Payment Posting Services in Medical Billing

What Is Payment Posting?

Payment Posting which is logging in your payments into the system gives you a brief look at the overall financial condition of your organization. With the accurate and efficient posting of payment, ents one can get clarity about their company's financial status and with the resulting data the said Healthcare organization will be able to take the needful steps to increase their Revenue.

Payment Posting In Revenue Cycle Management

As said earlier Payment Posting is an important step in the RCM, but why is that? Now an efficient payment Posting, meaning accurate records in the system and on-time postings of the record helps the person in charge to observe the trends in the revenue cycle. This is essential from the future point of view of the organization. With a close study of the trends in the revenue cycle, further opportunities for increasing the revenue can be identified. Now that we know the importance of Payment Posting, let us understand how it can help boost the revenue cycle.

1. EOB and ERA data match

• EOB also called the Explanation of Benefits includes the date that the patient received service and what kind of service it was.

• ERA, also called Electronic Remittance Advice, is nothing but a digital version of EOB.

• Payment Posting at regular intervals will lead to the data matching of EOB and ERA

2. Denied Claims

• With regular posting, the organization can report or reopen the denied claims.

• It helps keep a record of the denied claims so that they can be sent to the denial management for resubmission to the payers.

• This will keep a low record of pending claims and generate more revenue

3. Patient's responsibility

• Once the unpaid transaction or payments are highlighted they can be then transferred to the patient's account.

• With irregular payment Posting these unpaid payments would remain buried deep inside the organization's management

4. Processing Write-offs

• While processing the payments into the system records one can come across wrongful or unusual contracts.

• With the help of regular payment Posting, these unusual agreements can be reported or adjusted to generate revenue.

5. Solve issues in person

• When going through the payments one can find the denied claims or-covered services.

• Once the problem of delayed payment or no payment is Known, the issues can be easily solved in person.