Financial Specialist

Your Day to Day:

• Effectively manage a comprehensive book of business comprised of varying financial arrangements
• Demonstrate accounting skills in completing periodic settlements, processing journal entries and providing billed versus paid audits as required.
• Partner with internal areas (e.g., Executive's Office, Member Services, Legal, Sales, IT) to quickly resolve escalated issues for members and accounts and identify solutions to avoid future issues
• Perform all aspects of account management: maximize cash flow, minimize bad debt, negotiate payment plans, communication with internal and external customers and brokers
• Ability to generate financial reconciliations and relay this information to accounts as appropriate.
• Support Direct Pay business partners (if required), such as Member Services, through completing financial requests (BlueServe Connect, Blue View), responding to escalated member issues, and proactively managing Direct Pay AR (Cancelled Subs Database, Direct Pay CATB). These actions contribute directly to our corporate goal for First Call Resolution.
• Ability to identify and take direction on process improvements and departmental projects. Use those tools to contribute to overall department success. Manage multiple priorities simultaneously
• Identifying financial trends within their assigned book of accounts.
• Drive adoption of the electronic bill presentment and payment tool through customer outreach using persuasive measures (using financial acumen and data analytics)
• Provide excellent customer service related to financial matters for internal and external employer group customers
• Negotiating payment plans with accounts to balance customers' needs while balancing the needs of Blue Cross
• Complete financial reports for leadership and senior leadership to review and understand account standings such as the Bad Debt Reserve Report and the Past Due Issues report

This role is eligible for our Flex 1m Persona. For candidates local to our Boston, MA and Hingham MA offices.

We're Looking For:

• Compliance with regulatory and contractual obligations (DOI regulations, performance guarantees, NACHA regulations, and banking regulatory practices etc.) within assigned book of accounts
• Dealing with sensitive matters for high profile accounts, Third Party Administrators, and brokers
• Managing complex financial scenarios (bankruptcies, receiverships, etc.) within their assigned book of accounts while engaging the Legal department to resolve and minimize bad debt
• Ability to navigate multiple systems and software quickly to provide accurate and time sensitive financial information
• Coordinating cross-functional activities

What You Bring:

• Negotiate account payment installment plans to minimize the potential for account terminations
• Assess unique account situations for possible reductions and/or increases in working capital or equalized deposits to ensure cash neutrality
• Continuously review book of business to determine when interest assessment should be applied and/or waived
• Make recommendations on bad debt reserve estimates and report on overall book of business status
• Coordinate discussions with Underwriting to manage Run-out deposits. Influence outcomes based on account trends and established relationships with accounts and brokers
• Initiate discussions and make recommendations regarding account cancellations due to non -payment and possible reinstatements
• Ability to handle escalated issues and know when to move forward
• De-escalating calls from brokers and account leaders including sales

Leadership Responsibilities:

• Participate in process improvement/efficiency projects
• Negotiate financial plans and influence payment remittance timing
• Train and mentor new associates and peers
• Educate internal areas on the available financial arrangements, payment options and business policies
• Assist sales counterparts in providing recommendations on appropriateness of financial arrangements and bill presentment methodology for new and retention business

What You'll Gain:

• Experience with financial analysis using reporting tools such as Tableau, trend reporting, accounting, collection, and negotiation skills accounts receivable
• Excellent verbal, written, and presentation skills
• Excellent time management and organizational skills
• Demonstrated mastery of Microsoft Office Suite, Excel, Word, Excel, and PowerPoint
• Knowledge of BCBSMA financial arrangements and billing systems a plus
• Personal commitment to quality customer service and teamwork

Education/Relevant Experience:

• Bachelor's Degree (preferably in a business-related field)
• Minimum 1-2 years' experience in a financial area

High school degree or equivalent required unless otherwise noted above

The job posting range is the lowest to highest salary we in good faith believe we would pay for this role at the time of this posting. We may ultimately pay more or less than the posted range, and the range may be modified in the future. An employee's pay position within the salary range will be based on several factors including, but limited to, relevant education, qualifications, certifications, experience, skills, performance, shift, travel requirements, sales or revenue-based metrics, and business or organizational needs and affordability.

This job is also eligible for variable pay.

We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and a suite of well-being benefits to eligible employees.

Note: No amount of pay is considered to be wages or compensation until such amount is earned, vested, and determinable. The amount and availability of any bonus, commission, or any other form of compensation that are allocable to a particular employee remains in the Company's sole discretion unless and until paid and may be modified at the Company's sole discretion, consistent with the law.

WHY Blue Cross Blue Shield of MA?

We understand that theconfidence gapandimposter syndromecan prevent amazing candidates coming our way, so please don't hesitate to apply. We'd love to hear from you. You might be just what we need for this role or possibly another one at Blue Cross Blue Shield of MA. The more voices we have represented and amplified in our business, the more we will all thrive, contribute, and be brilliant. We encourage you to bring us your true colors, , your perspectives, and your experiences. It's in our differences that we will remain relentless in our pursuit to transform healthcare for ALL.

As an employer, we are committed to investing in your development and providing the necessary resources to enable your success. Learn how we are dedicated to creating an inclusive and rewarding workplace that promotes excellence and provides opportunities for employees to forge their unique career path by visiting ourCompany Culturepage. If this sounds like something you'd like to be a part of, we'd love to hear from you. You can also join ourTalent Communityto stay "in the know" on all things Blue.

At Blue Cross Blue Shield of Massachusetts, we believe in wellness and that work/life balance is a key part of associate wellbeing. For more information on how we work and support that work/life balance visit our "How We Work" Page.