Accurate Payment Posting Leading To Improved Billing Efficiency

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Accurate Payment Posting Leading To Improved
Billing Efficiency
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Accurate Payment Posting Leading To Improved
Billing Efficiency
Basics of Payment Posting Payment posting is an
integral part of the revenue cycle management
(RCM) of any healthcare organization. As the name
suggests, payment posting involves posting the
payments and their reconciliation. The billing
team will post the received and denied payments
into billing software against the submitted
claim. If you have an efficient payment posting
team, they will uncover trends behind claim
denials, will find out non-covered services, and
requirements of prior authorizations. All these
issues can be discussed with the medical billing
and coding team to improve the clean claim
percentage and reduce the denial claim
percentage. With accurate payment posting, you
can catch any billing inefficiencies or issues
quickly, making the entire billing process
smoother for everyone, from the front office to
the back-office staff. Being such a crucial
process of RCM, we discussed how accurate payment
posting can lead to improved billing
efficiency. Payment Reconciliation If you have a
skilled and experienced billing team member who
can understand EOBs (Explanation of Benefits) and
ERAs (Electronic Remittance Advice) then you can
reconcile the payment accurately. Most of the
times providers either consider their claims as
paid or denied. Most of the time, part of your
claim is paid by the insurance carrier and part
is denied giving a denial reason. You must be
able to read every line item to find out such
denied payments in every claim. Sometimes one
procedure code might have been denied due to the
absence of a modifier or used as a duplicate. If
you are able to reconcile your received payments,
you will be able to receive more accurate
insurance payments for delivered services.
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Accurate Payment Posting Leading To Improved
Billing Efficiency
Finding Denials An important aspect of payment
posting is registering why the payment has been
denied. Accurate payment posting practices
suggest mentioning every denied payment with an
accurate denial code along with a remark code, if
available. This activity does the groundwork for
the denial analysis and resolution team that
works on such denial reasons. Most practices
focus on submitting claims and expect payment for
delivered services. Payment posting helps them to
find out why their claims are getting paid, what
is the allowable amount for specific procedure
codes, and why claims are getting denied. With
proper payment posting, your team can rework
denied claims to receive accurate insurance
collections. Finding Patient Responsibility With
more and more patients adopting high deductible
plans, patient responsibility has increased
exponentially in recent times. If your practice
conducts eligibility and benefits verification
for every patient visit then you can find the
exact amount of patient responsibility before
rendering services. Otherwise, you have to depend
upon payment posting activity to find out exact
patient responsibility and then charge patients
accordingly. Payment posting gives your exact
patient responsibility like co-payments, unpaid
deductibles, and non-covered services. You can
raise an invoice for such unpaid patient payments
to increase practice collections.
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Accurate Payment Posting Leading To Improved
Billing Efficiency
Just receiving checks from insurance carriers
doesnt mean that everythings fine. You have to
evaluate your payment posting process on a
periodic basis. Every payment must be documented
properly to ensure accurate collection of
insurance and patient payments. Medisys Data
Solutions is a leading medical billing company
providing complete billing and coding services
for various medical billing specialities. Our
expert payment posting team not only posts
payments accurately but sends denied payment
details to denial resolution team to rework on
such denied claims on priority. To know more
about our medical billing and coding services,
contact us at info_at_medisysdata.com/ 302-261-9187
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