Payment posting in medical billing is one of the key factors. The payments in lieu of claim, details are received from the Payer and Patients. We post these details in medical billing system of the client to reconcile the claim. iMarque Solutions also does electronic payment posting in to the medical billing software and handles the exceptions manually to make sure no payment is missed. The posted ERAs are stored either in the billing system or a Document Management system (DMS) for future reference.
Insurance Payment Posting: Most of the payers send either an EOB (explanation of benefits) or ERA (electronic remittance advice) towards the payment of a claim. The medical billing staff posts these payments immediately into the respective patient accounts, against that claim to reconcile them. The payment posting is handled according to client-specific rules that would indicate the cut-off levels to take adjustments, write-offs, refund rules etc.
Patient Cash Posting: There could be several reasons why the patient needs to pay a part of the expenses including co-pays, deductible and non-covered services. If the amount due from the patients is very minimal, the Provider can set a mandate for taking write-offs. If the amount is quite large, then it should be collected from the patients either prior to or after rendering the services. Patients typically pay through checks or credit cards (via patient portals) and these need to be correctly accounted against the claim to avoid any inflated AR and proper closing of the claim.
Some of the key benefits of accurate payment postings in medical billing include:
- Easier to Analyze Your Revenue Cycle
- Helps Solve Recurring Problems
- Strengthens Present Processes
- Reduces Denial Resolution Time
- Enables Accurate Claims Submissions to Secondary Payers