Collections Analyst - PRISM

Position Summary

Under the direction of the Client Services Manager, the Collections Analyst performs detailed level analysis to identify and follow up on collection opportunities. The incumbent is responsible for contacting Pharmacy Benefit Managers (PBM’s), Industry Payers, and other Third-Party Processors on behalf of assigned accounts in order to meet contractual agreements with Clients. Responsibilities include developing a tracking mechanism to provide clients with collection activity, meeting contractual agreements around write-off percentages related to collection activity, presenting results to clients, managing day-to-day client relationships, interacting with other departments such as Sales & Client Services, Product Marketing, Accounts Receivable, and Carolina Services Management, as well as performing other client services duties. Additional responsibilities include acting as a back up Account Analyst, developing and improving operating processes, and documenting and implementing those processes.

Major Job Responsibilities

1. Performing detailed analysis on open receivables contacting PBM’s, industry payers, and other Third-Party processors to perform collections for assigned accounts: 
• Researching and resolving unapplied cash issues related to open claims
• Performing open claims to open cash comparisons to provide trending analysis and perform routine clean up of open receivables
• Contacting industry players via phone and email to facilitate action
• Utilizing PRISM Spectrum to aid in analysis and tracking collection results
• Developing additional tracking methods to report analysis results in multiple formats and business case scenarios
• Meeting Client Service Level Agreements related to collection practices and write-off percentages 
2. Presenting results of analysis to Clients, Business Development Managers, Client Services Manager and others as defined by client need:
• Managing day-to-day client relationships
• Creating detailed spreadsheets or charts to present trending results 
• Making recommendations to clients based on professional judgment and accounting practices
• Facilitating conference calls and/or face-to-face meetings with clients
• Modifying internal processes and procedures as defined by new client needs
• Sharing industry trends and feedback with Account Teams to better service other reconciliation clients
3. Identifying and implementing operational efficiencies in the development of future collections services:
• Identifying and gaining improvement in collection results to yield additional recovery dollars
• Making recommendations for changes and implementing new processes as approved by manager
• Presenting cost and time savings estimates and final results to manager 
4. Assisting in conversion activity for new clients utilizing collections services:
• Serving as conversion team member in implementing PRISM collections service
• Offering recommendations for establishing guidelines and business rules 
• Setting up industry contacts and communication methods
5. Documenting procedures and creating job aid for collection tasks performed:
• Creating documentation on collection methodology based on successful results
• Cross training other associates to be backup when out of the office 
6. Other duties as assigned

Qualifications

• Bachelor’s degree (B.A.) from four-year college or university with a major in accounting, finance, or related field AND four or more years of related work experience and/or training; OR equivalent combination of training and experience
• Ability to use good judgment in recognizing scope of authority
• Ability to proceed independently and carry out assignments to completion with minimal instruction
• Ability to analyze transactions, detect, and avoid errors
• Ability to perform detailed work with numerical data to make mathematical computations rapidly and accurately
• Ability to prepare, analyze, and present complex financial reports and records
• Ability to create documents requiring accuracy and confidential handling
• Ability to maintain detailed, accurate records and files
• Ability to organize tasks and time to ensure timely completion of all projects
• Ability to facilitate communications and problem solve
• Ability to establish good working relationships internally and with clients
• Ability to travel independently
• Ability to work additional hours as needed
• Knowledge of generally accepted accounting principles
• Knowledge of accounting procedures on automated systems
• Intermediate-level proficiency using MS Excel and MS Word
• Knowledge of computer systems and report generation
• Knowledge of servicing accounts