Although several practice administrators consider medical coding and documentation as priority and payment posting as less important, accurate payment posting is critical in the revenue cycle management of a health care facility and its overall profitability.
Payment Posting and its Vital Role in Medical Practices
Payment posting is one crucial element in the revenue cycle management process of health care facilities. Failure to achieve accurate payment posting causes not only late payments and rejected claims, but also failing to bill patients altogether at times. These consequences translate to huge losses for the practice.
The benefits of performing payment posting are obvious. Improved cash flow and enhanced overall collections are a few of them. Billing issues may be spotted early and patients may get their statements promptly and in accurate manner.
Key Benefits of Accurate Payment Posting
Forming one of the vital components of the entire revenue cycle management process in any medical practice, payment posting holds several direct and indirect benefits for the practice, when performed in an accurate way. A few of these advantages are given below:
- Revenue Cycle Analysis: With payments posted to patient accounts properly, it is possible to analyze the revenue cycle of your medical practice for improvement and opportunities – which in turn helps increase your accounts receivable and profitability
- Recurring Issues can be Resolved: Several problems that exist within the practice revenue cycle may be effectively resolved – payment posting involves posting denials and adjustments as well – reasons for denials can be identified
- Current Processes Can be Improved: Directly influencing the practice’s office efficiency, revenue cycle process plays a vital role in impacting the various processes involved in the practice – by identifying problems, it becomes possible to add or remove processes according to need
- Denial Resolution is Considerably Improved: Prevention is the best way of resolving denials – developing the ability to identify denials quickly, correcting, and refilling them is the next best remedy – which is enabled by proper payment posting
- Accuracy of Claims: Billing secondary and tertiary payers properly depends on posting primary payment accurately – accuracy of payment posting has impact on claims submissions accurately to secondary and tertiary payers
Rapid Care Transcription Pvt Ltd has been offering medical coding and billing services to physicians and medical practices of all sizes since more than a decade. We have a team of trained and skilled medical billers and coders.
If you are looking for ways to improve the overall billing system of your medical practice, you may approach us. Visit our website http://www.rapidcare.net/billing/ for further details.