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Payment Reconciliation Specialist
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R3 Wound Care & Hyperbarics is a forward-thinking healthcare provider dedicated to delivering exceptional patient care and innovative services across the Dallas Fort Worth metroplex, Houston, and San Antonio. Our company is poised for growth, with a strategic focus on enhancing our clinical delivery model and platform, and leveraging that platform to expand our business and clinic footprint. Our culture is built on the foundation of teamwork, with each employee willing to pitch in to ensure our patients receive the highest quality care and comfort.
BenefitsOur team members enjoy a sense of personal satisfaction from helping patients heal, along with a competitive base compensation and attainable monthly incentive pay. Eligible team members also receive a comprehensive benefits package, including PTO, Holiday, Bereavement, and Maternity Leaves; 401k; company-sponsored health and dental insurances; a full array of voluntary benefits; continuous training; and professional development, led by the R3 Revenue Cycle Manager.
Job SummaryWe are seeking a detail-oriented and analytical Payment Reconciliation Specialist to join our Revenue Cycle team. The Payment Reconciliation Specialist will be responsible for ensuring the accuracy and completeness of financial transactions by reconciling payments, identifying discrepancies, and resolving any issues promptly. This role requires strong analytical skills, attention to detail, and the ability to work collaboratively with cross-functional teams.
Responsibilities- Conduct daily, weekly, and monthly reconciliations of payments received from various sources, such as customers, vendors, and financial institutions.
- Verify the accuracy of payment data by comparing it with internal records, bank statements, and third-party reports.
- Identify and investigate discrepancies between payment records and corresponding financial entries, and promptly resolve any issues.
- Collaborate with internal teams, including Accounts Receivable, Accounts Payable, and Customer Service, to resolve payment-related discrepancies and ensure timely and accurate resolution.
- Perform root cause analysis to identify process gaps or system issues that contribute to payment discrepancies and propose solutions to mitigate future errors.
- Monitor and track outstanding payments, aging reports, and unapplied credits, and take appropriate actions to ensure timely and accurate application of funds.
- Work closely with the Finance team to identify opportunities for process improvement, automation, and standardization within the payment reconciliation process.
- Assist in month-end and year-end closing activities, including reconciling outstanding balances, preparing financial reports, and providing necessary documentation for audits.
- Stay updated with industry best practices, regulatory requirements, and emerging technologies related to payment reconciliation, and propose strategies for implementing relevant changes.
- Maintain accurate and organized documentation of payment reconciliation activities, including records of discrepancies, resolutions, and audit trails.
- Bachelor's degree in Accounting, Finance, or a related field. Relevant certifications (e.g., Certified Public Accountant, Certified Payments Professional) are a plus.
- Proven work experience as a Payment Reconciliation Specialist or similar role, preferably in a fast-paced financial environment.
- Strong understanding of financial transactions, payment processing methods, and reconciliation procedures.
- Proficient in using financial software, spreadsheets, and databases (e.g., Excel, ERP systems).
- Excellent analytical skills with the ability to identify and resolve discrepancies in financial data.
- Detail-oriented mindset with a focus on accuracy and precision.
- Strong organizational and time management skills to handle multiple tasks and meet deadlines.
- Effective communication skills, both written and verbal, to collaborate with cross-functional teams and explain complex financial concepts.
- Ability to work independently and as part of a team, demonstrating a proactive and collaborative approach.
- Knowledge of regulatory compliance and data privacy regulations related to financial transactions (e.g., PCI-DSS, GDPR) is desirable.