Sr Cash Application Specialist

The Senior Cash Application Specialist is responsible for accurately processing and reconciling the company's bank transactions, ensuring the proper application of payments, resolving discrepancies, and maintaining meticulous records. This role requires a detail-oriented professional with strong analytical skills, excellent communication abilities, and a solid understanding of banking and accounting processes.

Key Responsibilities:

• Access and review the company's bank accounts through online banking platforms or by downloading electronic bank statements from the bank.
• Categorize each transaction in bank statements into relevant types such as collections (Cash Clearing), refunds (vendor payments), fund transfers, etc.
• Verify the accuracy of transactions, ensuring that amounts and descriptions match the records before recording them into the reconciliation spreadsheet.
• Attach or note relevant documentation, including remittance details and payer communications, in the reconciliation spreadsheet and in practice management systems.
• Collaborate with managers or billing teams to resolve discrepancies such as missing EOBs, partial payments, or overpayments prior to posting.
• Manually update banking feeds into the accounting software and code transactions appropriately.
• Perform daily bank reconciliations to ensure all transactions are properly reflected in the company’s accounting system.
• Retrieve and upload Explanation of Benefits (EOB) documents as needed.
• Clean up and archive payment records for audit and record-keeping purposes.
• Assist the accounting department and payment posters with inquiries related to payments and deposits.
• Follow up on entries in GoRev promptly.
• Track refund and fund transfer requests to ensure compliance with financial policies.
• Investigate any posting irregularities or errors and take corrective action as necessary.
• Review and prioritize emails related to payments, deposits, and other urgent financial matters.
• Provide advice and suggestions to the Posting Manager to improve posting processes and enhance the company’s financial stability.
• Maintain organized records of daily bank transactions, collections, notes, and communications related to unresolved items.
• Ensure all documentation and records are audit-ready for internal and external audits.

Qualifications:

• Proven experience in cash application, bank reconciliation, or related accounting roles.
• Strong understanding of banking platforms, electronic statements, and accounting software.
• Excellent attention to detail and problem-solving skills.
• Ability to collaborate effectively with cross-functional teams.
• Strong organizational skills and the ability to manage multiple priorities.
• Knowledge of healthcare billing and payment processing (preferred but not required).

Working Conditions:
This position typically operates in an office environment with the possibility of hybrid work arrangements. Proficiency in Microsoft Office Suite, banking platforms, and accounting software is required.