What is Payment Posting?
Payment posting entails posting and deposit functionalities and integrating posting actions with deposits. Even though it looks uncomplicated, this is an important and basic feature of the revenue cycle. The payment posting method impacts many other processes of the medical office and this can have a great effect on patient approval, effectiveness, and the overall fiscal performance of the medical practice.
Benefits of Payment Posting
1. Evaluate your revenue cycle
Once payments are posted against the existing patient accounts, there is an opportunity for betterment by examining and evaluating the practice’s revenue cycle. Sound scrutiny and evaluation would help increase the profitability and help maximize the revenue cycle.
Accounts receivables, also referred to as patient accounts, refers to income engendered but not as yet received. To ensure cash flow is adequate for effective management, the medical practice has the task of capitalizing on its revenue prospects.
2. Increased efficiency in payments posting
When we routinely post payment postings electronically, productivity levels automatically increase, this also helps streamline existing manual payment posting methods and saves a great deal of time. Insurance payments, insurance checks, patient payments and receipts printing can be achieved via automating the process.
3.Reduce recurring hitches
With precise payment posting, most hitches or problems encountered within given revenue cycle can be taken care of. As payment posting also consists of denials and adjustments made to posting.
Sometimes, a claim maybe denied entirely or denied in part, against an individual line of the claim by payers. It is very important for practices to identify line denials and the reasons for the same. If the frequent recurrence of line denial is reduced then the billing and coding process can be improved.
4. Improve existing methods
A medical practice staff’s efficiency levels are always directly affected by the revenue cycle procedures. This may be due to the fact that following existing in-house methods could be thwarting the maximization of the revenue cycle process. Therefore, if the issues are noted, and changes are made to improve the existing practice, then it contributes to the betterment of the revenue cycle process. This is best carried out with an appraisal of the practice’s performance.
5. Accelerate decision time for denials
The decision time for denials is best resolved if it were preventable. If the practice’s billing office constantly monitors the notes or directions from the insurance office, and is updated on any changing coding or billing rules, then denials can be reduced but sometimes due to incorrect entry or outmoded information denials can happen. If time is accelerated from receiving a denial and its resubmission, then the waiting is lesser.
6. Correct claims submission to secondary and tertiary payers
If the claim submissions are not posted correctly, then secondary and tertiary payers can get billed inaccurately. If claims are submitted electronically, and if the initial payment was not posted properly, and if it cannot be reviewed again, then secondary and tertiary payers are affected. If the medical practice’s billing office follows all compliant processes and proper billing methods, then mistakes can be avoided.
7. Productivity is increased when payment posting is made automatically or electronically. With the manual payment systems streamlined, and insurance payments are made using ERT or EOB techniques, then there is a major time and cost savings too.
About Cash Posting
Cash posting is a method by which the payments that a practice receives from the insurance companies, patients or other organizations for settling claims. The cash files are checked, and applied against the payment posting of the individual account. If overpayments, denials or underpayments are made, then they are immediately noticed, requests for refunds or other are sent out or notified.
How is the cash created, obtained and posted?
Charges are submitted to the insurance companies for payment processing. Once approved, the insurance firm makes the payment or pays the cash via checks that are deposited in previously identified banks according to the date. All checks carry their own number and date of issuance. The checks sent out are grouped and the information sent to the practice’s billing office. These details are referred to as EOB or Explanation of Benefits.
From here on, in the documents or files the EOB details, check details are verified and based on the reference number a cash poster is issued after verifying and this sorting is known as Check Matching and the details entered in the system is known as Cash Posting.
The current standard procedure implemented by the healthcare industry, is the electronic insurance payment. This is known as ERT or Electronic Funds Transfer, wherein funds like payments, adjustments are delivered electronically. Thus the whole process is accelerated and there are no apparent delays in claims payments or settlement.
Cash posting can be made either electronically or physically.When bills are posted physically all the procedures may not be followed but if it is electronically posted, processes are followed and the money that is deposited in the bank is directly transmitted to the billing office. The details transmitted are referred to as EFT or Electronic File Transfer. An insurance reference number is entered along with a cash poster. The details sent out are used to post the cash electronically. Once the payment posting is done, and all the details are verified and checked, then a report is generated with all the details for any future situations.
When engaging the services of HealthPay Inc. the features listed below indicate the benefits of partnering with us:
Tailor-made ledger screens that assist in payment posting.
Immediate and quick access to a patient’s financial and demographic particulars,
with full transaction power and the ability to view transaction posting and charge balances.
A single stage for payments, charges and adjustments, if any.
Automated, web-enabled processes.
Payment posting is streamlined with a good follow-up system.
The ability to post payments on a daily basis, transmit claims and post charges, as well submitting claims on a daily, weekly or monthly basis.
Proper data security and a good backup system that is compliant to HIPAA regulations.
Time-consuming, tedious paperwork can be avoided. And a good dependable billing company like ours can help make it very easy to process claims, receive the latest patient or fiscal data and the same can be received on a weekly or monthly basis.
All the work that we undertake is done professionally and with absolute transparency.
With our latest, automated ERT or electronic remittance technology that we adopt, most processes are automated and payment postings, denials, adjustments, reversals, over or underpayments are all generated by the appropriate billing software swiftly and without any hitches.