Understanding Payment Posting Services

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Understanding Payment Posting Services

• Payment posting is essential to any solo
  practitioners or healthcare organizations
  revenue cycle management. It entails posting and
  deposit functions and reconciling posting
  activities and deposits. The payment posting
  process impacts many other aspects of the
  healthcare organization, including efficiency,
  patient satisfaction, and overall financial
  performance. Payment posting also offers insight
  into a practices daily revenue stream and
  enables practices to identify and correct
  potential issues quickly. It is essential for
  your practice to be apt to see daily insurance
  payments from EOBs, patient payments, insurance
  checks from ERAs, and other information. In
  addition, having an efficient ERA/EOB payment
  posting system provides a clear picture of your
  day-to-day financial situation. Lets have a deep
  understanding of payment posting services

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Types of Payment Posting

• Manual Posting
• Manual posting is a payment posting completed by
  administrative staff and typically takes longer
  to fill out the information. This posting
  increases the likelihood of various errors, such
  as typos and delaying payment posting.
• Auto Payment Posting
• Auto payment posting is a software-driven
  approach that most industries choose as their
  digital solution to speed up the medical billing
  process and ensure a consistent revenue stream.
  However, few solo physicians believe that manual
  payment posting gives them less control over
  their revenue-generating system.

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Importance of Payment Posting

• Medical payment posting, as a critical step in
  the medical billing process and an essential
  component of revenue cycle management, provides
  the following benefits when done correctly
• Keeping track of denials and reducing resolution
  time
• Improved Claim Submission Accuracy to Secondary
  Payers
• Recurrent problems are resolved
• Improves the Active Process

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How to ensure an accurate payment posting?

• Payment posting can be done either in-house or
  through outsource payment posting services. Here
  are some tips for ensuring accurate payment
  posting
• Always double-check that the data from EOBs and
  ERAs corresponds to the payments.
• When collecting deductibles or co-payments during
  insurance remittance processing, look for
  problems or revenue cycle leaks.
• To avoid errors, notify management of denials for
  medical necessities, non-covered services, and
  prior authorization.
• Always follow up on denials promptly.

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About 24/7 Medical Billing Services
24/7 Medical Billing Services is the nations
leading medical billing service provider catering
services to more than 43 specialties across the
entire 50 states. You can rely on us for
end-to-end revenue cycle management. We guarantee
up to 10-20 increase in the revenue with cost
reduction of your practice for up to 50.
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Call us Today
Media Contact 24/7 Medical Billing
Services, 28405 Osborn Road, Cleveland, OH,
44140 Tel [phone] Email
info_at_247medicalbillingservices.com Website
https//www.247medicalbillingservices.com/
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