Payment posting, in simple words, stands for logging of payments into the medical billing software. It also stands for viewing the financial status of the medical facility by making day to day payments visible. Payment posting is considered vital for any medical facility’s revenue as it provides insight into the daily revenue stream. Such data can then be used to detect any potentially occurring issues and to curb them well in advance.
The medical billing process is a complicated one. There are several steps involved and the staff who is in charge needs to be experienced and must possess thorough knowledge about the process. In case if there any mistake or any information is missing, the claim might be denied or delayed. This has a severe impact on the revenue cycle and financials of the medical facility.
Which is why payment posting is the first line of defence while avoiding such problems. It helps in identifying any issues in their infancy stage so that they can be acted upon promptly. Issues such as services which are not covered, medical necessity denials and prior authorisation are unearthed even before they escalate. This leads to a smooth functioning of the process and less friction while processing any claims.
There are two types of Payment Postings:
Automated Posting: This process is favoured by many medical facilities primarily because it quickens the medical billing process. This is a software driven approach which ensures lesser human made errors contributing to a healthy revenue cycle. Since this a digital based solution, many medical facilities are inclined towards it, owing to its error free delivery.
Manual Posting: As the name suggests, manual postings are done manually. The person who is in charge must post the entries and this is a time consuming process. This process is also at a risk of higher number of errors since the postings are done manually. In case if any error occurs one can expect delays in payment postings.
Payment postings allow any medical service provider to monitor the payments which are incoming. When such payments are properly organised, it brings any issues or problems to the surface. Even in case of incorrect payment posting done by the staff, the balance of the paid account will be reflected in the system. In such cases, the AR team steps into the picture in order to reimburse the claims.
Almost every medical facility is plagues with some kind of recurring issues in their revenue cycle. Usually, such problems persist within the revenue cycle. Accurate payment posting can help resolve such issues in order to ensure a seamless functioning of the facility’s financials.
Here are the ways payment postings makes your Revenue Cycle Efficient:
Identifies the Denials: Verifying the patient’s eligibility and benefits will help the revenue cycle significantly as this leads to identification of any denials and helps avoid them.
Patient Responsibility: It helps identify and move balances to patient responsibility.
EOD and ERA Posting: Payment postings ensure that data from EOC and ERA match the payments.
Simple Analysis of Revenue Cycle: Analysing the revenue cycle helps in the enhancement of financial health.
Identification of Recurring Issues: With the help of accurate payment postings recurring issues in the revenue cycle which leads to claim denials or delays can be studied and avoided. It helps to identify any specific problem plaguing the revenue and makes it easier to eliminate it.
Resolution Time Is Minimised: Payment postings helps in implementing a denial tracking service. Such process helps in minimising the claim rejection and quickly resolves the issue.
A healthy revenue cycle ensures a healthy financial state of a medical facility. Medical billing is a tedious task which requires a great attention to detail. We at Info Hub Consultancy Services (ICS) house a team of experienced and knowledgeable staff to ensure your finances are in safe hands. To start your medical billing journey with us, call ICS now!