Insurance and Patient Payment Posting
We have come across a number of Healthcare Practices who do not post payments received against claims filed by them. They probably feel that if they are receiving the payments and their cashflow is fine, then there is no need to spend money in payment posting. But this is not true.
In fact, timely and accurate payment posting, one of the final steps in the medical billing cycle, is an important step for an optimized revenue cycle. If payments are not posted timely you will:
- Not know which claims have been denied and thereby will not be able to take corrective action to get the denied claims paid
- Will not accurately know which claims are still unpaid and need to be followed up with the payers
- Will not be able to identify and bill the secondary claims
- Will not be able to accurately transfer responsibility to patients for the amount owed by them
Vision offers accurate and efficient Payment Posting services as part of its RCM services or stand alone. In either scenario, we analyze each EOB thoroughly and
- Post payments
- Post Adjustments
- Post Denials under appropriate codes
- Take corrective action against denials
- Bill secondary Claims
- Transfer responsibility to Secondary / Patient for the balance amount
- Reconciling EOBs with Deposits to ensure that you have actually received all payments in the Bank and nothing has been missed
Vision handles payment posting from paper EOBs as well ERAs. In case of latter, although the payment may get posted electronically by your Billing software, it still need to be looked into manually to ensure accurate posting and taking other necessary actions.