Sr. Deductions Specialist

Job Title

Sr. Deductions Specialist

Job Description

Philips is a global leader in health technology, committed to improving billions of lives worldwide and striving to make the world healthier and more sustainable through innovation. Driven by the vision of a better tomorrow.

But it's not just what we do, it's who we are. We are 80,000, wonderfully unique individuals, with two things in common: An unwavering sense of purpose and a relentless determination to deliver on our customers' needs. It's what inspires us to create meaningful solutions - the kind that make a real difference - when it matters most.

The world and our customers' needs are changing faster than ever before and while we are proud of what we do already, we know we can do more. That's why we need you, to help us tackle increasingly complex challenges posed by ever evolving health and well-being needs.

In this role, you have the opportunity to

Take an active role in our team of Senior Deductions Specialists who are responsible for reviewing and identifying large client-high volume deductions, resolving where applicable, or partnering with our internal teams where needed, at Philips' Healthcare North American by maintaining excellent relationships with our customers, internal finance leadership, and cross-functional business partners. In this role, you would be part of the Global Business Services team, reporting to a Senior Collections Manager within Philips Finance Organization (FinOps).

You are responsible for (but not limited to)

• Accountable for reviewing any deductions or short paid invoices, identifying root cause, and collaborating with the internal department(s) to expedite dispute resolution
• Partner with clients and identify ways to better align Philip's processes with the client's processes to reduce future deductions, and create efficiencies overall
• Contact clients with past due balances, due to rejected deductions in the portfolio to obtain payment, payment commitment, and follow up on payment promises
• Assist the cash applications department with resolving payment application discrepancies ensuring adjustments are completed in a timely fashion
• Meet or exceeds targeted collections metrics, reducing past dues, bad debt reserve exposure, and other quantitative targets
• Support and develop accounts receivable lean process improvements

To succeed in this role, you should have the following skills and experience

• Bachelor's degree in Finance, Accounting, Business Administration, or other related field preferred
• 3+ years of related experience in the sphere, preferably in a shared service environment
• Experience with "Big Box Retail" deductions required
• Basic knowledge of accounting principles preferred
• Experience within the healthcare or medical manufacturing industry is beneficial
• SAP or Oracle accounting application experience preferred
• Knowledge or experience working with Excel specifically (Vlook up and pivot tables) and Outlook 2016 required
• Able to work independently; proactive and able to take the lead when needed.

In return, we offer you

• A career with a world-class brand committed to improving people's lives through innovation
• Global multi-functional opportunities to advance your career
• Certification and training towards best in class skill development and specialization
• Strong leadership and mentorship from a group of seasoned professionals
• The chance to be a part of a new group that is powering excellence at Philips
• We are offering an opportunity to be part of a team of professional individuals that work in a growth and development culture.

How we work at Philips

Our newly adopted hybrid work concept fuses flexibility with collaboration to deliver great outcomes for our people and our customers. We are embracing an approach wherein we spend more time together than apart - which for full-time employees translates to an average of at least 3 days working from the office and up to 2 days from home - for our hybrid roles.

Hybrid work flexibility means people can meet the changing demands of work and home in the most balanced, productive, and healthy way.

Our hybrid working model is defined in 3 ways:

We believe in the importance of impactful collaboration: There's a certain energy when everyone's in the same room that can heighten idea generation and creative friction needed for problem-solving.

We embrace flexibility: Choosing where, when, and how to work can vary according to task and team schedules. Flexibility isn't office or online, it means choosing the space that works best for you, your teams, and our customers on a case-by-case basis.

We want to be at our best: The way we work, and our workspaces are designed to support our well-being, offer career advancement opportunities, and enable us to be at our best.

Why should you join Philips?

Working at Philips is more than a job. It's a calling to create a healthier society through meaningful work, focused on innovative, customer-first health technology solutions. Help us improve the health and well-being of billions of people, every year. Ultimately creating a career that no one could have planned for. Even you.

Visit our careers website to explore what it's like working at Philips, read stories from our employee blog, find information about our recruitment process and answers to some frequently asked questions.

Philips Electronics Ltd is committed to treating all people in a way that allows them to maintain their dignity and independence. We welcome and encourage applications from people with disabilities. Accommodations are available on request for candidates taking part in all aspects of the selection process.

#LI-PH1

Philips is an Equal Employment and Opportunity Employer/Disabled/Veteran and maintains a drug-free workplace.