Building Speed and Efficiency into Your Payment Posting Process
MedBillingExperts has over 10 years of experience in providing reliable and cost-effective payment posting services to healthcare organizations of all types and sizes. We leverage this experience to accurately post insurance payment data from ERAs, post insurance checks from EOBs, post patient payments, and print receipts.
Our payment posting service, encompasses:
- Conducting periodic payment reviews
- Tracking payment patterns
- Checking discrepancies in payments
- Facilitating payment realization at the procedural level
- Moving payment as patient responsibility, if there is a difference between allowed amount and payment amount
- Writing off the difference between actual claim submitted and claim received
- Identifying line denials for medical necessity, non-covered service, service not authorized, etc. and prevent them from occurring again
- Re-submitting to insurance company
Scope of Our Payment Posting Services
Explanation of Benefits (EOBs) Analysis
Our trained and experienced team of payment posting executives do not stop after accurately keying in every minute details such as patients' names, their account numbers, control numbers, service dates, procedure codes and so on. They go the extra mile to meticulously analyze all the data to uncover as well as record crucial payment related patterns such as percentage of insurance receivable, frequency of inflows, denials, amount outstanding percentage, and so on.
Analysis Based Action
Once we identify and record payment receivable patterns, we forward necessary action chart and instruct the billing department of respective client to take necessary actions that will positively impact the inflows. For instance, if we notice a difference between the allowed amount and the payment amount, we immediately ascertain that the balance payable amount is patient's responsibility. We then instruct the billing department of the client to take necessary action to collect the outstanding receivable from the patient in a timely fashion.
Tracking Cash Inflow
Being a leading payment posting company, we ensure that we rigorously monitor and track every outstanding amount receivable and cash flow status in a real-time basis. This allows us to seamlessly keep a tab on the rate of the cash inflows and take necessary actions whenever there is a hindrance to the revenue stream under unforeseen circumstances.
We Follow a Well-defined and Streamlined Process to Carry Out Payment Posting in Medical Billing
Following steps gives a detailed overview of the process we follow to provide seamless and accurate medical billing payment posting services to clients across specializations:
- Step 1: Meticulously verify every minute patient details mentioned in EOB (Explanation of Benefits) such as billed amounts, adjusted amounts, allowed amounts, denial information, co-pays, etc.
- Step 2: Track and monitor whether the claims were processed appropriately and record regular trend for further analysis
- Step 3: Forward the information related to payments to the billing departments and direct them to take appropriate measures to increase the cash flow
- Step 4: Keep a tab on all the outstanding amount receivable and cash inflow status on a real-time basis
Why Outsource Payment Posting in Medical Billing to MedBillingExperts?
The benefits that you’ll gain when you outsource payment posting services for medical billing to an expert payment posting company like MedBillingExperts are many. This includes but not limited to:
- Improved staff productivity: Our payment posting services for medical billing can boost your staff productivity by up to 70%
- Accuracy: Our rigorous focus on delivering most efficient and reliable payment posting outsourcing services enables us to deliver 99.99% accuracy, which is unheard of in the industry
- Improved denial management: Our meticulous follow-up and denial reporting services helps you to keep denials to the minimum
- No backlogs: With us as your payment posting for medical billing partner, you can eliminate unposted cash and posting backlogs within no time
- Lower cost: You can witness savings in the range 30% to 40% with our payment posting services for medical billing
When you outsource payment posting services for medical billing to MedBillingExperts, you’ll partner with payment posting outsourcing company that has a track record of deliver superior performance across many parameters such as higher accuracy, productivity and significant reduction in denials.
Contact us today and discover the advantage of outsourcing payment posting services for medical billing to MedBillingExperts.