How do you do payment posting in medical billing?

A process that provides a snapshot of a practice’s daily revenue stream and forms the most fundamental feature of the RCM. It allows you to view the deposit activities, making it easy to catch the potential issues and solve them fast.  

Being a crucial step in medical billing, health professionals can view the day-to-day payments and financial picture of medical practice such as insurance checks from ERAs, insurance payments from EOBs, patient payments, and many more. 

Importance of Payment Posting 

The RCM relies on how efficient and accurate your medical billing process is when it comes to a large number of daily submitted claims. Issues are bound to arise, and payment posting ensures that the health providers, staff, physicians get paid for the services rendered. 

It is the first-line defense for the issues such as denials for pre-authorization, non-covered services, and medical necessity to address them promptly. 

How does Payment Posting fit in RCM? 

An accurate payment posting process increases the chances of cash flow and notices opportunities for improvements. That will eventually smooth out the overall medical billing process and also maximize the accounts receivables. 

Below are the ways to strengthen the present process and enhance the effectiveness of the RCM. 

EOB and ERA reconcilement posting activities with deposits- EOBs and ERAs highlight the collections, and the patient portion such as the transparency is there.

Control denials- Identifying denials and allocating them to the appropriate team for timely re-submission. 

Patient responsibility and collect patient balance- Identify the patient balance and move it for a faster billing process. 

Adjustments and write-offs- The faster you get those adjustments and write-offs and report for any discrepancies while processing payments. 

Collection issues- Share the input on prior authorization, non-covered services, and medical necessity to improve the overall account receivable. 

How to do payment posting in the medical billing process? 

A precise payment posting process is an integral part of revenue management which you can opt to outsource or do through an in-house billing service. The payment posting process has a substantial impact on patient satisfaction, financial performance, and efficiency. Healthcare providers ensure a precise posting process is done in place to maximize reimbursement. 

• Double-check the data of payments from EOBs and ERAs. 
• Check for any revenue cycle leakage while collecting deductibles and copayments in the insurance fund transfer process. 
• To increase promptness when it comes to handling claim denials so that there is no room for discrepancies. Disclose all denied claims with the denial management team for non-covered services, medical necessity, and pre-authorization for timely re-submission. 
• Check for follow-ups on denial.

Evaluation of Payment Posting Process 

• To have accuracy and productivity in the medical billing process, start with the right staff to increase revenue. 
• The periodic review would help in avoiding unprocessed checks and wrongdoings. 
• Be sure of write-off codes. Simply writing Medicare Contractual can pick up any embezzlement quite easily. The quarterly auditing process does not allow any questions or concerns related to payment posting. 
• Be sure to collect payments quickly not to tarnish your level of service a bit.