PAYMENT POSTING SERVICES
Payment posting signals the end of the revenue cycle, and the reward is a big, fat check. Save the best for last, right? We think so, and that is why we believe Payment Posting is one of the most important services we offer. We like to compare payment posting, to a writer’s ability to tell a story that is clear, concise, and easy to read. Payment posting creates a clear and concise story of a practice’s financial reality. Let us explain what we offer:
- We ensure that all line items on the EOB or RA is entered into the billing software, which includes payments, adjustments, co-pays, co-insurance, deductibles, and denials
- Transfer all payments, adjustments, co-insurance, co-pays, patient payments, credits and retractions into medical billing software to maintain accurate and up-to-date financial records for the physician and patients.
- Assess all Explanation of Benefits and Remittance Advice’s to ensure that all line items, dates of service, and patient account data is posted with absolute efficiency
- Post Payments from secondary and tertiary insurers – Some patients have a secondary or even a tertiary insurer, which means for those patients you will almost always post two or three payments. If a secondary or tertiary payment is not posted, the patient may be sent a patient statement that is not accurate, and your End of Month and End of Year financial statements will be inaccurate.
- Post Electronic Checks – Technology has simplified many medical billing tasks by allowing the user to simply “click”, and posting electronic checks is done with the same level of ease. However, there must still be a great level of expertise to ensure that the check is posted correctly. We do that by manually and randomly checking different line items, and dates of service to ensure that the check has been posted correctly.
- Post Auto Insurance Checks – Many practices receive checks from Auto Insurance companies. Depending on your specialty and patients, you may see these patients very often; making it very advantageous to have a great team of payment posters, who understand how to accurately post auto insurance checks.
- Post Paper Checks – Yes, they still exist! Some practices have not had the chance to sign up to receive EFT’s from their contracted Insurance partners, therefore they still receive paper checks with EOB’s attached that must be entered into your billing software manually. We ensure that a medical billing payment posting professional will manage your account, with absolute accuracy and efficiency.
- Post Patient Payments, Deductibles, and Co-Pays – Most patients have some form of co-insurance, co-pay or deductible that they must pay out-of-pocket before or after receiving medical services.
- Non-Insurance Accounts – We maintain the accounts of non-insurance patients. These payments are usually paid by cash, check, or credit card, and also maintained on the same billing software as Insurance Accounts.
- Reconciling Accounts – Ensuring that all accounts balance and all financial statements for the physicians and patients are true and accurate based on all EOB’s, RA’s, and patient payments received.
- Communicate with the medical claims processing team to relay pertinent information about claim submission that can be gathered by denial reasons or remarks on the EOB or RA
- Send deposit report daily, monthly and yearly that shows all monies received, including insurance payments and non-insurance payments.
Call us today to receive a quote for payment posting services at 443-681-9372