- The Account Receivable & Credit Control Officer will support the efficient management of accounts receivable by ensuring timely payments from patients, insurance companies, HMOs, and corporate clients. This role involves adhering to credit policies, monitoring debtor accounts, and maintaining accurate financial records to optimize cash flow and minimize bad debt.
Key Accountabilities/Responsibilities
Credit Risk Assessment and Client Onboarding
- Assist in evaluating the creditworthiness of new clients using predefined criteria.
- Ensure all required documentation (e.g., financial statements, guarantees) is collected and filed securely.
- Support the setup of new client accounts in the system with approved credit limits and terms.
- Monitor payment behaviors of existing clients and flag potential risks.
- Maintain an up-to-date database of client credit information and risk profiles.
- Provide recommendations for improving credit policies based on observed trends.
Proactive Debt Collection and Accounts Receivable Management
- Follow up on overdue payments via phone, email, and formal letters.
- Negotiate payment plans with debtors in line with hospital policies.
- Track adherence to agreed payment plans and escalate defaults.
- Dispatch monthly statements and reminder notices to debtors.
- Document all collection activities and communications in the system.
- Aim to meet monthly collection targets and reduce aged debt.
Insurance, HMO, and Corporate Account Management
- Liaise with insurance companies and HMOs to resolve unpaid or disputed claims.
- Reconcile remittance advices (RAs) with submitted claims to identify discrepancies.
- Address queries from payers and provide additional documentation as needed.
- Build professional relationships with key payer representatives.
- Monitor payer performance and report delays or issues to the manager.
- Escalate persistent payment issues to senior staff for resolution.
Dispute Resolution and Query Management
- Investigate and resolve billing disputes from patients and payers.
- Collaborate with billing and clinical departments to gather supporting documentation.
- Communicate resolution outcomes clearly and professionally to debtors.
- Maintain a log of all disputes, tracking their status and resolution.
- Identify recurring billing issues and suggest process improvements.
- Ensure disputes are resolved within defined service level agreements (SLAs).
- Prepare daily/weekly/monthly reports on accounts receivable aging and collection performance.
- Analyze trends in debtor behavior and highlight risks.
- Track key performance indicators (KPIs) like Days Sales Outstanding (DSO).
- Assist in forecasting cash flow by projecting anticipated collections.
- Ensure data integrity in all reports and perform regular quality checks.
- Utilize reporting tools to generate actionable insights for management.
External Collection and Legal Coordination
- Prepare case files for delinquent accounts recommended for external collection.
- Liaise with collection agencies, providing necessary documentation and updates.
- Support legal counsel with affidavits or court attendance if required.
- Track progress and recovery rates of accounts handed to external agencies.
- Ensure compliance with legal and ethical standards in all recovery activities.
- Report on the status of externally managed accounts to management.
Debtor Account Maintenance and Reconciliation
- Ensure accurate setup and maintenance of debtor accounts in the system.
- Post payments, credit notes, and adjustments to debtor accounts promptly.
- Reconcile key debtor accounts against payer statements or bank records.
- Archive settled or written-off accounts per hospital policies.
- Maintain organized records of all debtor communications and agreements.
- Participate in data-cleansing initiatives to ensure system accuracy.
Compliance and Ethical Standards
- Adhere to national laws, data protection regulations, and AMCE's policies.
- Maintain professionalism and empathy in all debtor interactions.
- Avoid practices that could be perceived as harassment or intimidation.
- Stay updated on changes in credit laws and industry best practices.
- Complete mandatory compliance training and workshops.
- Report any unethical practices or compliance breaches through designated channels.
Process Improvement and Collaboration
- Identify inefficiencies in credit control processes and suggest improvements.
- Work with billing and admissions teams to reduce errors causing payment delays.
- Provide feedback to sales/ marketing on client credit performance.
- Participate in cross-functional projects to enhance revenue cycle performance.
- Share best practices and knowledge with team members.
- Support the implementation of new credit management tools or software.
- Bachelor's degree or Higher National Diploma (HND) in Accounting, Finance, Business Administration, Economics, or a related field.
- Minimum of 3 years of relevant accounting, accounts receivable, or credit control experience.
- Experience using accounting software, ERP systems, or revenue cycle management systems.
- Experience in accounts receivable management, credit control, debt collection, and payment reconciliation.
- Familiarity with medical billing, claims processing, and payer reconciliation.
- Strong negotiation, communication, and problem-solving skills
- Understanding of credit risk assessment and debt recovery procedures.
- Knowledge of financial policies, regulatory requirements, and fair debt collection practices.
- Ability to collaborate effectively with Finance, Billing, and Admissions teams.
- Experience in accounts receivable management, credit control, debt collection, and payment reconciliation.
- Experience in a hospital, healthcare organisation, or financial services firm.