Payment posting in practice management system requires accuracy, as inaccurate posting may lead to severe financial impacts for the health care facility. Although the potential consequences of inaccurate payment posting are obvious, there are possibilities of errors occurring. Simple typos or other slip of the finger may turn out to be blunders.
Significance of Accuracy in Payment Posting
Being one of the fundamental features of the revenue cycle management in medical practices, payment posting impacts several other functions in the practice. Capable of influencing efficiency, patient satisfaction, and overall financial health of practices, accuracy in payment posting plays a vital role in the financial stability of health care organizations.
Impacts of Inaccurate Payment Posting
- Erroneous Credits: Transactions, when posted in excess of their actual amounts, will result in leaving credit on the patients’ accounts. This credit may get accumulated if left unnoticed or uncorrected.
- Diminished Accounts Receivable: Credit balances may lead to deflated accounts receivable. It tends to present false reporting that suggests more financial stability of the practice than what is factual.
- Faulty Patient Statements: Incorrect posting of financial transactions will result in patient account information being wrong. This may, at the worst, lead to patients receiving statements for balances that they do not owe actually.
Prevention of Errors
Paying attention to detail is the most effective way of preventing payment posting errors. It is essential to review each transaction for the following crucial factors:
- Entered amount and amount received must be checked for matching
- Contractual adjustment amount must match with adjustment amount entered
- Remaining balance needs to match the amount allocated as the responsibility of the patient
Why Rapid Care?
Accurate claim posting is the indication of overall efficiency and infrastructure. Rapid Care Medical Billing Services offer accuracy and helps sort out reasons for low inflows. Our efficient revenue cycle management solutions assist medical practices in improving their overall billing system right from charge entry to preparing claims submission and final cash posting.
Health care facilities seeking reliable medical billing service provider having experience and resources may approach us. You may visit our website http://www.rapidcare.net/billing/ for more details.