5 Key Advantages of Payment Posting in Medical Billing
Rejected claims, late payments from patients or failing to bill a patient altogether can eventually lead to huge losses for a healthcare practice. Although payment posting in medical billing may seem to be a very simple task, it forms the most fundamental feature of the revenue cycle. The payment posting process effects many other functions of the medical office and can have a major impact on patient satisfaction, efficiency, and overall financial performance.
A precise payment posting process examines the revenue cycle for better development opportunities so as to increase revenues, while including posting changes and dissents which recognize the actual reason behind issues and resolving all repeating issues. Since it is such an important step for the medical billing process, healthcare professionals need to analyze the various benefits of payment posting in medical billing before opting to outsource it.
5 Key Benefits of Payment Postings in Medical Billing
Payment posting is a crucial step in the medical billing process and a very important component of revenue cycle management. Some of the key benefits of accurate payment postings in medical billing include:
Easier to Analyze Your Revenue Cycle
Once payments are posted to patient accounts, it presents an ideal occasion to analyze the medical office revenue cycle and notice opportunities for improvement. An effective analysis should assist you in maximizing revenue cycle by increasing profitability as well as improving the way your accounts receivable department functions.
Helps Solve Recurring Problems
Many problems may exist within the revenue cycle that can be resolved with accurate payment posting. Payment posting not only consists of posting payments but also involves posting adjustments and denials. Identifying line denials is important in resolving the reason for denial and prevents future claims getting denied for the same reason.
Strengthens Present Processes
The revenue cycle process greatly impact the efficiency of the medical office staff. Sometimes management may neglect the fact that their processes may be preventing the revenue cycle from functioning at maximum performance. Once the problem has been identified, it is necessary to determine whether a particular process could be added, improved, or removed in order to enhance the effectiveness of the revenue cycle.
Reduces Denial Resolution Time
The most effective method for resolving denials is preventing them. The main prevention tactic therefore is to monitor instructions from insurance payers by keeping up-to-date on bulletins and other correspondence from the payers that provide information on new billing or coding rules. The faster you get those denied claims corrected and back out to the insurance payers the better. Each day your denials go unresolved contributes to your overall accounts receivable days.
Enables Accurate Claims Submissions to Secondary Payers
Accurate payment postings also effects the accuracy of claims submissions to secondary and tertiary payers. If the primary payment is not posted correctly, it is possible for the secondary and tertiary payers to get billed incorrectly. The medical office should always look for ways to improve each area of the revenue cycle by continuously monitoring processes not only to maximize reimbursement but to stay in compliance with proper billing practices.
How to Improve Your Overall Medical Billing System?
Accurate claims posting depicts your overall billing efficiency and infrastructure, and sorts out reasons for low inflows, if any. This would invariably help in improving the overall billing system right from converting the physician billing into a charge entry, to preparing a manual or electronic claims submission, and the final cash posting. Some of the ways in which you can improve your medical billing system include -
Speed up Denial Management
Once the rate and the nature of the denials is observed and studied, one needs to use their denial management expertise to fix the issue and bring down the number of denials to the lowest. This is one major factor that will help in improving the overall medical billing system
Hire Specialized Claims Posting Resources
It is clear that cash payment entry is not merely a claims entry job, and involves domain expertise and work experience to ensure that accuracy of information is maintained, and above all, proper analysis is done by the resources involved. Hiring specialized and experienced claims posting professionals is equally important for the company and hence improves the existing processes
Keep Track of Changes in Policies
Each insurance company has different hoops for providers to jump through to be paid for services provided. Providers need to pay extreme attention to detail to make sure those processes are followed exactly. Keeping a frequently updated checklist which lets your team know which claims need to be sent where can also further help in filing accurate claims
Use EHR Systems to Integrate Billing Workflow
Integrating the practice's Electronic Health Record (EHR) system with billing will help providers make sure insurance claims are correctly filed with proper documentation and coding. Transferring information between separate record keeping and billing systems can mean keystroke errors and skipped records, which could cause several unforeseen problems down the line
Benefit form Accurate Payment Posting Services at Flatworld Solutions
Payment posting is one of the most crucial steps in the medical billing process and our team at Flatworld Solutions acutely understands payment posting benefits and the sensitivity of this process. We know that accurate and efficient payment posting process is indispensable for the healthcare office. We believe that streamlining the payment posting procedure is an effective way of improving our clients RCM process especially as the process affects many other A/R functions of the practice. We have been providing high-quality medical billing and coding services at cost-effective prices for over a decade now to clients around the world.
If you are looking to outsource payment posting procedures, feel free to get in touch with us and we will get back to you within 24 hours.