The Cash Posting & Payment Application Specialist is responsible for accurately and efficiently processing payments, reconciling cash activity, researching discrepancies, and maintaining accurate financial records. This role works closely with internal finance, operations, billing, and external payer/vendor partners to ensure payments are properly applied and outstanding issues are resolved in a timely manner.
Key Responsibilities
Cash Posting & Payment Application
- Post electronic and manual payments accurately and within established deadlines.
- Apply payments from employers, insurance companies, workers' compensation programs, and patients to the appropriate accounts.
- Research and resolve unapplied, unidentified, and misapplied cash.
- Maintain accurate payment records within designated financial and revenue cycle systems.
Reconciliation & Financial Controls
- Perform daily, weekly, and monthly cash reconciliations.
- Reconcile payment activity to bank deposits, system records, and supporting documentation.
- Research and resolve payment variances, discrepancies, and posting errors.
- Assist with month-end and year-end close and reconciliation activities.
- Maintain organized, audit-ready documentation.
Remittance & ERA Management
- Review and reconcile electronic remittance advice (ERA) and related payment activity.
- Investigate posting exceptions, remittance discrepancies, and payment errors.
- Coordinate with payers, vendors, and internal teams to resolve payment issues.
- Identify and escalate recurring issues that may impact cash application accuracy or timeliness.
Billing & Revenue Cycle Support
- Support payment and cash application activities across employer services, workers' compensation, occupational medicine, and other healthcare or business-to-business billing programs.
- Research account balances, payment history, and billing discrepancies.
- Assist with account maintenance and payment-related inquiries.
- Monitor payment activity and identify opportunities to improve processes and efficiency.
Vendor & System Coordination
- Collaborate with finance, operations, billing, and external vendors to research and resolve payment discrepancies.
- Assist with payment reconciliation across multiple systems and platforms.
- Participate in system testing, workflow enhancements, and process improvement initiatives.
- Help validate system changes to ensure accurate payment posting and reporting.
Reporting & Compliance
- Maintain cash posting logs, reconciliation records, and supporting documentation.
- Prepare reports related to cash application, reconciliation status, outstanding variances, and payment activity.
- Support internal and external audits and compliance reviews.
- Follow established policies and procedures related to financial controls, revenue integrity, confidentiality, and data accuracy.
Qualifications
- 2+ years of experience in cash posting, payment application, accounts receivable, billing, collections, or a related accounting/finance function.
- Experience reconciling cash, payments, deposits, or financial transactions.
- Strong attention to detail and ability to identify and resolve discrepancies.
- Proficiency with Microsoft Excel and financial, billing, or revenue cycle systems.
- Strong organizational, analytical, and problem-solving skills.
- Ability to manage multiple priorities and meet deadlines in a high-volume environment.
- Experience working with electronic remittance advice (ERA) or healthcare payments is preferred but not required.
