Reconciling Insurance Payments

One vital task that all practices should implement is reconciling insurance payments. This video explains what this means and why it is necessary to have a successful business.
ABOUT MY CHANNEL:
Hi! I’m Jennifer. After working in the medical field in many different capacities over the last 15 years, I have learned a lot about where medical practice owners go wrong in running their businesses. I created this channel to try and assist medical practice owners from making the same mistakes as their colleagues. I want to see the private practice world of medicine grow and thrive. In my opinion, medicine has become too institutionalized, creating a lot of unnecessary obstacles and demands.
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[@hemaiyengar778]

Thank you so much for making this video. I appreciate if you can let me know what reports from medical billing to be printed in order to reconcile with bank accounts.

[@navigatingthebusinessofmed8251]

Hi there and thanks for watching! I’m happy to do it. Payments posted during a specific timeframe is what you would want to compare to your back account. If you can get a report to include check numbers or transaction IDs to match to your back account, with the amounts that is ideal.

[@hemaiyengar778]

THank you for your reply. I am new to the practice as a biller . What is good practice to reconcile with bank account, daily, weekly or monthly. Thanks.

[@hemaiyengar778]

THank you for your reply. I am new to the practice as a biller . What is good practice to reconcile with bank account, daily, weekly or monthly. Thanks.

[@navigatingthebusinessofmed8251]

It really depends on your volume of payments and your time availability. If you have a lot of payments and can do it at least weekly, you should be doing well. Remember you can always start with one process and change it depending on your experience and needs. Good luck!

[@vihaansharma845]

Thank you so much for all your great advice. Going to put it into practice definitely.

[@navigatingthebusinessofmed8251]

You're so welcome! Thank you for watching!!

[@tierradavis801]

Great advice. Is there a way to connect with you regarding payment posting? New biller here and although I love the billing field, I am still learning quite a bit.

[@navigatingthebusinessofmed8251]

Thank you for watching. You’re welcome to email me at [e-mail]. Basically you will post according to the ERA/EOB.

[@tierradavis801]

@@navigatingthebusinessofmed8251 I sent you an email. Thanks for the response!