Medical Billing Services includes a wide range and scope of services right from patient scheduling, Demographic Entry to Accounts Receivable Follow up and Denial Management. Every scope of services has its own impact in achieving the claim reimbursement. Payment Posting is one such critical step in the medical billing process that involves recording and reconciling payments received from patients, insurance companies, and other payers. Key features of Payment Posting in Medical Billing include:
Payment Identification
The first step in payment posting is to accurately identify the type of payment received, whether it’s a patient payment, an insurance payment, or a third-party payment.
Remittance Advice (RA) Review
Payment posting requires reviewing the remittance advice provided by the insurance company or payer. The remittance advice contains detailed information about the payment, including the patient’s name, account number, procedure codes, allowed amounts, denied claims, adjustments, and any other relevant information.
Data Entry
The payment details from the remittance advice need to be accurately entered into the billing system or software. This includes entering the payment amount, payment date, patient or account details, adjustment codes, and any other required information.
Claim Reconciliation
Payment posting involves matching the payments received with the corresponding claims. Each payment needs to be cross-checked against the claims submitted to ensure that the correct amount has been received for each service or procedure. Else the team needs to reach out to the insurance to understand the reason for difference and follow up until fully paid.
Denial Management
When denials or partial payments are identified during payment posting, the billing staff must handle them appropriately. This involves investigating the reason for the denial, correcting any errors or discrepancies, and resubmitting the claims if necessary.
Adjustment Entry
Adjustments, such as contractual write-offs, discounts, or refunds, need to be recorded during payment posting. These adjustments reflect any contractual agreements between the healthcare provider and the insurance company, as well as any discounts or refunds provided to the patient.
Accounts Receivable Updates
Payment posting affects the accounts receivable (AR) balance for each patient or account. The AR should be updated to reflect the remaining balance after the payment has been posted, including any adjustments or write-offs.
Reporting and Analysis
Payment posting generates data that can be used for financial reporting and analysis. This includes generating reports on payment trends, outstanding balances, collection rates, and other key performance indicators to monitor the financial health of the healthcare organization.
Posting Accuracy and Audit Trail
Accurate payment posting is crucial for financial integrity and audit purposes. A detailed audit trail should be maintained, documenting the payment posting process, including the source of payments, adjustments, and any changes made to the posted amounts.
Reconciliation with Financial Records
Payment posting needs to be reconciled with the organization’s financial records to ensure accuracy and consistency. This involves comparing the payment records in the billing system with the financial statements and bank deposits.
Overall, effective payment posting helps healthcare organizations ensure timely and accurate recording of payments, streamline revenue cycle management, and maintain financial stability. Outsourcing Payment Posting to an experienced Medical Billing Outsourcing Partner can increase claim quality and ensure maximum collections.
About Ecare
e-care with its 23 years of experience and expertise in Healthcare Outsourcing and Medical Billing Services have trained and skilled team to handle payment posting with guaranteed results. We understand the nuances in various types of payment from insurance, patient etc. and handle them appropriately. To know more about Ecare and our expertise in Payment posting call 1-813-666-0028 or log on to Payment Posting in Medical Billing | Payment Posting Services | e-care India (ecareindia.com)