Accounts Receivable Specialist

We are seeking a highly motivated and detail-oriented Account Receivable Specialist with a strong background in Physical Therapy AR to join our team. The ideal candidate will be responsible for overseeing all aspects of the accounts receivable process within a physical therapy setting, ensuring compliance with insurance regulations, managing aged accounts, and optimizing billing and collection efficiency. This position requires a deep understanding of physical therapy billing systems and insurance claims, with the ability to drive strategic planning and performance monitoring.

Key Responsibilities:

• Compliance: Stay updated on insurance regulations specific to physical therapy practices and educate staff on any changes to ensure adherence to relevant policies and procedures.
• Performance Monitoring: Track and monitor weekly production and collection targets specific to physical therapy services to ensure goals are being met and any barriers to collections are addressed.
• Problem Solving: Investigate trends and discrepancies with insurance carriers, such as denials or underpayments, and collaborate with the team to resolve issues and improve collections in the physical therapy sector.
• Strategic Planning: Analyze billing statistics specific to physical therapy services and set weekly targets for improved billing and collection performance.
• A/R Management: Manage and follow up on aged accounts for physical therapy patients, ensuring timely payments and minimizing outstanding balances. Work closely with both insurance carriers and patients to facilitate prompt collections.
• Legal Oversight: Ensure clients are informed and understand their financial responsibilities, particularly as it pertains to insurance coverage, co-pays, and any out-of-pocket expenses for physical therapy services.
• Billing Efficiency: Implement and maintain timely billing processes tailored to physical therapy practices, ensuring all billing is completed promptly and follow-up programs are in place to address late payments and insurance issues.
• Reporting: Provide detailed monthly reports to the CEO/Owner, identifying key trends, issues, and progress toward A/R goals in the context of physical therapy services.
• Collaboration: Actively contribute to team meetings to discuss opportunities for optimizing over-the-counter collections and improving billing accuracy and efficiency within the physical therapy practice.

Key Performance Indicators (KPIs):

• Cash to Bills Ratio (specific to physical therapy services)
• Payroll as a % of Gross Income (GI) within the physical therapy practice
• Collection calls made to patients and insurance carriers, focusing on physical therapy-related claims
• Re-billed claims and amounts collected within the physical therapy sector
• Weekly production billing amount for physical therapy services

Requirements

• 3-5 years of experience in accounts receivable management within a Physical Therapy environment.
• Proficiency with Electronic Medical Records (EMR) systems commonly used in physical therapy practices, such as A2C, Prompt, WebPT/Therabill, Patient Studio, or TheraOffice.
• In-depth knowledge of physical therapy billing and coding, including insurance regulations, authorization requirements, and specific payer practices.