One of the final steps of the medical billing process - payment posting, is imperative for an optimized revenue cycle. Once payments are posted to patient accounts, any denials can be addressed following accurate payment posting methods. At the same time, quick turnaround time and attention to detail are important aspects of the payment posting task and cannot be performed easily by just anyone.
Outsourcing payment posting to Flatworld Solutions, a leading healthcare BPO services company will streamline this process for your medical practice and provide you with cost-efficiencies as well. We follow best practices in quality management and information security to ensure the outsourced payment posting in medical billing process is completed as per your business requirements while upholding industry standards.
Flatworld's Payment Posting Services to Enhance Medical Billing
Payment posting marks the end of the medical billing cycle, where the payment records of every patient are recorded in the billing management software. Some of the services we offer include:
Explanation of Benefits (EOBs) Analysis
The EOB consists of several parameters such as patients' name, account numbers, service dates, procedure codes, denials confirmation, deductibles, co-insurances, etc. Our payment posting executives key in the details and at the same time analyze the data to identify related payments like the percentage of insurance receivables, frequency of inflows, denials, etc. and then record it accurately
Tasks Based on EOB Analysis
Once we establish the payments receivable patterns, we direct the action chart to the respective billing departments. Any balance payment that is required to be made is informed to the patient. This helps the billing department to collect the outstanding receivable from the patient easily without too much hassle
Tracking Cash Inflow
Our team at Flatworld Solutions keeps a real-time track on the outstanding amount receivable and the cash flow status. This gives an easy access to the rate of the cash inflows so that required actions can be taken when required when the cash flow reduces under unforeseen circumstances
Benefits of Payment Posting Services at Flatworld Solutions
Our experience in the medical billing and coding domain combined with our payment posting expertise is what makes us stand out when compared to our competitors. Outsource payment posting services to us and benefit from the following:
Analyze Your Revenue Cycle to Increase Profits
Once the payments are posted to patient accounts, this presents an opportunity to analyze your revenue cycle for opportunities of improvement. Our effective payment posting analysts assist you in maximizing your revenue cycle by increasing profitability and improving accounts receivable days
Resolve Repeating Problems and Avoid Denials
Many problems may exist within the revenue cycle that can be resolved with accurate payment posting. Payment posting involves posting adjustments and denials accurately, and our team helps you in identifying the reason for denials and resolves that reason to avoid future denials
Improve Current Processes
The revenue cycle processes directly impact the efficiency of the medical office staff. Once the problem has been identified, our team helps you determine whether the process could be added, improved, or removed from the current processes in order to enhance the effectiveness of the revenue cycle
Speedup Denial Resolution Time
The most effective method of resolving denials is preventing them, but this is not always possible. Each day that your denials go unresolved contributes to your overall accounts receivable days. Our team has the capability to quickly identify denials and correctly re-file them so as to considerably reduce the A/R days
Accurate Claims Submissions to Secondary Payers
Accurate payment posting also affects the accuracy of claims submissions to secondary and tertiary payers. We ensure that the primary payment is posted correctly so that the secondary and tertiary payments are billed out correctly. This ensures enhanced vendor and customer satisfaction
Why Choose Flatworld Solutions for Payment Posting Services?
Our highly experienced team has been providing payment posting services for over a decade now to clients around the world. Some of the key reasons why you need to choose us include:
We post claims accurately that highlights overall billing efficiency and analyzes reasons for low inflows
Depending on the rate and nature of denials we implement our denial management expertise to sort the problem and bring down the rate of denials
We have the domain expertise as well as the experience to maintain accuracy of information as per our clients requirements
We are capable of reading and analyzing EOBs easily within a short time as compared to other billers
We use EOBs to understand why a patient needs to pay the balance in cases like uncovered insurance, deductibles and co-insurance, etc.
We provide Cost-effective payment posting services within a quick turnaround time
Hire Flatworld Solutions for High-Quality Payment Posting Services
Flatworld has been in the medical billing and coding domain for over 15 years now and has served thousands of clients around the globe. By outsourcing your payment posting services to us you are able to concentrate on your core competencies and generate better revenue. We make sure that adjustments and denials are adjudicated appropriately that helps patients understand their payment responsibilities.
If you have any kind of payment posting service requirement, feel free to get in touch with us, and we will be more than happy to help you.