Getting To The Basics Of Perfecting Payment Posting

Did you know that a recent data published in Becker’s Hospital Review reveals that 80% of the US medical bills contain errors? These billing inefficiencies add up, leading to an annual loss of $125 billion for physicians, as reported by Equifax. On top of that, hospital bills over $10,000 typically contain $1300 in error. So, what does it take to have solid billing practices? Well, having an effective payment posting system is the key! Focusing on strong payment posting practices ensures that payments are accurately recorded and discrepancies are quickly resolved, ultimately safeguarding revenue and reducing the risk of financial losses.

What is Payment Posting in Medical Billing?

Payment posting plays a vital role in medical billing. It is the process of entering payments from patients and insurance companies into the healthcare provider’s billing system. This helps keep financial records up to date by showing what’s been paid and what’s still owed. It also takes into account any adjustments, denials, or partial payments, making it a key step in closing the billing cycle effectively. There are two types of payment posting in medical billing – Manual payment posting and Automated payment posting. In manual payment posting a billing staff manually inputs payments directly into the billing system. Whereas, an automated payment posting uses software to record, reconcile and manage payments.

The Payment Posting Process

The payment posting process involves several steps to ensure accurate recording and reconciliation of payments. Here’s a simplified breakdown.

Receive Payments: Collect payments from insurance companies, patients, or other payers through electronic transfers, checks, or credit cards.

Review Payments: Now it’s time to verify the payments received to ensure they match the services billed.

Record Payments: Once you’ve reviewed, post the payments into the respective patient accounts.

Handle denial or partial payments: If a claim is denied or only partly paid, check the reason and take steps to fix it, appeal, or bill the patient.

Follow-up: Initiate follow-up actions to appeal the denial or recover the unpaid amount from the patient.

Reconcile Payments: Compare the payments received with the corresponding charges to ensure they match up.

How to Improve Payment Posting Efficiency And Accuracy

Here you go with some of the most effective tips to improve the efficiency and accuracy of payment posting, which can lead to better financial management.

• Establish and follow standardized procedures for payment posting to ensure consistency and accuracy.
• Use an automated payment posting system that integrates with your practice’s EHR and billing system to save time and reduce manual errors.
• Make sure your billing staff is properly trained in the procedures and software used to ensure accurate payment posting.
• Conduct regular payment posting audits to spot and correct inaccuracies or inefficiencies early.
• Establish a strong denial management system to resolve issues quickly and appeal denied claims.
• Outsource to a staffing services company that has a proven track record in efficient and accurate payment posting.

Why Choose Staffing Angels?

Getting payment posting right is crucial for managing your practice’s finances effectively. By streamlining this process, you practice can reduce errors, improve cash flow, and shorten the revenue cycle. Well, if you are considering outsourcing your payment posting needs to a staffing services company, Physicians Angels tops the list as the most reliable choice for several reasons. We have a team of highly-skilled payment posting specialists who can manage both insurance payouts and patient payments. They meticulously review EOBs and ERAs, address any discrepancies and ensure accurate reconciliation. Our team is adept at handling denied claims, quickly identifying and resubmitting them for reprocessing. They also manage write-offs and adjustments, ensure accurate account reconciliation, and improve overall billing efficiency. In short they make sure that all payments, adjustments and denials are recorded accurately into your billing system.

Ready to take the next step? Partner with Physicians Angels for a streamlined and error-free payment posting process. To learn more on how our payment posting experts can ensure accuracy, efficiency and financial stability get in touch with us today!