How do we accomplish this?
Payment posting is the act of viewing payments and a medical practice's overall financial picture. Also, it alludes to the recording of payments in the medical billing program. The act of posting payments can help you learn a lot about the efficiency of your revenue cycle. It allows you to perform analytics and discover trends in reimbursement. As correct payment posting provides information on the state of your revenue cycle, you must choose a highly effective team to handle payments.
Payment posting is an important process in medical billing and healthcare that involves recording payments received from patients or insurance companies for medical services rendered. This process ensures accurate and up-to-date records of all financial transactions related to the medical services provided.
When a patient receives medical services, the medical billing team generates a claim and sends it to the insurance company or patient for payment. Once the payment is received, the payment posting process begins. This process involves recording the payment received, reconciling the payment with the claim, and updating the patient's account accordingly.
In patient care, the method of "Payment Posting" involves entering the funds into the database. This gives us a broad perspective of all the payment information and explains how different payers' collections work.
Our Procedure for Posting Payments
Patient Payments
Sum that the patient is required to pay the doctor for the service(s) specified on a claim is referred to as the patient payment.
From our clients, we obtain data on the point-of- service payments made by patients.
Insurance Posting
Following forms are used to process insurance payments. Manual Denial Posting and Electronic Remittance Advisory. They serve a specific purpose with postal transmission and are covered by insurance. The full payment of all fees associated with covered items, including mailing, application, and insurance premiums....
Denial Posting
It’s required to accurately determine the customer's A/R cycle. Denial management is a practical technique created to pinpoint and resolve problems that lead to the denial of medical claims.