Importance of Payment Posting in Medical Billing

If a Business is not tracking its payments, it will never grow

The word complexity goes hand in hand with medical billing. Even after multiple attempts of accurate coding and billing your revenue might fall short of what you may have thought. Even if you understand the importance of combining your patients' accounts properly, the vast number of insurance accounts you deal with prevents a thorough reconciliation internally.

It is hence advised that practices must outsource their payment posting in medical billing to a reputable and reliable medical billing company. These companies can provide quality along with providing economies of scale.

In this blog we will understand how payment posting is important for your organization and how it can make the medical and billing process smooth and effective.

What Is Payment Posting in Medical Billing?

“Payment Posting” is the process of examining the payments and financial status of a medical business. Additionally, it signifies recording payments in the medical billing process.

It gives a great perspective on patient payments, insurance checks and insurance payments in EOBs. It is a straightforward activity in medical billing and is the most crucial stage in billing and overall revenue cycle management.

It is beneficial for a practice to detect and address any potential problem in the early stages. It saves a lot of time and effort for your staff.

An efficient and well-organized payment processing enhances the healthcare organization’s overall performance. This in turn enhances your patient satisfaction as well.

Methods of Payment Posting

Payment posting in medical billing is done in one of the two ways, depending upon the insurance coverage and the patient’s financial resources.

• Manual Posting
• Auto Posting

Let's understand these in detail.

Manual Posting

The administrative staff fills out manual payment posting which takes longer as there is no need to record more information. The payment postings can be delayed because of various problems including typos which are more likely to occur in manual payment postings.

Auto Posting

If you want to speed up your medical billing process for a reliable revenue source, auto payment can be considered as a great strategy. It is a software driven approach which embraces technological solutions.

How Payment Posting Services Improves Efficiency?

The success of a healthcare organization in terms of finances depends a lot on payment postings. An efficient payment posting service ensures accurate and fast reimbursements for practices. Incorrect postings impact the accuracy of claims which leads to an unbalanced medical billing process.

Medical billing and coding are essential in the healthcare sector. This is the fundamental block of effective medical billing. Always keep in mind that it is crucial to have skilled staff who can handle payments and offer useful information regarding the RCM’s efficacy.

Payment posting services are one of the essential components of medical billing which impacts on the hospital’s ability to manage their finances successfully.

It is an important procedure for the revenue cycle management of both individual practitioners and large healthcare organizations. Payment postings also affect various other operations and patient care provider’s overall financing.

Monitoring your income stream daily helps your healthcare practice by spotting possible errors early. This fosters implementation of improvements.

A reliable payment posting service helps your practice acquire a daily financial picture. Major tasks such as managing the cash flow, spotting the problems, and implementing necessary modifications are heavily dependent on payment postings, medical claims processing and medical billing.

Role Of Payment Posting in Revenue Cycle Management

Payment posting is one of the important elements of the revenue cycle management. It does not matter if your billing is done internally or by a third-party service provider. By carefully taking into account the evolving patterns within the practice and the healthcare industry, a well-executed payment posting procedure helps providers identify new ways to improve the financial output.

The payment posting process executed by experts has the potential to increase revenue and guarantee a proficient medical billing process. Let's take a look at some effects on the overall finances on the revenue cycle management of healthcare providers.

Preventing Claims Denials

While determining the payments, the providers have to face a variety of difficulties. However, if the process is conducted accurately, there won’t be any scope for errors. Reporting rejected claims to the rejection management team is ensured by successful payment posting.

Every staff member who is associated with claims should be held responsible for preventing claim denials.

EOB and ERA Processing

Explanation of Benefits (EOB) explains the patient duties, co-insurance, deductibles, and co-payments. On the other hand, Electronic Remittance Advice (ERA) explains the insurance process to the providers.

Accurate payment postings ensure that the data from EOBs and ERAs meet payments which provides a practical perspective of the provider’s financial situation.

Accurate payment postings ensure that the information from electronic remittance explanations of benefits (EOB) correspond to the actual payments. Healthcare providers enhance their revenue with accurate payment postings.

Before entering the data into the system, your team must carefully review the EOB to determine the shifting trends. This decreases denials and promotes efficient medical billing.

Resolving Errors

Payment Posting occurs after the billing is completed. It is considered the most crucial phase because it identifies the errors and assists in resolving payment mistakes. This one step has the ability to take your revenue cycle management to a whole new level.

Protecting Patients

Patient commitment is that part of the payment which has to be paid by the patient themselves. Patient obligations make sure that the patients have access to their seven fundamental rights.

The right includes the right to criticism along with the right to access, privacy, safety, partnership, and respect. The patients might anticipate thoughtful and respectful treatment throughout the procedure.

Write-Offs

When there are errors in the bills, it may be essential to either amend or modify them. However, when a bill is written off, it is done to take debts out of the accounts receivable.

One of the major difficulties healthcare providers need to overcome is the posting of sufficient payments. Selecting a professional and reliable payment service provider minimizes the chances of technical difficulties to facilitate efficient payment postings for insurance payment settlements.

Bottomline

Payment Posting is one of the critical steps which has a severe impact on a healthcare organization. Healthcare practices should not be taken lightly as they have the capability to disrupt your revenue cycle management.

If your healthcare organization is facing troubles while doing payment postings, you must outsource it to a professional medical billing company like Unify Healthcare Services who can take care of your entire billing process.

Unify Healthcare Services has a team of trained professionals who are well versed in all the aspects of medical billing and coding. The trained employees can easily handle your payment postings and take of the load from your shoulders. This reduces the burden of paperwork and documentation on your staff and gives you time to provide better and improved patient care.

Unify Healthcare Services envisions making billing easy for every healthcare provider. This gives them mental peace which allows them to provide good quality patient care.