executive's Office, Member Services, Legal, Sales, IT) to quickly resolve escalated issues for members and accounts and identify solutions to avoid future issues - 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 - Support Direct Pay business partners (if required), such as Member Services, through completing financial requests (BlueServe Connect, Blue View), responding to escalated member issues, and proactively managing Direct Pay AR (Cancelled Subs Database, Direct Pay CATB). These actions contribute directly to our corporate goal for First Call Resolution - Ability to identify and take direction on process improvements and departmental projects. Use those tools to contribute to overall department success. 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 (using financial acumen and data analytics) - Provide excellent customer service related to financial matters for internal and external employer group customers - Complete financial reports for leadership and senior leadership to review and understand account standings such as the Bad Debt Reserve Report and the Past Due Issues report - Excellent verbal, written, and presentation skills - Excellent time management and organizational skills - Demonstrated mastery of Microsoft Office Suite, Excel, Word, Excel, and PowerPoint - Personal commitment to quality customer service and teamwork Preferred Qualifications: - Knowledge of BCBSMA financial arrangements and billing systems a plus - Experience with financial analysis using reporting tools such as Tableau, trend reporting, accounting, collection, and negotiation skills accounts receivable Required Skills: Accounting, Financial Analysis, Accounts Receivable, Financial Reporting, Data Analytics, Regulatory Compliance, Payment Plan Negotiation, Financial Reconciliation, Use of Reporting Tools (Tableau), Microsoft Office Suite, Billing Systems Knowledge, Customer Service Benefits: Paid time off, Medical/dental/vision insurance, 401(k), A suite of well-being benefits to eligible employees