Efficient Payment Posting – Spectrum Healthcare Inc. Has the Potential

Talk about revenue cycle management and the first thing that comes to mind for most providers is claims handling, insurance verification or denial management. But the challenging step in the process – Payment postings is like a silent champion. Its significance is often overlooked and the advantages are thus, lost to many.

What is Payment Posting?

It is an integral part of medical billing. It presents a clear picture of the payments and financial infrastructure giving an opportunity to identify issues and fix them.

If the claim is processed in favor of payment by the payor, then a cheque or an Electronic Fund Transfer (EFT) is done to the provider in lieu of the treatment delivered along with the explanation of benefits (EOB).

If the patient has not signed the assignment of benefits (AOB), then the payment goes to the patient. When received by the provider, these payments are enter in the medical billing system. The entire process is called Payment Posting.

Types of Payment Postings in Medical Billing

There are two types of payment postings in healthcare depending on the patient’s insurance coverage and financial ability.

1. Manual Posting:

Here the administrative or front office staff handles the task of filling the information. This can be prone to errors and typos, causing a delay in payment postings.

2. Auto Posting:

This software driven approach is the preferred mode of payment posting in today’s digital world. It is consistent, quick, less prone to errors like duplicate posting and causes no delay in revenue.

Payment Posting – The Right Way

Medical billing is a complex process involving many steps and a mistake at any stage can derail and delay the AR. Payment posting when done diligently and accurately has a massive potential to identify issues in the system, uncover trends behind denials, find services not under coverage, etc.

Such issues when recognize can be handled quickly by the team and improvements can be made to make the process seamless.

Here are ways to achieve that –

• 20% of payments in healthcare are enter manually due to inability of payors to provide electronic remittance advice (ERA). This increases labor and related costs. It is advisable to audit how you receive payments and convert the receipts to ERA and EFT.
• Train the front office staff to use time saving and precise payment posting methods.
• Compare bank account deposits with ERA dates to check for lags.
• Create periodic reports of payment posting to analyze and see if payment postings are delay. If the time taken for claims submission is steady but increasing for AR, then the issue lies with payment posting.
• Save labor, costs and time by outsourcing payment posting services to a reliable medical billing company.

Efficient payment posting opens a lot of opportunities to increase revenue, reduce delays and give you a competitive advantage. Here’s how Spectrum Healthcare Inc. – a medical and dental billing company, can make a difference for you.

Uncover the Potential of Efficient Payment Posting with Spectrum Healthcare Inc.

1. We go by the saying – time is money. Any delay in RCM is at the cost of your resources and reputation. We ensure to avoid that by posting the payments within hours of receiving.
2. Our dedicated team understands and expertly interprets payor remittance and explanations.
3. We make sure that the data from EOBs and ERAs match the payments.
4. We reduce write-offs as they affect the overall performance of your financial structure. If unavoidable, then we process the write-offs and adjustments and update you in case of any contractual adjustments while processing payment.
5. With us, you do not have to worry about unprocessed cheques, oversights and loss of revenue. Since our staff would be commit to handling your payment postings, it reduces your responsibility of overseeing the accuracy and honesty of your own staff.
6. Payment posting helps keep a track of claim processing. We report, rework and resubmit denied claims if any, to the payors in a timely fashion.

Here’s your chance to increase the overall efficiency and improve financial infrastructure of your practice by outsourcing your payment posting services to Spectrum Healthcare Inc. Get in touch with us.