Payment posting plays an essential role in the medical billing process. You can use it to assess your revenue cycle management system and discover ways to improve your revenue stream.
Payment posting may sound like a very basic task. But, one mistake can cause many problems, like denied claims, late payments, etc., which can be troublesome for a healthcare provider.
What Is Payment Posting in the Medical Billing Process?
The payment posting process involves entering payments into the billing software. It helps healthcare practitioners or organizations to assess their financial position.
It also includes information regarding adjustments, write-offs, denied claims, and many other factors related to the economic image of a healthcare provider.
Why Payment Posting is Necessary for Medical Billing?
A health care provider has to deal with many claims daily, and sometimes claims get rejected because there was some payment error in the system.
Payment posting offers a healthcare provider’s team evidence and a piece of information when they approach a denied claim, prior authorization requests or any non-covered services. In the end, it helps to find issues and makes the process smooth for everyone.
Here are the 5 reasons why you have to focus on accurate payment posting in the medical billing process:
Reasons Why Payment Posting is Necessary
Denial Resolution Time Is Reduced
Every day your denied claims become a part of your accounts receivable, and if not collected, they become a part of loss because nobody knows how it occurred and then they will just forget about it. Payment posting helps you reduce the time for denials, and it gives you information on what claims were rejected and why they were rejected.
It keeps you up to date with all the coding and billing requirements needed by insurance payers, so your claims get processed faster, and you save yourself from the losses. Getting payments faster is vital because the longer a bill is not paid, the more likely it will never be paid.
Allows Correct Claims Submissions
If the payment posting is not done correctly, it can lead to denied claims. This is why accurate payment posting in medical billing can allow correct claims submissions. If the first payments are posted correctly, the secondary and tertiary payers can be charged accurately.
It helps the medical office stay updated with all the billing and coding rules to submit the claims correctly.
Identifying Problems in RCM Gets Easier
When payments are posted to the clients’ accounts, the revenue cycle becomes easier to analyze. It helps you to find possibilities and ways to improve your financial image. And a logical analysis can help you improve the accounts receivables and increase the overall profitability of healthcare providers.
During this process, you may find a payer who has a history of denying claims due to failing to show medical necessity or maybe some other reason. This way, you will detect the problem to avoid them in the future.
Scale-up Current Processes
Accurate payment posting can improve the current RCM process. At times, it is the negligence of management teams that are affecting the overall revenue cycle process.
Once a problem is discovered, it is essential to take action either if a process has to be added, refined or eliminated.
Resolves Repeated Problems
Many problems in the revenue cycle can easily be solved by correct payment posting. The payment posting in medical billing does not only involve payment posting, but it includes adjustments and denials as well.
It provides a tracking system for the claims so that the medical office staff can find out the trends in rejected claims. They can be trained to find out why those claims were denied and how to correct them, so the next time, those claims wouldn’t be rejected by the same payers.
Outsource Your Payment Posting and Medical Billing Process to Med-Miles LLC
Payment posting is an important part of the medical billing process. For healthcare practitioners and organizations, coding and billing rules are more difficult to understand and follow. This is why outsourcing can be beneficial because third parties have more expertise and experience than you do.
Med-Miles LLC has been providing medical billing services for over eight years. We cannot only handle your payment posting in medical billing but the whole process, including denial management, payment hunting, and patient services.
In a nutshell, we can handle the entire revenue cycle management system for you. So you can keep doing your practice, without worrying about the operations.
You can know more about our medical billing services by sending us an email at firstname.lastname@example.org, or you can have a talk with experts directly at +1 888-598-9181.