What is payment posting?
The medical revenue cycle management is a long and complex process. At the end of a medical billing cycle, a patient’s payment records are posted in the patient’s account. Payments can be from both patient and payor. This stage of the billing cycle is called payment posting. Although appearing to be a simple task, accuracy and attention to detail are required besides being time-consuming.
Payment posting will reveal if there are underpayments by payors. Payment for every line item should be closely monitored for issues. Appropriate and immediate action should be taken to resolve the problems.
Payment posting is an analytical tool
An analysis of cases of underpayment of claims may reveal
• If the practice’s fee schedule has been fixed for the maximum allowed reimbursement
• If the reimbursement was as per the claim
• Coding errors
Payment posting will also reveal if a patient had paid the correct copay at the time of service.
Accurate payment posting is a valuable analytical tool in studying the medical revenue cycle management process’s efficiency in the following ways.
• The Accounts Receivable department receives input on processes that can be enhanced and directly help to increase revenues
• Causes of denial are studied and strategies for denial management/prevention of denials can be worked out
• The performance of the entire RCM process can be upgraded
How Bristol Healthcare can help you?
Bristol Healthcare Services is a medical billing company serving healthcare professionals for more than two decades. Our team of billers and coders is certified. They also undergo continuous education to keep abreast of changes in the industry. This enables us to render superior services.
Our services are prompt and accurate and it helps us to monitor your cash flow. When we do the payment posting for you, we help you determine the causes for underpayments and denials. Your RCM processes can be evaluated for modifications to increase efficiency.
Bristol Healthcare Services offers best-in-class medical billing services that are focused on improving your bottom line. And most of all, eliminating stress in your life.
Partner with us for a mutually rewarding relationship!