Crafting clarity in Medical
Payments

The payment posting in medical billing refers to the accurate documentation of payment received from insurance panels and patients. This process helps healthcare providers check discrepancies, optimize cash flow and track revenue. A proper, well organized payment posting system helps to improve financial health of medical practices. This process ensures timely follow-up on denials or underpayment. The payment posting refers to matching incoming payments with corresponding patient accounts and updating their financial records to reflect the received amount, including any adjustments or denials based on the payer's explanation of benefits (EOB) or electronic remittance advice (ERA).

key Steps in Payment Posting process

Receiving payments through variety of channels like check, EFT (Electronic fund transfer) or ERA
Accuracy matters, so here is the detail and thorough checking of patient’s information, payment amount and payer details against the corresponding claim
Distribution of payment across multiple outstanding patient’s bill
Necessary adjustment and denial processing based on contractual agreements.
Entering the payment details into the practice management system manually or through electronic data.
Updating the patient’s account including outstanding balance and payment history
Reconciliation of payment

Benefits of an Efficient payment posting

The faster and automated payment posting leads to increase in cash flow
Timely posting reduces days in Account Receivable
Automated data entry can help to minimize human errors and preventing over/under payments
The denials are immediately track results in faster appeals
Patient’s payment calculates correctly preventing incorrect billing
Due to lesser manual work the focus of billing team increases
Detailed logs tracking and HIPAA compliance avoiding fraud risks
Due to automated system, manual work load reduces leads to lower administrative costs

Challenges & their best practices

The manual data entry errors can mitigate by automated ERA (electronic Remittance Advice)
The complexity of denials can be reduced by using denial management software to sort denials.
Compare posted payment daily with bank deposits to reduce the chances of discrepancies or catch early if any
Automatically cross checking of payments against fee schedule results to overcome underpayments
Regular compliance audits and staff trainings lowers the compliance risks.
Slow posting results in time consuming workflows and increase days in AR which can be mitigate by posting multiple payments simultaneously
Direct pulling of payment data from payer portals overcome the challenge of payer-specific complexity
Outdated systems lack automation, so companies should invest in practice management systems with API integrations

Let MedSole RCM simplify your payment posting

Transforming claims into cash

The payment posting process is complex but prioritizing automation and technology the cash flow can be increased. Our goal is to assist our clients by providing exceptional services. Let’s work with MedSole RCM and elevate your practice’s efficiency.

01
Dedicated
Team
02
All hour
Services
03
Transparency
04
Professionalism
05
100%
Data Security
06
Accurate
Documentation
07
Regular
Updates
08
In accordance with HIPAA
& Industry Standards
09
Reduce Administrative
burden
10
Increase cash
flow
11
Maximize
reimbursement
12
Innovative &
Customized Solutions

Company

RCM Solutions

Offerings

Payment Posting

Crafting clarity in Medical Payments

key Steps in Payment Posting process

Benefits of an Efficient payment posting

Challenges & their best practices

Let MedSole RCM simplify your payment posting

Crafting clarity in Medical
Payments