Accounts Receivable Analyst

Who We Are:

SmithRx is a rapidly growing, venture-backed Health-Tech company. Our mission is to disrupt the expensive and inefficient Pharmacy Benefit Management (PBM) sector by building a next-generation drug acquisition platform driven by cutting edge technology, innovative cost saving tools, and best-in-class customer service. With hundreds of thousands of members onboarded since 2016, SmithRx has a solution that is resonating with clients all across the country.

We pride ourselves for our mission-driven and collaborative culture that inspires our employees to do their best work. We believe that the U.S healthcare system is in need of transformation, and we come to work each day dedicated to making that change a reality. At our core, we are guided by our company values:

• Integrity: Our purpose guides our actions and gives us confidence in the path ahead. With unwavering honesty and dependability, we embrace the pressure of challenging the old and exemplify ethical leadership to create the new.
• Courage: We face continuous challenges with grit and resilience. We embrace the discomfort of the unknown by balancing autonomy with empathy, and ownership with vulnerability. We boldly challenge the status quo to keep moving forward—always.
• Together: The success of SmithRx reflects the strength of our partnerships and the commitment of our team. Our shared values bind us together and make us one. When one falls, we all fall; when one rises, we all rise.

Job Summary:

The Accounts Receivable Analyst serves as a primary financial liaison for our complex customer relationships. This position is responsible for managing a portfolio of accounts to optimize cash flow, mitigate risk and enhance customer relationships. This role is more strategic than traditional collections with a focus on proactive account management and complex problem-solving. The ideal candidate is proactive, highly organized, self-driven with a meticulous eye for detail and superior communication skills. They are able to exercise excellent judgement in resolving cash collection, managing escalations and analyzing data to provide insights to leadership.

This role reports to the Senior Accounting Manager, Order to Cash.

What you will do:

• Customer Portfolio Management
  • Proactively manage the company's collection efforts in an ever changing, multi-party environment to ensure timely collection of invoices. This includes navigating a complex interplay between our customers, insurance brokers, third-party administrators (TPA), captive insurance companies, and pharmacy consultants. This requires excellent communication and relationship management skills.
  • Cultivate strong relationships with a high-volume portfolio of internal and external customers, serving as the primary point of contact for billing and receivable inquiries
  • Manage and prioritize multiple customer, TPA, broker, consultant, captive and other related party demands, exercising business judgement to resolve billing discrepancies, questions and delinquent payers.
  • Investigate and perform detailed analysis in order to identify the root cause of billing or payment issues, collaborating cross-functionally to implement meaningful solutions.
  • Manage and create reporting to internal stakeholders of collection efforts and delinquent accounts, including Days Sales Outstanding, Average Days to Collect, and other strategic actions taken to collect delinquent accounts.
  • Exercise good business judgement discretion in managing escalated or at-risk accounts, independently determining the appropriate course of action which may include negotiating payment plans, settlement or recommending the suspension/cancellation of services.
  • Train and mentor accounts receivable staff.
• Operational and Accounting Controls
  • Document and maintain internal control procedures related to invoicing and collection efforts. Develop and maintain evidence supporting such controls are executing as designed.
  • With in depth knowledge of the customer portfolio, assist in developing the allowance for doubtful accounts in accordance with Accounting Standards Codification (ASC) number 326 - Financial Instruments: Credit Losses.
  • Serve as a key partner during financial audits, providing in-depth analysis and explanation for account statuses, transaction histories and resolution paths.
  • Develop and maintain documentation for Accounts Receivable procedures and actively participate in process improvement initiatives.
• Financial Analysis and Strategy
  • Analyze cash application procedures and customer payment trends to identify opportunities for recommended process improvements to optimize cash flow.
  • Prepare and present analysis on high-risk accounts to leadership, providing recommendations for mitigating financial loss while preserving the customer relationship.

What you will bring to SmithRx:

• 4+ years of proven experience in a high volume multi-party accounts receivable role.
• Associate’s degree or equivalent professional experience in Accounting or Business Administration
• Proven experience in Invoicing, Collections, Cash Applications, Accounting Reconciliations and Internal Control Documentation (ie, Securities and Exchange Commission SOX Framework)
• Demonstrated ability to negotiate and resolve conflict with external customers, and their related parties, while maintaining a positive and professional relationship
• Proven ability to work independently, manage competing demands and make excellent business judgement in a fast-paced environment
• Strong analytical and problem-solving skills with a proven track record of investigating complex issues and implementing solutions
• Outstanding communication and interpersonal skills with a customer-first orientation
• Expert understanding of accounts receivable and solid understanding of accounting policy
• Highly skilled in MS Office Suite (Experience with Intacct or other ERP is a plus)

What SmithRx Offers You:

• Highly competitive wellness benefits including Medical, Pharmacy, Dental, Vision, and Life Insurance and AD&D Insurance
• Flexible Spending Benefits
• 401(k) Retirement Savings Program
• Short-term and long-term disability
• Discretionary Paid Time Off
• Paid Company Holidays
• Wellness Benefits
• Commuter Benefits
• Paid Parental Leave benefits
• Employee Assistance Program (EAP)
• Well-stocked kitchen in office locations
• Professional development and training opportunities