Payment posting has a vital role in revenue cycle management for a healthcare organization. The process of payment positing has several essential steps such as posting, deposit functions and reconciling posting activities. Therefore, payment posting has a huge influence on managing your finance and hence it isn’t a point to b rover looked.
Payment posting gives a clear outline of your revenue stream and helps you catch errors faster. In addition, this helps yous you rectify the errors. Through this, you can see daily EOBs insurance payments and ERAs insurance checks, patient payments, etc., giving you a clear insight into your day to day finances.
What is payment posting in medical billing?
Payment posting is the process of getting a clear picture of your payment and the financial practices of your healthcare organization. In addition, the process gives you an overview of your entire economic cycle, including the revenue leaks, so that you can sort the issue promptly.
Importance of the Medical billing process
Medical billing plays a key role when it concerns revenue cycle management. Your entire revenue cycle depends upon the accuracy of your medical billing process.
The more efficiently you have managed your medical billing process, the more optimum your revenue will be. Hence you have to keep a good eye on the entire medical billing process.
Importance of accurate payment posting
It is essential to have an accurate payment posting process as it directly affects your revenue cycle. Hence keeping a close eye on it in the initial stage itself will save you lots of time and effort while increasing the efficiency of your revenue cycle. In addition, you need to have a well-dedicated team that will ensure the smooth functioning of the process.
An efficient payment posting would bring you several benefits like:
● Opportunities to increase your revenue by monitoring your practices
● Giving a clear insight into your incoming payments to know your profits
● Smoothens your billing process and payment collection
Ways of Payment Posting
You can opt to keep Payment posting as an in-house service or outsource it, but you have to ensure that the it is executed effectively.
Check out ways of payment posting that will help you optimize your revenue:
● EOB and ERA posting and reconcilement: Ensure that the posting is done in proper intervals, and during the reconcilement process, the EOB and ERA data match payments.
● Handling claim denials: Immediate actions must be taken on denied claims
● Patient responsibility: Updating the patient’s responsibility fastens the patient billing process.
● Write-offs and adjustments: Report any unusual contractual adjustments while processing payment after cross-checking with write-offs and adjustments.
Steps to evaluate your process
As an organization, you should be used to reviewing your payment posting process on a timely basis. To make it easy for you, the following are the mentioned area that needs your attention.
Ensure Sufficient Staff
Staff responsible should be sufficient in terms of both number and volume. It is an essential process and requires trained professionals who can dedicate themselves to the process.
Take a good amount of time to build a proper team that will ensure the accuracy of the process. In the case of outsourcing choose the right third party that will handle this process efficiently and has sufficient staff to take this responsibility.
Keeping A Close Eye
While dealing with finance, you should be highly alert and keep a close eye while monitoring the actions taking place during payment posting.
It would prevent any wrongdoings or suspicious activities from occurring.
Avoid Bulk Posting
Ensure that you follow payment posting on a line item basis rather than bulk posting, as it makes it difficult for you to research concerns or questions regarding the payment posting.
Make sure that the staff responsible for posting is using specific write-off codes.
Maintain a quarterly auditing process to reduce the chances of embezzlement.
Always verify the accuracy of each refund request before it is issued.
Time is Money
When it comes to payment posting, time is your essence. You have to be quick while posting the payments. If the system isn’t updated in time, an automated message by the system will be delivered to the client who has already cleared their dues.
This process can be simplified using various technologies available right now. First, you have to be aware of electronic payment remittance and funds transfer options. Through electronic remittance, the payments are posted directly to your billing system. And through electronic funds transfer, payments are posted directly to your bank account.
At I-Conic solutions, we strive to give you the best payment posting service in terms of accuracy and efficiency. We are recognized for the Medical billing services we provide to the customers that meet all their requirements.
If you too wish to enhance your cash flow and improve your revenue, please find us at I-Conic solutions.