Senior Collection Executive

Overview
We are seeking a motivated and detail-oriented Collection Agent to join our team. In this role, you will be responsible for managing collections for medical accounts, ensuring timely payments while maintaining positive relationships with clients. The ideal candidate will possess strong negotiation skills, a solid understanding of financial concepts, and familiarity with medical terminology. This position is crucial in supporting our revenue cycle management efforts and ensuring the financial health of our organization.

Experience-1-6 yrs

Role & responsibilities

Invoice and Payment Management

• Generate and send invoices to customers in a timely manner, ensuring accuracy in billing details (e.g., amounts, terms, and dates).
• Monitor and record incoming payments against open invoices.
• Ensure that payments are applied correctly to customer accounts.
• Handle customer payment queries and disputes, ensuring prompt resolution.

2. Accounts Receivable Reporting

• Maintain accurate records of all accounts receivable transactions, including aging reports and payment history.
• Prepare and present regular accounts receivable reports to management, highlighting overdue accounts and potential cash flow issues.
• Ensure that accounts are reconciled and discrepancies are addressed.

3. Customer Communication and Relationship Management

• Contact customers regarding overdue accounts, utilizing phone, email, or written communication.
• Develop and maintain positive relationships with clients to facilitate smooth payment collection.
• Negotiate payment terms and arrangements in line with company policies.

4. Credit Management

• Assess and monitor the creditworthiness of new and existing customers.
• Work with the credit department to establish appropriate credit limits and payment terms for customers.
• Flag high-risk customers and prioritize collection efforts accordingly.

5. Collection of Outstanding Payments

• Initiate and follow up on collection efforts for overdue accounts, aiming to reduce the number of bad debts.
• Coordinate with external collection agencies or legal teams when required.
• Ensure that accounts are managed effectively to minimize overdue payments.

6. O2C Process Management (Order to Cash)

• Oversee the full Order to Cash (O2C) process, ensuring a seamless transition from order entry to cash receipt.
• Collaborate with the sales and order management teams to ensure timely and accurate order processing.
• Ensure proper invoicing and payment terms are communicated to customers and executed in line with the sales contracts.
• Monitor and optimize cash flow within the O2C process by reducing delays and resolving bottlenecks.

7. Dispute and Issue Resolution

• Investigate and resolve any billing or payment issues in collaboration with internal departments (e.g., sales, customer service).
• Work to find amicable resolutions to disputes while protecting the companys financial interests.
• Record and report the nature of disputes and resolutions for future reference and process improvements.

8. Cash Application and Reconciliation

• Apply customer payments promptly to the appropriate accounts and invoices.
• Ensure all transactions are accurately recorded in the accounting system.
• Perform regular reconciliations of accounts receivable balances and ensure discrepancies are addressed.

9. Process Improvement and Compliance

• Identify opportunities to streamline and improve accounts receivable processes for better efficiency and quicker cash flow.
• Ensure compliance with company policies, industry regulations, and legal requirements related to collections and credit management.
• Stay updated with changes in payment technologies, accounting standards, and legal requirements to ensure best practices in receivables management.

10. Collaboration with Internal Teams

• Collaborate closely with the sales, finance, and customer service teams to resolve billing issues and improve payment processes.
• Assist the finance team in month-end and year-end closing activities by providing accurate receivable reports and payment data.

11. Performance Monitoring and KPIs

• Monitor key performance indicators (KPIs) such as Days Sales Outstanding (DSO), aging report status, and collection effectiveness.
• Report performance against targets to senior management, identifying areas for improvement.