Payment Posting

Streamline Payment Posting in Medical Billing for Accurate and Timely Reimbursement

Imagine having large cash flow problems because of a tiny error, such as adding an extra digit to the actual amount. Well, that’s unfortunately what many medical practices and organizations face.

And we understand your problem. Medical billing processes can be overwhelming with a tsunami of claims to process. Errors are unavoidable.

That’s why here at Medvantis, we make sure your practice doesn’t face such complications. Our work model takes care not to overlook wrong entries. Hence, we eliminate mistakes before they can even develop.

With our payment posting service, you will find it easier to focus on your practice. And no matter how minute the procedure may appear, you won’t be able to deny its crucial role in your RCM.

What is Payment Posting?

Payment posting refers to the process of recording payments, adjustments, and denials related to healthcare services provided. This includes payments received from insurance companies, government programs (like Medicare and Medicaid), and patients. These payments are applied to the appropriate accounts to ensure that all charges are accounted for and reconciled correctly.

Key Steps in Payment Posting:

Receiving Payments: Payments can be received via various methods such as checks, wire transfers, credit cards, or electronic remittance advice (ERA).
Applying Payments: Payment posting specialists apply the received payments to the corresponding patient accounts based on the explanations of benefits (EOB) or remittance advice (RA) documents from the payer.
Handling Adjustments: Adjustments, including patient copays, deductibles, or contractual adjustments, are also posted to ensure accurate balance tracking.
Resolving Denials: If claims are denied or underpaid, the payment posting team reviews the denial reasons and works to rectify the issue, ensuring proper reimbursement.

Importance of Accurate Payment Posting:

Improved Cash Flow: Proper payment posting ensures that providers get paid for the services they render in a timely manner, leading to improved cash flow.
Error Reduction: Accurate payment posting reduces the risk of billing errors, preventing potential underpayment or overpayment.
Faster Claim Resolution: By tracking payments and denials properly, payment posting ensures quicker resolution of issues, allowing the provider to take corrective action promptly.
Compliance: It ensures adherence to regulations and payer requirements, helping providers avoid penalties or compliance issues.

Benefits of Outsourcing Payment Posting:

Expertise: Outsourcing to a specialized billing service like Medvantis can provide access to experienced payment posting professionals who are knowledgeable about payer policies and regulations.
Increased Efficiency: Outsourcing allows healthcare providers to focus on patient care while the billing experts handle the intricate process of payment posting.
Cost-Effectiveness: Outsourcing can reduce overhead costs by eliminating the need for an in-house team to manage payment posting and billing functions.

Most of the medical billing company perform the A/R follow-up in a very systematic manner:

1. Provide accuracy

Our priority is to make sure the whole process is accurate. The focus of our task is to post exact numbers and data. Hence, with us, you can be confident about the payment details and focus on what you do best.

2. Help assess your revenue cycle

With the accurate data we post, we can help you analyze your RCM. In doing so, you can study how the system works. And it will help you identify areas that need improvement. Our reports will enable you to efficiently steer your billing processes, add profit to your RCM, and increase patient satisfaction.

3. Routine reconciliation of EOBs and amounts posted

We make sure that the EOBs and ERAs match the payment before posting. We also daily post and maintain the deposits, credit card, and EFT payments- hence, keeping you and the patient on track.

4. Fix denials

Some of the many factors that can immensely affect your revenue are underpaid claims and denials. As practitioners, it takes an unfair toll on your payment as well. That’s why our coding and AR staff actively locates and rework denials before posting them to the concerned payer. We also make sure to maintain the proper method throughout the process.

Apart from only fixing denials, we also work towards reducing the time spent on them. By resolving various claims, the nature of the predicament becomes familiar. This, in turn, helps us manage denials quickly and progress even complicated billing procedures.

5. Patient responsibility

Insurance cannot cover all the charges. There are a few portions the patient will have to pay. However, segregating the amount can be tedious because even a slight mistake can confuse the billing process. And that is why; our payment posting service will prove to be quite useful. Medvantis – Medical Billing Company recognizes and set aside the amount which the patient will have to bear. With our assistance, the billing process will be smooth. Plus, the patient will also trust and find this method convenient.

6. Accurate claims to secondary payers

Apart from primary insurance, some patients may also have other insurance support. These secondary payers will usually cover the patient responsibility amount. As part of our task, we will also make sure to file accurate claims to the secondary payers.

Call Us Today for FREE Consultations

LET US DO YOUR BILLING, We let you focus on your patient care

Benefits of working with us