Optimize RCM with Expert Payment Posting Services
< 30
Days in AR
10-15%
Revenue Increase
97%
First Pass Ratio
96%
Collection Ratios
98%
Clean Claims Rate
What is Payment Posting in Medical Billing?
Providing quality care to your patients is important, but it’s only possible if your practice is profitable. Revenue Cycle Management, or RCM, as we all know, plays a crucial role in improving your practice’s revenue. Payment posting is a significant part of RCM. But what exactly is it?
To put it simply, payment posting provides visibility in medical billing. It helps practices track and manage their financial performance. By textbook definition, it is the process of recording payments received from insurance companies, patients, or third-party providers into your billing system. Payment posting is essential for improving the claim management process. You can record payments either manually or automatically. However, it is better to outsource payment posting services for more accuracy.
Types of Payment Posting Services We Offer
Capture every payment down to the last cent with MediBill MD! We provide numerous payment posting services to improve your medical billing process and increase the visibility of your revenue cycle. From processing electronic remittance advice (ERA) to managing claim denials, our team can efficiently handle the following services.
Patient Payment Posting
We help you avoid revenue loss due to inaccurate records! At MediBill MD, we transform medical billing with our patient payment posting service. Our team guarantees the timely processing of all patient payments. We make sure that all transactions are recorded promptly and accurately.
Insurance Payment Posting
We guarantee hassle-free insurance payment posting! At MediBill MD, we not only record every payment made by insurance companies, but we also ensure that it matches the corresponding submitted claim. Our team efficiently recognizes all adjustments and records them in the billing system.
ERA Posting
We streamline billing with the Electronic Remittance Advice (ERA) posting service! Our team meticulously extracts data from ERAs received from insurance companies. We minimize errors by capturing every payment detail accurately, including adjustments, denials, or patient balances.
Denial Posting
We transform your denial management process! At MediBill MD, we offer comprehensive denial posting services. Our team records every denied claim so you can identify the common mistakes and address them more effectively. Our expertise can help you improve your cash flow.
Our Payment Posting Process
At MediBill MD, we know how important accurate payment posting is for the financial health of any medical practice. Therefore, we take a systematic approach to make this process more efficient. Here is how our payment process improves our customers' revenue.
-
1. Data Collection
We start our payment posting process with data collection. We conduct several meetings with our clients to gather all relevant payment information, including all Electronic Remittance Advice (ERA) and Explanation of Benefits (EOBs) they received from the payers.
-
2. Verification
The next step after data collection is verification. Our team verifies all the gathered information and makes sure that your payments are complete and align perfectly with the services provided through multiple checklists.
-
3. Payment Posting
Next, we accurately record every payment into your billing system. This process typically includes entering the correct payment amount collected from insurance payers, date, and other crucial details, such as adjustments, denials, relevant payer, and patient information.
-
4. Payment Adjustments
Our team processes any adjustments in the payment information, like write-offs. We make sure that all the changes are recorded accurately to keep your financial records transparent. This step provides a clear picture of your practice’s revenue cycle.
-
5. Managing Claim Denials
During this entire process, we pay close attention to the billing issues and payment discrepancies. If your incomplete payments are due to recurring mistakes, we mark them for further investigation. This step allows us to take appropriate corrective measures.
-
6. Updating Patient Accounts
After posting insurance payments, we update patient accounts to highlight the current balances, such as outstanding amounts, copays, or deductibles. This helps us improve patient communication, allowing them to understand their financial responsibilities.
-
7. Generating Reports
We create detailed reports highlighting unique trends in your revenue cycle and summarizing payment activities, such as payment postings, adjustments, and denials. This analysis provides valuable information about your revenue cycle, which is important for identifying areas of improvement.
-
8. Continuous Support
Lastly, our payment posting process provides continuous support to our clients. Our team is available throughout the day to help you with any issues regarding payment posting. We offer ongoing consultation to help you tackle the complexities of this process.
Why Outsource Payment Posting Services to MediBill MD?
Do you want to manage your financial transactions more efficiently? Then, outsource your payment posting services to MediBill MD. We take pride in our experienced and knowledgeable team for improving the revenue of countless clients. Our team promptly posts payments, reconciles accounts, and handles adjustments precisely, allowing your staff to focus on more important tasks.
