Payment posting is one of the most complex challenges for healthcare institutes. The process of reimbursement or settlement is not complete without payment posting. Therefore, it is essential for billing companies to integrate the process as part of RCM.
Efficiency, patient care, and financial growth hugely depend on payment posting. This means a payment posting specialist is essential to ensure the smooth functioning of healthcare institutes.
Virtual Healthcare provides one-stop solutions for all payment posting issues. The company has specialists who have vast experience in the billing process. This ensures timely settlements of all claims and a steady flow of revenue.
Understanding Payment Posting
The process of payment posting provides a clear picture of the financial status. It helps in identifying any issues and resolving them as soon as possible. Only after the successful posting of the claim, the claim will either get settled or denied. An EOB (Explanation of Benefits) is then sent to the healthcare institutions and the insurance provider.
In the case of payment toward patients, the posting gets directed toward the patient in the form of an EFT (Electronic Fund Transfer) or a check. As soon as the patient signs the AOB (Assignment of benefits) the patient receives the payment.
Types Of Payment Posting
There are only 2 ways in which payment posting happens. This is directly dependent on the financial ability of the patient and the insurance coverage.
This is the type of billing process that is mostly done directly by the staff. The manual process takes a lot of time to complete. The unintentional errors in the billing process also cause indefinite delays in the settlement process.
The automation in this method is because of the software which provides a digital method for posting. This process ensures a steady revenue flow. Still, there are certain physicians who believe manual posting gives greater control over revenue management.
Advantages Of Payment Posting
The payment posting process not only ensures a smooth flow of revenue but also provides other advantages. A few of the most important advantages are –
There are multiple issues in revenue cycle management. A proper revenue flow is successfully maintained by accurate payment postings. This is because payment posting also deals with understanding denials and adjustments. Solving issues leading to repetitive denials is possible by identifying the real reason behind such issues.
Analyzing the revenue cycle
Whenever there is a payment posting on the patient, it means there is scope for improvement in the revenue cycle. An effective analysis will help in improving profitability. Thereby providing better accounts receivable status.
Lowering resolution time in case of denial
Prevention of denial is the best solution that a payment posting service comes up with. For every denial that is not resolved the number of AR days increases. This shows a big disparity in the revenue flow of the institute.
Strengthening existing policies
A majority of healthcare institutes do not provide enough importance to revenue cycle management. It is essential for the management to focus on the issues in settlements so as to ensure effectiveness and accuracy in the revenue cycle. The posting process helps in identifying the loopholes in the existing system. Rectifying those issues helps in ensuring a smooth flow of revenue.
Ensuring accurate claim submission to secondary or tertiary payers
It is essential to ensure accurate submission to secondary or tertiary payers. In cases when the primary claims are incorrect, then there is a high chance that the secondary and tertiary claims will also be incorrect.
Healthcare workers and management officials should always ensure adherence to the payment posting possess. The posting process not only limits itself to the reimbursement process but also enables fulfillment of compliance requirements.
Impact Of Payment Posting On Rcm
The payment posting has a huge impact on the RCM process. A few of the major impacts of posting on RCM are
- The posting process helps in the efficient monitoring of incoming payments. Streamlining this process helps in resolving all issues related to settlements.
- When the primary claim submission is incorrect, there is a high chance that the secondary, as well as the tertiary submission, will also be incorrect. Therefore precision in posting is necessary at all stages.
- Efficient solutions also verify activities like claim rejections, claim denials, and failure in obtaining pre-approvals.
- The medical billing process is a complex multi-step process. Therefore, ensuring proper adherence to all steps is essential. Hindrance to the revenue flow, in case of issues in any of the steps. This in turn affects the quality of care to the patients and limits the overall treatment as well.
- Marking repetitive issues arising in the payment process as red flags. Rectifying these issues display long-term improvement in revenue flow.
It is essential to understand that a payment posting specialist will not only ensure a smooth flow of revenue, but also compliance with all regulations. This enables timely settlements and better functioning of RCM.
Rectifying issues in the billing process, ensuring there is no issue in revenue flow. Therefore healthcare workers can focus on quality care. The billing, as well as the administration process, is completely taken care of by the specialist.
Virtual Healthcare provides an easy way to ensure a smooth flow of revenue. The experience of the company enables us in overcoming any hindrances in the payment process. Healthcare workers can focus on quality care to the patients while the company ensures a steady flow of revenue.