Copays and ICD-10 codes are frequently related with payment posting. Theprocedure, however, entails more than just entering numbers and processing payments.
The revenue cycle management method relies heavily on payment posting. Payment posting, when done correctly, can improve your practice’s cash flow and income.
In medical billing, what is Payment Posting?
The process of applying remittances to patient medical accounts and reconciling those payments with outstanding bills is known as payment posting. When a patient pays a bill, the payment must be applied to the appropriate bill and patient. Because it takes time for a practice to collect payments, it’s critical to handle adjustments and denials rapidly to avoid cash flow lags. Medical billing might take weeks or months to complete. Billing issues lengthen the duration and make accounting and recordkeeping more difficult. Payment posting problems can also lead to denials, uncertainty, miscommunication, and dissatisfied patients.
What Is the Importance of Payment Posting?
Patients and your practice benefit from accurate payment posting. Practice managers find solutions that don’t irritate patients or result in revenue loss.
Payment posting that is accurate and timely has various advantages for your practice, including:
Accurate payment posting provides insight into the practice’s revenue and day-to-day financial activity. Your office gets a complete picture of your financial situation. These reports help people make better financial decisions.
Prevent Discrepancies – Efficient payment processing in medical billing allows your practice to discover discrepancies before they become problems that affect your revenue cycle.
Detect Errors – With proper payment posting, your practice will be able to detect payment errors before they become major issues. Check the status of payments on a weekly basis to verify there are no errors.
Increase Cash Flow – Make sure your system is error-free to boost your practice’s cash flow and income.
Identify Recurring Issues – By tracking payment posting, you can identify recurring issues in your revenue cycle. Then, address the faults to develop efficiency inside your accounting operations.
Make Your Payment Posting Process More Efficient
Monitoring your payment posting procedure boosts revenue and efficiency in your practice.
The following aresome of the most prevalent techniques to improve your posting process:
Empower Your Staff
Is your front-desk staff correctly collecting copays? Is it true that denials are being resent to the payer? Make sure your payment posters are familiar with medical billing software and your payment processing protocol.
User error in payment processing is avoided by paying special attention to training. Additionally, ensure that your staff is aware of any recent changes to billing or coding standards, as this will help you avoid problems with medical insurance companies over patient payments.
Recognize Errors and Trends
Payment posters in your practice should be trained to correctly highlight concerns like previous authorizations or non-covered treatments for the practice manager’s prompt notice. Problems or discrepancies are resolved more quickly when they are addressed quickly.
Make use of ERAs and EFTs.
ERA and EFT payments are preferred by 85 percent of clinics, according to Med Data. Electronic Remittance Advice (ERA) and Electronic Funds Transfer (EFT) are two electronic payment mechanisms used by businesses and institutions.
HIPAA-compliant electronic platforms that can replace paper versions of EOBs are known as ERAs (Explanation of Benefits). ERAs minimize the number of payments that must bemanually input, which is time-consuming and error-prone. ERAs can also be applied to other benefit packages. EFTs are the tools used to send those payments.
Do you have any queries about how to post payments in your practice?
The wws can help you examine your revenue cycle management, including any payment posting problems.