What makes us unique? We combine the accuracy of technology with human expertise to minimize errors. Not only that, we generate detailed reports to help you gain valuable insights into your practice’s revenue cycle. Partner with us and capitalize on all potential opportunities.
Enjoy flawless payment posting every time! We offer unmatched accuracy. Our experts are trained to record every single detail, which minimizes errors and delays. Accurately record and track your revenue with our payment posting services.
We protect your financial data! At MediBill MD, we use advanced security tools to protect your sensitive information from unauthorized access. Our experts regularly audit and update security measures to meet the highest standards, securing your practice’s financial health.
Our services are safe, secure, and compliant! At MediBill MD, we protect your patients’ confidential health information. Our payment posting services fully comply with HIPAA regulations, saving your practice from legal consequences
Trust our years of experience! We hire knowledgeable and experienced medical billers. Our team perfectly understands the ins and outs of payment posting, from understanding varying requirements to handling adjustments. We regularly train our staff to minimize errors.
Worried about finding a reliable outsourcing company in remote areas of the country? Well, you don't have to because our payment posting services are available throughout the country. We serve every ZIP code, from remote regions of Alaska to large metropolitan areas of New York. Contact us to track and improve your cash flow.
We are always available to answer your queries! At MediBill MD, we offer round-the-clock support across all specialties. So, whether you run a highly stressful emergency department or provide preventive medicine, you can count on our nonstop support. Our dedicated customer support team is available throughout the day to help you with your payment posting and billing needs.
Lowest Prices Guaranteed
We match your expectations! At MediBill MD, we are committed to offering payment posting services at the lowest possible rates. So, stay within your budget and enjoy accurate records of all your payments.
Get In Touch With Our Payment Posting Specialist
Need help with posting your payments? Connect with our payment posting specialist today to resolve your issues. Our experts have the knowledge and tools to streamline your operations and minimize errors. Contact us and take the first step towards financial success.
FAQs
A payment posting specialist accurately records and reconciles all payments received from insurance providers. They review and match correct allocations, post payments to patient accounts, and identify any discrepancies.
The first step in posting a payment to a patient’s account is to verify their information. You can do that by pulling up their account on a software program. This process will help you access all the relevant information, including payment details such as the payment amount, financial responsibility, and previous outstanding balances. You can use this information to post accurate payments.
The difference lies in the source of payment. Cash posting usually refers to recording payments received by patients, while payment posting refers to money received by insurance companies. Cash posting solely deals with cash transactions, while payment posting includes all types of payments, such as cash, checks, credit cards, and more.
As the name implies, manual payment posting in medical billing refers to administrative staff manually recording all the payments received from insurance companies or patients. It means they record data by hand or use a keyboard to input all the information into the billing system. Specialists often use manual posting when dealing with cash transactions, checks, or details that are not captured electronically.
Auto payment posting in medical billing is the opposite of manual posting. It refers to using a software program to record payments automatically. This process is much faster than manually recording everything and captures information from various sources, including Electronic Remittance Advice (ERA).
Electronic Remittance Advice (ERA) is an electronic version of the Explanation of Benefits (EOB) sent by insurance companies. ERA allows you to post payments automatically.
Charge posting refers to assigning financial values to a patient’s records based on the CPT codes for the provided services. This process typically involves entering information about all the provided services and treatments, including associated diagnostic and procedural codes, date of service, and applicable charges.
The primary difference between an EOB and an ERA is how they are delivered. An Explanation of Benefits (EOB) is a paper statement sent by insurance companies via mail, while an Electronic Remittance Advice (ERA) is an electronic statement often sent through a secure online portal or directly to a billing system.
Upcoding refers to the incorrect coding providers do to receive higher reimbursements for simple procedures. It occurs when healthcare providers mix up codes in medical claims to refer to more severe procedures or diagnoses than provided.
It is important to post charges, payments, and adjustments on time to minimize delays. Timely postings help healthcare providers track cash flow and identify outstanding balances efficiently.
Downcoding is the complete opposite of upcoding. It occurs when doctors mistakenly use incorrect codes to refer to less severe procedures or services than provided. As a result, healthcare providers receive lower reimbursements.
Payment posting is an important part of Revenue Cycle Management (RCM) because it improves a practice's cash flow by identifying and resolving common payment mistakes.
