For a matter of fact, it would be nearly impossible to complete the reimbursement process without payment posting by the medical billing companies.
Medical billing companies recognize payment posting as an important component of revenue cycle management process.
Subsequently, when the insurance companies send Explanation Of Benefits (EOB) to the medical billing teams, the payments are analyzed and handled to payment posting teams for further process.
The payment status might be either reimbursements or claim denials. Reimbursements are posted to healthcare professionals whereas claim denials are reversed to check or identify errors for resubmission within timely filing limits.
Key Benefits of Payment Posting in Medical Billing Companies:
- Easy to analyze revenue cycle management
- Solves recurring issues
- Strengthens existing processes
- Denial resolution time reduction
- Enables correct claims submission to secondary payers.
Easy to Analyze Revenue Cycle Management:
- Once when those payments are posted to the clients or healthcare professionals, it presents a perfect instance to analyze the medical billing process and improve it after noticing the opportunities.
- It will provide an effective analysis that can assist to maximize the profits and also improve the way for account receivables.
Solves Recurring Issues:
- There might be many problems within revenue cycle management process which can be resolved with absolute payments posting.
- Payment posting involves posting adjustments as well as denials and not only just payments.
- Identifying denials can be tricky and is critical to resolve and correct the denials to prevent future claims from getting denied.
Strengthens Existing Processes:
- Revenue cycle management process impacts greatly on the medical billing companies teams.
- At times, the management may have to confront negligence in their process to the fact that it’s failing to perform the maximum.
- As soon as a problem or an issue is identified, it’s very essential to determine the cause and look for improvements, anything to be added in order to increase the revenue payment process.
Denial Resolution Time Reduction:
- The intelligent way of resolving the claim denials is preventing them.
- There can be a prevention tactics to control and monitor instructions from the insurance companies by maintaining up to date files and other records those provide information on new medical billing and coding regulations.
- The quicker those claims are corrected, the better those denials are prevented.
- Each day is crucial because if those denials go unresolved, they contribute huge revenue loss to the healthcare professionals.
Enables Correct Claim Submissions to Secondary Payers:
- Accurate payment postings may also affect the accuracy of the claims submitted to the secondary and tertiary payers.
- If there’s an issue in primary payment posting and not done properly, there are possibilities for the secondary and tertiary insurance companies or payers to get billed falsely or inaccurately.
- Medical billing companies must focus on the process to improve and monitor process not only to increase reimbursement but also to stay in compliance with a proper medical billing procedure.
How to Improve Medical Billing Process?
- Speed-up denial management
- Hire expert claim posting team
- Track policy changes
- Use EHR to combine workflow
Speed up Denials Management:
- Once the denials are properly observed, it needs to use expert denial management theory to fix the issues and lower those denials.
- It’s also one of the major factors that will improve overall medical billing process.
Hire Expert Claim Posting Team:
- No wonder that payment entry is not only a claim entry but also includes domain expertise experienced in the same field for years to maintain quality and proficiency by the resources involved.
- Hiring highly qualified, specialized and efficient who are also experienced will undoubtedly improve existing processes.
Track the Policy Changes:
- All the insurance companies do not follow and maintain same type of policies and regulations.
- Each one of them vary from each other. They have different policies depending upon their companies.
- It’s the role of healthcare professionals and medical billing companies to pay attention in detail to the policies and processes followed by insurance companies.
- Keeping themselves updated will let the team know and be aware of claims those are required to be filed and submitted within timely filing limits.
Use EHR to Combine Workflow:
- Electronic Health Records with the billing will help medical billing companies and providers to ensure whether those claims are filed accurately with exact pre-authorization details and medical codes.
- Transferring information makes it more flexible to step records and errors in records which later causes unforeseen problems.
How Payment Posting Fits In Revenue Cycle?
EOB and ERA Posting:
It’s a process of ensuring the data received from EOB and ERA to match the payments.
Reporting the denials according to the medical necessities, non-covered services and pre-authorization management can prevent errors and denials in RCM process.
To find the reason for the denials and rework on them to resubmit in the scheduled time in an efficient manner is very essential and important.
Processing the write-offs, adjustments and pass them to management for a better billing process.
Taking responsibility to identify problems with deductibles and co-payments will have huge impact on the medical billing company’s revenue cycle process.
Utilizing payment posting in a better way, these troubles can be avoided.
Why is Payment Posting important in Medical Billing Companies?
- As medical billing involves several steps, it also takes charge in processing large amount of claims everyday bound with different issues.
- Payment posting in medical billing companies is vital to identify the problems payers are facing to process the claim.
- Claim denials due to errors in pre-authorization, non covered services are handled by payment posting team to address the issues.
- Moreover finding the issues as soon as possible benefits entire process involved from first to end .
- Well performed payment posting can aid in identifying opportunities to improve revenue payments and find new trends for the practice.
- Payment posting has the potential to smoothen the practice and help for a seamless flow of revenue.
Using Automation for Error-free Payment Posting
Payment posting is a crucial part of the revenue cycle management process. Without this last step, the entire cash flow cycle remains incomplete. Most importantly, if you get it wrong, it can severely affect the patient’s account and lead to legal complications.
That is the reason why leading revenue cycle management companies are offering their services to get the job done for you. They also offer home-grown automation solutions to ensure error-free accounting. Here are some things you should know:
- Managing a great number of patient accounts in a large multi-specialty hospital chain is a huge task. Even if you run an independent clinic, the understaffed billing teams have a hard time putting the patient accounts in order.
- Using automation for payment posting can eliminate all the unwanted errors caused by manual processing of data.
- The software solutions offered by several seasoned companies claim to make your work faster by reading the files and updating the details in the patient account.
- The tools read the Explanation of Benefits for each service and automatically prepare a sheet for you to tally later.
- Being a software tool, they take very little time to process a large volume of transactions, making the payment posting process easier and error-free.
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