Payment posting in medical billing is one of the most typical issues faced by majority of healthcare providers. Payment posting is a basic stage in medical billing, yet it is the most critical and fundamental step in medical billing services and in the revenue cycle management. It assists a practitioner in quickly identifying and correcting a potential issue, saving time and avoiding annoyance. A structured payment posting process aids in increasing collection, resolving reoccurring problems early on, improving overall practice performance and efficiency, and patient satisfaction.
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Importance of Accurate Payment Posting in Medical Billing.pptx
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Importance of Accurate Payment Posting in
Medical Billing
Payment posting in medical billing is one of the most typical issues faced by
majority of healthcare providers. Payment posting is a basic stage in medical
billing, yet it is the most critical and fundamental step in medical billing
services and in the revenue cycle management. It assists a practitioner in
quickly identifying and correcting a potential issue, saving time and avoiding
annoyance. A structured payment posting process aids in increasing collection,
resolving reoccurring problems early on, improving overall practice
performance and efficiency, and patient satisfaction.
2. Importance of Accurate Payment Posting
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Being the most important aspect of the medical billing services, payment posting allows
the health system provider to keep track of incoming payments. Payment posting assists
in recognising and resolving most challenges when it is simplified and well managed.
Regular insurance costs from EOBs, ARAs, insurance checks, and patient payments are
all included.
• Payment posting errors have an impact on the accuracy of claim submissions to
secondary and tertiary payers. When the company’s insurance payment is incorrectly
posted, the odds of the secondary and tertiary payers receiving the erroneous bill are
higher.
• When looking for solutions to non-payment difficulties, such as claim denials, lack of
prior authorization, and claim rejections, effective payment posting in medical billing is
critical.
• Medical billing is broken down into several parts, each of which is critical to
maintaining a steady cash stream. If the problem is identified at any of these stages, it
can disrupt the crucial process of incoming money while also restricting the capacity to
provide quality patient care.
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Manual Posting: This type of payment posting is done by administrative staff,
and takes longer to complete. This type of posting carries a higher possibility
of different problems, such as typos, which cause the payment to be delayed.
Auto Payment Posting: Auto payment posting is a software-driven strategy
that most companies pick as their digital solutions for a constant cash stream
by accelerating the medical billing process. Few lone medical practitioners, on
the other hand, believe that manually submitting payments restricts their
command over their revenue-generating system.
4. Role of Payment Posting in RCM
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Forbids Reoccurring issues – Payment postings entail updating postings and
recognizing difficulties that may have occurred in the past, resulting in late payments. It
aids in the resolution of such issues as well as the prevention of future issues.
Denial Management – Payment posting aids in denial management by locating any
possible denial posting and addressing the denial reason at an early stage, allowing for
the management of denials and delayed payments. Payment posting assists in the
identification of any secondary claims, which can then be generated and submitted.
Electronic Remittance Advice – (ERA) is an overview of the insurance processing
delivered to the provider, whereas the Explanation of Benefits (EOB) is an
understanding of the claim process and any patient duties like as co-insurance,
deductibles, and co-payments sent to the patient. Payment posting accuracy ensures
that data from EOB’s and ERA’s matches payments and provides a clear picture of a
practice’s financial status.
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Payment posting is critical to assuring continual medical billing,
claims reimbursements, and revenue cycle management success.
A committed team of coders and professionals who are well-
versed in the payment posting procedure give flawless assistance
to healthcare providers at Info Hub. When providers opt for
outsourcing their payment posting, a dedicated staff ensures that
hospitals can focus on their core business and providing the best
possible care, while medical billing and payment posting is
handled by a professional team. To achieve efficient revenue cycle
management, Info Hub ensures a holistic relationship between
the numerous medical billing procedures.
6. About Us
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Though there are several common benefits offered by offshore medical
billing companies, but choosing the right medical billing partner plays a
vital role. Info Hub is one of the leading offshore medical billing companies
in Coimbatore, India, with sophisticated infrastructure and skilled
manpower that is highly experienced in multiple aspects of medical billing
and coding, to support healthcare practices grow heights and develop
consistency in generating revenue.
If you are looking to outsource your medical billing and coding services to a
reliable outsourcing partner, Info Hub is your ideal choice. With more than a
decade experience in providing excellent medical billing and coding
services, Info Hub has earned high client value by building trust with its top-
notch services. For a quick appointment, make a call to +1-888-694-8634 /
+91-0422-4212455.
