Payment posting is a critical part of the revenue cycle. This is when the payment records of every patient are entered in the billing management software. Accurate postings are key in addressing denials and reconciling accounts for an optimized cycle. If errors creep in, it leads to mismatches with patient data resulting in delayed payments. A dedicated team with an eye for detail needs to attend to it so that the process can be streamlined and made increasingly cost efficient. Automated solutions can help accelerate it and significantly improve productivity.
Payment Posting Services:
Our team of trained professionals have the knowledge about EOBs of all types of payers. They scan private checks or credit card statements to capture details like patient account number, patient name, date of service, and procedure code. They post the payment details received from patients and insurance companies to your billing platform and reconcile payments regularly against your bank account. Some of our services include:
- Explanation of Benefits (EOB) Posting – We check the billed amount, allowed amount, adjusted amount, paid amount, deductibles and denial details, refunds, offsets and reconciliation with the greatest accuracy in a very short turnaround time. Not just that, we also examine the details to determine the amount of insurance receivables or frequency of inflows. Once the analysis is complete, we connect with the billing departments and patients to apprise them about the receivables.
- Electronic Remittance Advisory (ERA) Posting – Everyday a significant number of payments are made through electronic remittances. We help you upload these files correctly on the revenue cycle platform. In case any files are rejected due to inaccuracies, we rectify them and upload them once again. This helps you save time, simplifies reconciliation of patient accounts and explains the payment and adjudication of medical claims.
- Manual Payment Posting – Scanned images of Explanation of Benefit (EOB) documents are captured and this information is posted to each patient account. We complete this entire process for you with precision to ensure accurate payments.
Benefits of Payment Posting Services:
The multiple advantages you gain with our services are:
- Accuracy of data entered in the system
- Streamlining processes for billing efficiency
- Analysis of data to fix percentage of receivables and reasons for low inflows
- Minimizing denials by accurately identifying cause
- Correctly re-filing data to reduce A/R days
- Accuracy of claims submissions to secondary and tertiary parties