WHAT IS PAYMENT POSTING?
Entering payments in the medical billing software is considered as payment posting. This includes insurance payments as well as payments collected from the patients. Payment Posting allows you identify the day-to-day payments as well as it is showing the practice’s financial health.
BASIC UNDERSTANDING:
Majority of times, medical billing companies are treating payment posting as a data entry. However, it is not a data entry system. This is one of the important steps to increase revenue for the doctor. We are giving equal importance to payment posting as denials management. We are thinking both of these areas are improving the practice strength and revenue. This the reason why we provide specialized training to our posting team members. We have designed posting training in such a way so that every team member of posting department is not only understand how to post the insurance payment, but also aware about basic Medical Billing terminology. This type of training helps them to take accurate actions on claims. For example, if they received OA-23 denial and we have policy implemented to adjust claims after receiving denial of Primary paid more than Secondary allowed amount, then our posting team adjust the balance. This helps to reduce double work on same claim. Likewise; we have created so many other strategies which will help you to smoothen your practice.
Incorrect posting is having direct impact on accuracy of claims. This gradually creates problem to collect timely payments from Secondary/Tertiary payers and increased time duration to resolve denials.
We can use two different ways to post the payments into the Medical Billing software. They are as mentioned below:
A) Automated Posting
Now-a-day, almost every insurance provides .835 files or ERAs to post them automatically. This helps provider to save so much time.
B) Manual Posting
It is time-consuming, because it requires lot of manual work. Chances of making errors are quite higher. This posting method used when we receive paper EOB from the insurance companies.
ROLES AND RESPONSIBILITY OF PAYMENT POSTING TO ENHANCE PRACTICE SMOOTHNESS:
Payment posting is super important to channelize claims into the right direction. Meaning, this is the step where claims are either forwarded to next responsible payers or to the denials team to work on. Payment posting team is performing several roles and responsibilities to improve practice health. They are as follows:
- Posting of EOB and ERA: Whenever EOB and ERA come from the payer, posting team start posted the payment/rejection/denials accordingly. Timely posting become essential to get payments on each claims quickly. Timely posting allows; Denials team to resolve quicky, Billing team to submit claims to Secondary/Tertiary payer, Rejection team to fix the rejection faster, Collection team to collect payments from the patient easily.
- Denials posting: This is also one of the roles of payment posting. Sometimes, insurance denied the claim/s and they are providing denial codes and remark codes. Based on that posting team post the denials. Accuracy in denial posting is must, because denials team work based on the posted denial.
- Patient Responsibility: Insurance do apply certain amounts towards the patient responsibility (i.e. Co-payment, Deductible, and Co-insurance). Accurately applied patient responsibility helps to collecting the money from Secondary/Tertiary payer as well as from the patient without any delay.
- Adjustments and Write-offs: Applying adjustments as well as writing off balance is part and partial of payment posting. This needs to be done carefully. Sometimes, incorrect adjustments and write-off leads revenue loss. For example; if we adjusted the entire balance after getting payment from the Primary insurance and patient is having Secondary payer, then we are failed to collect left over patient responsibilities from the Secondary/Tertiary payer or Patient.
Reconcilement: This step is very important to see if the total payment received from the both patient and payer are applied correctly or not. We also think this step as posting audit. So, we need to make sure this step is done by experienced person. If any difference or error found, then we can rectify it easily and stop carry forward that error to next month.
What we provide?
We have highly trained payment posting team. Which will help you to post your payment quickly and efficiently. We majorly covered below mentioned services underneath payment posting: