Importance Of Accurate Payment Posting In RCM

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Importance Of Accurate Payment Posting In RCM
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Importance Of Accurate Payment Posting In RCM
Importance of Accurate Payment Posting Consider a
scenario, where your amazing employee incorrectly
posts the payment of 1002 rather than 102, the
claim made its way along medical billing process,
the mistake wasnt caught. First of all, the
patient received an excessive bill, which doesnt
inspire confidence in practice. The practices
account receivables reports are now inaccurate
and the overall financial picture is askew, from
one incorrectly entered number. Payment posting
allows you to view payments and provides a
snapshot of a practices financial picture,
making it easy to identify issues and solve
problems fast. The payment posting process helps
you promptly catch potential issues and make
corrections. Being able to see daily Insurance
payments from EOBs, insurance checks from ERAs,
patient payments and more having an efficient
payment posting system provides an efficient view
of your day-to-day financial picture. Accurate
Payment Posting and RCM Payment posting should be
an integral part of the revenue cycle management
(RCM), regardless of whether you bill in-house or
use a third-party billing service. The RCM has
several steps and a large number of claims are
processed daily, meaning issues are bound to
arise. Payment posting is essentially the first
line of defence to identifying payer problems.
Issues such as denials for medical necessity,
non-covered services and prior authorization will
be uncovered and can be given to team members to
address.
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Importance Of Accurate Payment Posting In RCM
In addition, catching issues quickly make the
entire process smoother for everyone involved
from the front office to back-office staff. A
well-done payment posting process can help you
identify opportunities to increase revenue by
watching for daily trends within your practice.
Because payment posting has such a high potential
to increase profits and smooth out the overall
medical billing process, it is important to get a
precise process in place. Increasing Accuracy of
Payment Posting Here are five ways payment
posting can make your billing process more
accurate and ultimately increase
revenue. Identify denials Read explanation of
benefits (EOBs) and remittance advice carefully
to distinguish paid claims and unpaid claims.
Unpaid claims will include denied claims and
claims awaiting payment response. Payment
reconciliation You need to ensure that data from
both EOBs and ERAs should match payments.
Sometimes a claim may get paid/denied partially,
so you need to ensure to post the payment against
the claim accordingly. Review every line item As
mentioned above, a claim may get paid/denied
partially, so review every line item. Reporting
denials for medical necessity, non-covered
services, and prior authorization to management
help avoid errors in the billing cycle.
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Importance Of Accurate Payment Posting In RCM
Identify patient responsibility Identifying
patient responsibility should be done prior
visit. But due to absence skilled staff,
practices may find patient responsibility from
EOBs/ERAs. So, you can post the insurance
reimbursements and move balance to patient
responsibility. Write-offs and adjustments You
need to decide rules on write-offs and
adjustments and look into contractual
adjustments. This will ensure you will clear the
pending claims, helping practice to understand
accurate account receivables. When payment
posting is done right, your practice can thrive.
With better cash flow from better collections,
problems being spotted faster and dealt with
quicker, the entire medical billing process can
run smoother. Billing issues can be addressed
quickly, secondary payers will be billed
correctly and patients will receive their
statements promptly increasing the entire medical
billing cycles efficiency. The steps mentioned
above will require experts from various RCM
functions like charge entry, payment posting,
denial handling, Accounts Receivable, benefits
verification and other. Practically it may not
feasible to have such experts in small billing
team of solo practices or small group practices.
Medisys Data Solution can assist you in complete
revenue cycle management for your practice. As
per billing requirement of your practice, we can
offer your customized billing services. To know
more about our complete medical billing and
coding services, contact us at info_at_medisysdata.co
m/ 302-261-9187
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