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Senior Director Collections Officer
locations
Burlington NC
Remote_United States
time type
Full time
posted on
Posted 4 Days Ago
job requisition id
2358574
Labcorp is hiring a Senior Director of Client and Patient Analysis. This person will act as the Collections Officer for the company. This is a position that requires heavy analysis as well as working with customers, partners, and legal. This person should have a background in collections, specifically in the healthcare industry.
RESPONSIBILITIES
Company Collections Officer
- Represents company in our collection efforts with outside legal partners and external vendors
- Determine when to file suits with clients due to outstanding balances
- Responsible for sending monthly PT bad debt to collections
- Actively address open A/R issues with clients (coordinating efforts with multiple company stakeholders)
Client and Patient Analysis
- Responsible for analysis and management of current Accounts Receivable (Client and Patient billable parties)
- Cash forecasting (Client and Patient) Monthly, Quarterly, Annually
- Bad Debt forecasting
- Analyze and assess the health of the company’s A/R related to Patient and Client proactively recommend bad debt rate adjustments, signal concerns
Patient Bad Debt Initiatives
- Lead efforts to estimate, target and coordinate the annual opportunities to reduce bad debt through Time of Service Collection (TOS) efforts
- Coordinate with all Divisional Finance VPs and Divisional SVPs on Time of Service Collection efforts to reduce the company bad debt
- Partner with IT on various technology opportunities to improve patient collections and reduce bad debt
- Negotiate with external vendors for collection efforts and ultimate recovery dollars
- Innovate ways to improve collections in order to maintain low levels of bad debt, despite ever
increasing macroeconomic headwinds from higher patient cost share in the healthcare marketplace
Revenue Recognition analysis
- Monthly assessment of Patient billable party revenue and price, responsible for determining whether or not revenue accruals or reversals are required on a monthly basis
- Develop tools and reporting to quickly and accurately assess the following: adequacy of current reserves, expectations for future cash, areas of opportunity for A/R resolution, research that supports discussions with Executive and Senior Leadership
- Present monthly to Revenue Cycle Management leadership during A/R meetings, revenue close meetings, IT initiative meetings, and other highly visible meetings
- All efforts contribute to delivering on industry leading metrics in DSO & Bad Debt
Manage the Patient & Client Analysis organizations
- Lead teams to accomplish company financial goals
- Train, mentor, and develop talent
- Succession planning
- Interview, hire, performance reviews, and manage
REQUIREMENTS
- Advanced industry knowledge
- Strong conflict resolution and problem-solving skills; strong organizational skills with a focus on details and strong analytical skills; demonstrated track record leading teams required
- Ability to manage teams and stakeholders
- Demonstrable ability of continuously improve account receivables performance and to consistently achieve KPI targets for bad debt, aged A/R, cash collections and forecast accuracy
- Strong working relationship with internal LabCorp management and Divisional leadership
- Demonstrated ability to develop and implement new strategies
- Track record of excellent cross-functional negotiating skills required
- Experience in developing and managing vendor relationships
- Experience creating and delivering business presentations to senior management
- High degree of emotional intelligence, strong listening skills and written/verbal communication abilities. Effective in working with people from different cultures and backgrounds.
- Ability to build trustful relationships and to work collaboratively across multiple functions and stakeholders.
EDUCATION
- Bachelor’s degree in Accounting, Finance, Economics, Business Administration or related field
- 5+ years of direct experience in Accounts Receivable Analysis & Collections efforts
- 10+ years of relevant work experience in Healthcare or related fields
Pay Range: $132,500 198,300 salary
Benefits: All job offers will be based on a candidate’s skills and prior relevant experience, applicable degrees/certifications, as well as internal equity and market data. Regular, full-time or part-time employees working 20 or more hours per week are eligible for comprehensive benefits including: Medical, Dental, Vision, Life, STD/LTD, 401(K), ESPP, Paid time off (PTO) or Flexible time off (FTO), Commissions, and Company bonus where applicable. For more detailed information, please click here.
Labcorp is proud to be an Equal Opportunity Employer:
As an EOE/AA employer, Labcorp strives for ersity and inclusion in the workforce and does not tolerate harassment or discrimination of any kind. We make employment decisions based on the needs of our business and the qualifications of the inidual and do not discriminate based upon race, religion, color, national origin, gender (including pregnancy or other medical conditions/needs), family or parental status, marital, civil union or domestic partnership status, sexual orientation, gender identity, gender expression, personal appearance, age, veteran status, disability, genetic information, or any other legally protected characteristic. We encourage all to apply.