Processing with perfect Cash Posting
How does exact Payment posting enhance Medical Billing?
Payment posting refers to the process of updating a patient’s account and accounting system with the amount and type of payment received. Payment posting is important for medical billing because it keeps the medical practice in compliance with contractual obligations. So outsourcing payment posting services to Allzone Management Services help to ensure that the medical practice receives the full amount of the bill.
Different types of posting we handled to enhance the efficiency of the Medical Billing
Our most efficient auto-posting, or ERA, method is a digital tool for speeding up medical billing and ensuring consistent revenue flow. The ERA transaction includes information about the payment to the healthcare provider and any claims and subsequent payments. Our billing experts utilize EOBs to investigate insurance payments (Explanation of Benefits). As there are so many payments to post each day, our efficient posting process allows for a better grasp of the financial situation on a daily basis. It ensures a more stable financial flow.
When it comes to denial posting we capture the denials in the client's practice management system. Further, we transfer the remaining balance to the respective party, make adjustments and write-offs per established policies, and route the denied claims to the proper work queues. Outsourcing payment posting services help to capture the exact reason for the line denial of the claim and improves efficiencies in the billing process.
Significance of analyzing and applying correct write-off and adjustments in revenue cycle management
A write-off is a sum that the provider deducts from the payer’s medical bill. And there are two categories of write-offs: approved write-offs and other write-offs. Among the most common are small balances, courtesy, no insurance, and contractual adjustments.
Handling write-offs, adjustments, and contractual adjustments and forwarding issues to management as the correct write-off and adjustment codes will be used for tracking purposes. Any unwanted write-off may result in a loss to the provider.
It is a common professional courtesy practiced by the doctor between the allowed charge and the amount collected.
How we Help you Streamline Payment Posting?
There are many complications when it comes to collecting deductibles and copayments. But such complications can be avoided by our effective payment posting. But outsourcing payment posting services correct payment posting assists the front office in correctly managing patient responsibility during the visit.
Importance of accurate payment posting and how we delivers it?
Improve the revenue cycle by identifying payers issues/rejection
Streamlining the payment procedure will improve the entire medical billing cycle.
- Our Billing specialists accurately post claims that demonstrate overall billing efficiency and investigate the causes of poor inflows.
- A proper payment posting process might assist you in identifying revenue-generating possibilities. And that's why our experts streamline the whole Payment posting process with accuracy and efficiency.
- When it comes to detecting payer issues, payment posting is essentially the very first defense. Denials for medical necessity, non-covered services, and prior authorization will be identified so that the team will be able to address them.
- A proper payment posting is necessary to avoid complications such as claim rejections, failure to attend to previous authorization, and claim denials.
- Our billing experts help you to identify any error in the payment posting in the initial stage and provide a proper solution for it which will improve the overall medical billing cycle.
- Our professionals increase the detection and resolution of all types of errors by streamlining payment posting and working on it more efficiently.
When a claim is paid, all payers transmit an EOB (explanation of benefits) or an ERA (electronic remittance advice). To reconcile the payments, the medical billing team posts them promptly into the corresponding patient accounts against that particular claim.
Payment posting, also known as cash posting, or receipt entry, enables the viewing of payments while also offering a snapshot of the financial picture's activities, making it simple to discover problems and quickly resolve them.
The accuracy of claim submissions to secondary and tertiary payers is directly influenced by accurate payment posting. However, if the principal payment is incorrectly posted, the billing for secondary, tertiary, and patient billing is likely to be erroneous as well.
Payment posting is an important stage of the revenue cycle. So here are some important strategies for a proper payment posting:
- Double-check that the information on EOBs and ERAs corresponds to the payments.
- When collecting deductibles or copayments during insurance remittance processing, look for any potential revenue cycle leakage.
- To avoid mistakes, report denials for medical necessities, non-covered services, and prior authorization to management.
- Consistently follow up on denials in a timely manner.