Streamline and Simplify Your Payment Posting Process
Tired of the endless paperwork, missed payments, and slow reimbursement that comes with managing your medical practice's finances? Let us help!
Enlist Bristol Healthcare’s top-notch cash posting and payment posting services designed to boost accuracy and efficiency and help you stay on top of your finances. Our team of certified experts are well-versed in medical billing and coding and have years of experience working with physicians and billing offices across the specialty spectrum. We understand the unique challenges and complexities of medical billing and possess the know-how to traverse the system to fetch you the results you need.
Our cash and payment posting services ensure that all payments are accurately recorded and deposited to their respective patient accounts on the same day. We post, balance and reconcile all payments received - within 12-24 hours of receipt. By utilizing the latest technology, we streamline your payment processes for faster and more efficient payments. Through a daily reconciliation process, we ensure smooth month-end closing and that all payments received for the month are accurately accounted for and matched to actual deposits.
Our end-to-end payment posting services encompass the entire payment process, from receipt to posting. We carefully review each payment to ensure accuracy, and we handle any issues that may arise. This means you can focus on what you do best – providing exceptional medical care to your patients – while we take care of the financial side of things.
Enhance Accuracy And Collection Rates
We process all types of transactions, including the following:
- Electronic Posting: This service involves receiving payment information, including the explanation of benefits (EOBs) and remittance advice (ERAs), from insurance companies or other payers and posting the payments into the client’s practice management system. This helps us keep track of insurance reimbursements and allows for easy reconciliation of accounts. ERA posting eliminates the need for manual posting of payments, saving time and reducing errors.
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We can pick up your ERAs directly from clearing houses or you could scan your paper EOBs to our secured FTP.
- Capture Denials - Low pay & No Pay
- Secondary claims submission
- Generate Patient Statements
- Manual Posting: In situations where insurance providers do not offer electronic remittance advice, we manually post the payments into your billing or accounting system. We process and post payments received via cash, checks, or other manual means. Exercising careful attention to detail, our specialists ensure that all payments are accurately recorded in accordance with the client’s business rules, minimizing errors in the billing process and timely turnover.
- Denial Posting: We post and track all insurance claim denials to provide you with an analytical report to help better understand your AR cycle. We record all denials into your practice management software and perform a root cause analysis so that the denied claim can be corrected and resubmitted with the necessary ANSI denial codes and payer-specific guidelines.
- Posting Patient Payment: This involves recording and tracking patient payments including co-pays, deductibles, outstanding balances, and other out-of-pocket expenses into your billing system ensuring that the patient account balance is accurately reflected. This process is essential for avoiding outstanding AR days and maintaining accurate patient records.
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In addition to cash posting and payment posting services, we also offer a range of other revenue cycle management services that can help streamline your practice and maximize your revenue. These include:
- Claims submission and follow-up
- Denial management
- Eligibility verification
- Patient billing and collections
- And much more!
Our goal is to help you achieve financial success while freeing up your time and energy to focus on your patients. We are committed to providing the highest level of service, and we pride ourselves on our attention to detail, accuracy, and responsiveness.
Our Robust Workflow
Our Cash/Payment Posting process involves recording and tracking all incoming payments, including cash, checks, electronic payments, and credit card transactions for services rendered. It includes the following steps:
- Receiving Payments: The first step in the cash posting process is receiving payments from patients, insurance companies, or other payers in the form of cash, checks, electronic payments, credit card transactions, and remittance advice from the payer.
- Verification: Once the payment is received, it is verified to ensure that it matches the amount owed and that it is from a legitimate source. This may involve checking the patient's insurance coverage, verifying the payment amount with the payer, or confirming the payment with the bank.
- Posting: After the payment is verified, it is recorded in the practice's accounting system. This involves posting the payment to the appropriate account and assigning it to the correct patient and procedure.
- Adjustment posting: In some cases, the payment received may not match the amount owed, and adjustments may need to be made to the payment. This may involve posting a write-off for a portion of the payment, posting a credit or refund, or posting an adjustment to correct an error.
- Reconciliation: The final step in the cash posting process is reconciliation, which involves comparing the recorded payments to the practice's bank statements to ensure that they match. Any discrepancies are identified and resolved.
Why Physicians And Billing Offices Partner With Us
- Affordable and flexible pricing models.
- Integrated payment processing for ERAs
- Highly quality services that guarantee 99% accuracy.
- Real-time performance reports and analytics for enhanced AR performance.
- Regular quality audits.
- Clear processes and protocols that are designed around your business guidelines.
- Continuous monitoring of productivity and process efficiency for optimal functioning.
- Round-the-clock support ensures a 12-24 hour turnaround.
- Well-versed with most billing, EHR, and practice management software used today.
- Thorough understanding of Specialty-specific and Payer-specific guidelines.
- Regular training sessions and re-certification courses help us stay updated on the latest changes and trends.
Schedule a Free Consultation Today
Get in touch with us to learn more about our cash posting and payment posting services, as well as our other financial management services. We look forward to helping you achieve your financial goals and grow your business!
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Multi-Software Expertise
Our team of experts are well versed and experienced with most of the popular software used by clients today.
What Our Clients Say
Together with our clients, BHS experts partner to achieve desired outcomes
and push the boundaries of what's possible.
“Jay – Great. I really appreciate your in-depth analysis on our outstanding. Your AR recovery process has been excellent.”
“We greatly appreciate the conscientious nature of your team. Their concern for quality is clear in the work that they perform.”
“Your attention to detail is excellent. Thanks for catching my staff’s error. I just love talking to Ray about process improvements.”
“Jay! Thanks to you and your team for formulating a winning team! I am proud to be aligned with you guys!”
“Our partnership with Bristol proved to be a game-changer. Their expertise in revenue cycle management and their commitment to delivering excellent service has truly transformed our practice's financial outlook.”
“If it wasn’t for your verification team, I would’ve never known I needed authorization for this surgical procedure. They have consistently sent verified reports on time, every day.”
“I highly recommend Bristol to any healthcare provider seeking a reliable and efficient medical billing partner. Their commitment to excellence, attention to detail, and dedication to maximizing revenue has been instrumental in helping our practice thrive financially.”
“Do you guys ever sleep? Thank you for answering all my questions immediately. I can’t imagine what I will do without your team.”
“I thank your coders for clearing our four months backlog within two weeks. I appreciate all your recommendations, it surely helps to improve our documentation.”
“Partnering with Bristol has been one of the best decisions I've made for my clinic, and I am grateful for their invaluable support."
“You have consistently provided accurate billing entries for us. I thank the entire team for a job well done."
“Your follow-up methodology seems to be working. Our collections have been increasing month on month. Great job! Stay on it.”
“I wanted to pass on our appreciation for the work the Bristol team is doing on the new BristolByte™ Quick Save feature. I am quite impressed by the speed with which the team is making design changes and implementing a process that will surely save us time. We appreciate it!”
“Their team took the time to understand our practice’s unique needs and workflows to implement a personalized billing process that ensured improved reimbursement rates. We’ve now eliminated duplicate data entry, minimized errors, and saved our staff valuable time.“
“With their expertise in managing our billing processes, we have been able to focus on what truly matters – delivering outstanding orthopedic care to our patients.”
