What is Payment Posting in Medical Billing?

Did you know that weak billing practices cost doctors around $125 billion annually? That's a huge amount, which emphasizes the need for strong revenue cycle management systems in healthcare. Today, we're focusing on a key component of this system - payment posting.
Ensuring a strong cash flow and seamless revenue cycle experience relies on efficient payment posting. It is one of the pillars of your revenue cycle management system that you cannot afford to overlook.
Strict attention to detail in this component of the cycle assures that practices account for all services provided.
Such services include:
* Submitting claims to insurance companies.
* Reviewing information from payers. This information often regards claims.
* Coordinate claim payment posting. As well as reconciliation with patient payments. Both happen on a timely basis.
So, what exactly is payment posting, and why is it so crucial in the healthcare revenue cycle? Let's break it down. Payment posting involves examining payments within a medical business, keeping track of its financial status, and recording payments while ensuring accuracy.
This process is the first and most crucial stage after a medical billing procedure is complete.
Payment posting extends to the reconciliation of various types of incoming payments. This includes tracking patient payments in different forms like cash, check, or credit cards, ensuring they match the patient's account.
This process also offers insight to the following types of daily incoming payments:
* Tracking insurance checks from Electronic Remittance Advice (ERA). This insurance payment type gets processed in batches. Companies do this by importing transactions into their practice management systems. Every batch is then subjected to review to identify any exceptions. These must then be properly addressed.
* Accessing insurance payments through Explanations of Benefits (EOBs). You can track these payments through the Electronic Health Record (EHR) system and secure FTPs.
* Denial posting. To receive accounts receivable accurately, medical businesses must post their claim denials. When insurance payers send back a denied claim, medical billers must record each denial in the practice management system.
From there, the necessary actions that businesses may take include:
1. Re-billing to secondary insurance.
2. Transferring balances to patients.
3. Writing off amounts.
4. Resubmitting claims for processing.
Now that we understand the basics, let’s look at the two methods of payment posting: manual and auto posting. Manual posting, completed by administrative staff, is more time-consuming and prone to errors such as typos. Errors like this are more likely to occur using this method.
Auto payment posting, on the other hand, accelerates the medical billing process. This software driven strategy offers more reliability when it comes to collecting revenue. Using this method allows larger organizations to garner better administrative control. Especially in their day-to-day business aspects.
A strong payment posting practice is essential when it comes to the success of your revenue cycle management system.
By avoiding incorrect posting, you can avoid potential bumps in the revenue cycle road such as:
* Claim denials.
* Incorrect patient data.
* Inaccurate financial records.
This practice ensures a stronger cash flow, timely reimbursement, and optimized financial performance for healthcare providers. If you’d like to learn more about the difference between EMR and EHR, reach out to Etactics.
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