Credit Collections Executive at Medtronic

Pune, Maharashtra, India

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Not SpecifiedCompensation

Junior (1 to 2 years)Experience Level

Full TimeJob Type

UnknownVisa

Healthcare, Medical Devices, Diabetes CareIndustries

Requirements

Bachelor’s degree in business or accounting major is preferred
1 to 2 years of Insurance Collections experience in a US healthcare environment
Demonstrated ability to prioritize work, managing daily and multiple tasks to completion within the time allotted
Experience in a payor or medical provider community that deals with all aspects of the revenue cycle
Experience with reviewing and analyzing insurance payments, and/or payer adjudication claims against contract terms and patient coverage and benefits
Experience with medical billing and collections terminology – CPT, HCPCS and ICD-10 coding
Previous experience in receiving and making outbound calls to patients to explain insurance benefits related to health insurance, and/or discussing patient financial responsibilities

Responsibilities

Follow up collection activities including rebilling, appeals and recovery activities for denied or short paid claim
Executes on established departmental objectives and assignments which affect the immediate operation, but that also have full revenue cycle and company-wide fiscal impact
Initiates follow-up activities with third-party payors regarding open claim balances; makes written and verbal inquiries to payors
Analyzes and problem solve account issues to full resolution
Manages internal and external customer/business inquiries regarding account status and account history
Research issues off-line as needed with payor/patient; conducts follow-up calls with payors and customers, initiating conference calls between insurance carrier and patients to resolve customer concerns
Research and initiates refund requests due to overpayments by payor and/or patient
Determines when claims/accounts are deemed uncollectable; recommends and initiates bad debt write-offs procedures
Enters data into computer systems using defined computer resources and programs
Compiles data and prepares a variety of reports
May reconcile records with PFS team members and leaders; communicates with external vendors and customers (including representatives of health plans/payors.)
Recommends actions to resolve discrepancies; investigates questionable data

Skills

Key technologies and capabilities for this role

Credit CollectionsBillingRebillingAppeals ManagementClaim RecoveryThird-Party Payor Follow-upAccount AnalysisCustomer ServiceRevenue Cycle ManagementDSO ManagementHealthcare Guidelines

Questions & Answers

Common questions about this position

What experience is required for the Credit Collections Executive role?

The role requires 1 to 2 years of Insurance Collections experience in a US healthcare environment, with a Bachelor’s degree in business or accounting preferred.

What are the main responsibilities of this position?

Responsibilities include follow-up collection activities such as rebilling, appeals, and recovery for denied claims, initiating inquiries with third-party payors, analyzing account issues, managing customer inquiries, and recommending bad debt write-offs.

Is this a remote position or does it require office work?

This information is not specified in the job description.

What is the salary or compensation for this role?

This information is not specified in the job description.

What skills make a strong candidate for this position?

Strong candidates demonstrate the ability to prioritize work and manage multiple daily tasks to completion, along with experience in US healthcare insurance collections.

Medtronic

Develops and manufactures medical devices and therapies

About Medtronic

Medtronic provides medical technology, services, and solutions to improve patient care. The company develops a variety of medical devices, including pacemakers, insulin pumps, surgical tools, and neurostimulation devices, which help diagnose, prevent, and treat chronic diseases. These products are used by hospitals, clinics, and healthcare professionals around the world. Medtronic stands out from competitors by investing significantly in research and development to create new products and offering additional services like training and patient management programs. The goal of Medtronic is to enhance patient outcomes and lower healthcare costs through its comprehensive range of medical solutions.

Fridley, MinnesotaHeadquarters

1949Year Founded

$3.2MTotal Funding

IPOCompany Stage

Biotechnology, HealthcareIndustries

10,001+Employees

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Life Insurance

Disability Insurance

Health Savings Account/Flexible Spending Account

Unlimited Paid Time Off

Paid Vacation

Paid Sick Leave

Paid Holidays

401(k) Retirement Plan

401(k) Company Match

Employee Stock Purchase Plan

Employee Assistance Program

Wellness Program

Risks

Emerging competitors like Fire1 threaten Medtronic's heart failure management market share.

Spine biologics market growth may attract new entrants, increasing competition for Medtronic.

Recent IPOs in medtech indicate rising competition, challenging Medtronic's market position.

Differentiation

Medtronic's diverse product range spans cardiovascular, diabetes, neurological, and surgical technologies.

The company invests heavily in R&D to drive innovation in medical devices.

Medtronic offers comprehensive services, including training and technical support, enhancing product value.

Upsides

Exclusive deal with Kuros enhances Medtronic's orthopedic portfolio and market share.

Growing spine biologics market offers expansion opportunities in spinal fusion and regenerative medicine.

Balloon catheters market growth aligns with Medtronic's recent product launches, boosting cardiovascular presence.

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