Payment Posting is one of the significant steps in the process flow of revenue cycle management. It represents the financial strength of an organization in a quick snapshot.
Payment posting in Medical Billing is a process wherein the payments are logged into the system. This provides us an overview of the entire payment details and help us understand the collections through various payers.
By accurate and thorough posting of payments in medical billing, we get a clear insight into insurance payments through EOBs (Explanation of Benefits), Insurances checks through ERAs (Electronic Remittance Advice) and payments from patients, separately. With a large number of payments to be posted every day, an efficient posting process provides better understanding of the day-to-day financial status. It helps in better flow of cash.
Persons involved in this crucial step should have great attention to details. Any small mistake in the entry of the payments can provide a completely incorrect image of the financial picture. For example, let us consider, Thomas, who works in the payments team, inadvertently enters a $4090 bill instead of $409 payment. He also has not caught up with the error and moved on. Imagine the payment going through the entire medical billing process and the repercussions the mistake has led to.
If the error is caught at some step in the process initially and corrected before the payment invoice is generated, the confidence of the patient is not disturbed. Else, the patient would be billed a sumptuous incorrect amount, thus leading to a loss of trust. Also, the AR (Accounts receivables Management) MIS would report inaccurate figures and thus representing a completely false financial picture. Everyday reconciliation helps spotting errors immediately and rectifying them. A good payment posting process also helps in identifying potential challenges that would occur and providing solutions to correct them.
Process flow in the posting of payments should be integral to the entire revenue cycle management process. An efficient payment process workflow and system help in observe the everyday trends in the payment process and help identifying opportunities to increase the revenue. A smooth posting process flow increases the potential output of the entire medical billing process.
Data from posting matches the EOBs and ERAs received – Regular reconciliation helps in tallying the same as there are no big surprises coming at a later stage.
Denial Management – To work hand in hand with the denial management team so that any rework and rebilling happens in a timely manner. Delays will hamper inflow of revenue and also could increase write- offs.
Balancing Write-Offs – the detailed process of posting the payments should indicate client specific levels for write-offs and adjustments. Any deviation requests should immediately be notified and appropriate action should be taken to prevent loss of revenue.
Patient Payment responsibilities – There are various reasons for patients to be billed for the services like co-pays, non-covered services, etc. The patient responsibilities should be identified and conveyed at an earlier stage. Its helps in faster collection cycle. Also, the same has to be mapped correctly to avoid any misrepresentation of the financial status.
Contracts and Fee Schedules Review – At BIS, our Contract and Credentialing team works with all payers and establishes the contract guidelines effectively and also publishes “Contract & Fee Schedules” document to the other RCM teams regularly. This enables the payment poster to review the Contract & Fee Schedules and post the payments and adjustments accurately.
Doing accurate posting of payment on time help in the healthcare service to sustain and thrive in business. At Business Integrity Services, we offer accurate posting services. We post in your medical billing system and manage the payments through EOBs and ERAs. Our daily reconciliations help sort out any gaps immediately and avoid any unseen mishaps at a later point in time. We also check on case to case basis for any revenue leaks at any stage of payment collection, be it through insurance or from patients. Our case studies and analysis help in addressing any payment issue at the root level in order to ensure faster payment cycle.
With accurate payment posting, BIS helps you in seeing a vivid picture of your true financial status.
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