You may be looking for information about Medical Billing Payment Posting Services in the USA. You come to the right site and read the right article because here you can read some information related to medical billing payment posting services in the USA.
What is Payment Posting?
According to Continuum site, payment posting enables you to see payments and gives a snapshot of a practice’s financial picture so that it is easy for you to identify issues and solve problems immediately. Let’s say that you are able to see daily insurance payments from EOBs, patient payments, insurance checks from ERAs, and more. If so, by having an efficient payment posting system, it is able to provide an efficient view of your day-to-day financial picture.
You may wonder why accurate payment posting is important. As explained on Continuum that the medical billing process has some steps. It is also explained on Continuum that a large number of claims proceed daily which means that issues are bound to arise. Furthermore, in Continuum, it is explained that Payment posting is the first line of defense to identifying payer problems. Issues like rejection for medical necessity, non-covered services and prior authorization will be uncovered and can be given to team members to handle. Besides, if you can catch issues quickly, it can make the whole process smoother for everyone involved from the front office to back-office staff.
The Ways Payment Posting Make Your Billing Process More Efficient and Increase Revenue
According to Continuum, here are six ways payment posting is able to make your billing process more efficient and increase revenue.
- EOB and ERA Posting and Reconcilement
It ensures data from EOBs and ERA match payments.
- Line Item Denials
It reports denials for medical necessity, non-covered services and prior authorization to management to help avoid errors in the billing cycle.
It discovers denials and ensures that they are reworked and resubmitted to responsible payers in an efficient way.
- Patient Responsibility
It identifies and moves balances to patient responsibility so that it can help ensure faster patient billing.
- Write-offs and Adjustments
Writing-offs and adjustments are proceed by it. Also, it looks into contractual adjustments and passes them to management when issues are identified.
- In-person Collection Issues
By identifying issues with collecting deductibles and copayments when processing insurance remittances give a major impact on the overall billing process. These mishaps can be avoided by using payment posting.
Companies which Provide Payment Posting Services in USA
There are a number of companies which provide payment posting services in the USA and here are some of them.
This company provides a number of healthcare services and one of them is payment posting. On their site, it is explained that in medical billing, payment posting is a critical part of revenue cycle management where it helps providers get a fair estimate of reimbursements trends and overall financial status. In addition, it also helps in addressing denials in the most effective ways. So, it is important to have an efficient payment posting service. MedBillingExperts has more than 10 year of experience in giving medical payment posting services which are reliable and cost-effective to healthcare organizations of all types and sizes.
This company ensures that they can handle it fast for their clients with the help of a well-defined posting process. Their clients are large hospitals, mid-sized and small practices and these clients rely on the expertise of MedBillingExperts to accurately post insurance payment data from ERAs, post insurance checks from EOBs and post patient payments. MedBillingExperts also follows the best payment posting practices and information security mandates to meet your business requirements based on industry standards.
MedBillingExperts help you streamline payment posting by doing the things below.
- They identify denials for medical necessity, service not authorized, non-covered service, etc and also prevent them from happening again.
- They update patient responsibility when there is a difference between permitted amount and payment amount.
- They write off the difference between actual claims submitted and claims received.
- They conduct routine payment reviews to keep receivables updated.
- They track payment patterns to identify inconsistencies and trends.
This information is based on the MedBillingExperts site. If you want to know more, you can access the site.
- Medical Billing Wholesalers (MBW)
This company processes different types of remittances received with a high degree of accuracy, improved responsiveness and follows the procedures defined by their clients. Here are the services which are performed by this company.
- Patient Payment
- Insurance Posting in Electronic Remittance Advisory and Manual Posting.
- Denial Posting
And here are the benefits of the MBW payment posting process.
- High quality
- Good Responsiveness
- Get an accurate understanding of the A/R cycle
- MBW generates reports on A/R trends to understand the reason for denials and documents the cases requiring eligibility and authorization to improve point of service collections. Not only that, it also learns about the typical time to process payments by your insurance company. Also, it understands the services which are covered or not covered by different payers.
- Exception processing which means that they abide by your business rules and take to your notice any significant trends, contractual adjustments or denials.
This information is based on the MBW site, if you want to know more, you can access the site.
- BIS (Business Integrity Services)
If you are able to do accurate posting payment one time, it can help in the healthcare service to sustain and thrive in business. Accurate posting services are offered by BIS. They post in your medical billing system and manage the payments through EOBs and ERAs. This company has daily reconciliations which help sort out any gaps immediately and avoid any unseen mishaps at a later point in time. Not only that, BIS also checks on case to case basis for any revenue leaks at any stage of payment collection. BIS’s case studies and analysis help in addressing any payment issue at the root level to make sure faster payment cycle.
The headquarters of BIS is at 504 N. Reo Street, Tampa, FL 33609. The phone number is +1 888-704-3637. In Colombia, the office is located at Centro Empresarial Las Americas II, Calle 77B # 59-61. Oficina 701, Barranquilla – Colombia. The Phone number is +1 888-704-3637. In India, the office is at Block 7A, Ground Floor, DLF IT SEZ, 1/24, Shivaji Gardens, Moonlight Stop, Nandambakkam Post, Mount Poonamallee Road, Manapakkam, Chennai – 600 089. The phone number is +1 888-704-3637.
This information is based on the BIS site. If you want to know more, you can access the site directly.