Payment posting is one of the crucial steps of medical billing process and is vital for optimized revenue cycle. Timely and precise payment posting influences the success of any health care facility. Requiring collating and comparing various information from denials, EOBs, and checks from patients, it is not as simple as it outwardly appears.
Significance of Efficient Payment Posting
Successful revenue collection requires a complete understanding of payer guidelines, reimbursement contracts, and reasons for claim denials. Lapse in payment posting may lead to reduced patient and provide satisfaction; it will impact the practice revenue as well.
When errors occur in payment posting, patients are found to make several calls for resolving their queries and getting the information corrected. If the payment posting function is not handled accurately, it may lead to dissatisfaction and bottleneck among providers too.
The Process of Payment Posting
- Reading and Reviewing EOB
- EOB includes patients’ names, account numbers, service dates, control numbers, denials data, co-insurances, co-payments, billed / adjusted amounts, procedure codes, and so on. These details are studied in depth and analyzed for identifying payment and related patterns such as insurance receivable percentage, denials, and percentage of amount outstanding
- Action Based on Analysis
- Having established the payment receivable pattern, action chart is sent out to the respective billing sections for ensuring measures that increase inflows
- Cash Flow Tracking
- Real-time tracking of outstanding amount and cash flow status is performed – ensuring that necessary action can be taken if cash flow drops
Benefits of Outsourcing Payment Posting Service
- Analysis of revenue cycle is improved by accurate payment posting process – this helps increasing the opportunities for maximizing revenue
- Posting denials and adjustments is possible- enabling identifying the reasons for issues and resolving recurring problems
- Primary payment, when posted properly, leads to precise secondary payer billing
- Verification ensures reduction in errors in payment posting
- Patient satisfaction is increased and cash flow improves
Why Choose Rapid Care Transcription Pvt Ltd?
Rapid Care has been providing medical billing services to medical practices of all sizes and specialty. We have expertise and experience; we ensure quick reading and analysis of EOBs. Cost-effective payment posting solutions are our specialty.
For further details you may visit our website www.rapidcare.net
