Understanding Payment Posting Services

UNDERSTANDING PAYMENT POSTING SERVICES

Payment posting is essential to any solo practitioner’s or healthcare organization’s revenue cycle management. It entails posting and deposit functions and reconciling posting activities and deposits. The payment posting process impacts many other aspects of the healthcare organization, including efficiency, patient satisfaction, and overall financial performance. Payment posting also offers insight into a practice’s daily revenue stream and enables practices to identify and correct potential issues quickly. It is essential for your practice to be apt to see daily insurance payments from EOBs, patient payments, insurance checks from ERAs, and other information. In addition, having an efficient ERA/EOB payment posting system provides a clear picture of your day-to-day financial situation. Let’s have a deep understanding of payment posting services:

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TYPES OF PAYMENT POSTING

• Manual Posting: Manual posting is a payment posting completed by administrative staff and typically takes longer to fill out the information.This posting increases the likelihood of various errors, such as typos and delaying payment posting.

• Auto Payment Posting: Auto payment posting is a software-driven approach that most industries choose as their digital solution to speed up the medical billing process and ensure a consistent revenue stream. However, few solo physicians believe that manual payment posting gives them less control over their revenue-generating system.

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IMPORTANCE OF PAYMENT POSTING

Medical payment posting, as a critical step in the medical billing process and an essential component of revenue cycle management, provides the following benefits when done correctly:

• Keeping track of denials and reducing resolution time

• Improved Claim Submission Accuracy to Secondary Payers

• Recurrent problems are resolved

• Improves the Active Process https://www.247medicalbillingservices.com info@247medicalbillingservices.com https://www.247medicalbillingservices.com info@247medicalbillingservices.com

How to ensure an accurate payment posting?

Payment posting can be done either in-house or through  outsource payment posting services. Here are some tips for ensuring accurate payment posting:

• Always double-check that the data from EOBs and ERAs corresponds to the payments.

• When collecting deductibles or co-payments during insurance remittance processing, look for problems or revenue cycle leaks.

• To avoid errors, notify management of denials for medical necessities, non-covered services, and prior authorization.

• Always follow up on denials promptly. https://www.247medicalbillingservices.com info@247medicalbillingservices.com https://www.247medicalbillingservices.com info@247medicalbillingservices.com

About 24/7 Medical Billing Services

24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%.

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