The accumulation of late reimbursement, claim denials, and the failure to submit timely claims can significantly impact a healthcare practice’s financial strength and stability. Therefore, payment posting is a simple yet critical step in any medical billing process and is fundamental to running your organization’s revenue cycle. Additionally, payment posting also affects the overall efficiency of your medical billing process, which can impact your patient’s satisfaction and financial strength.
Payment posting also allows healthcare organizations to examine their own financial structure and make the right decisions to develop new opportunities and increase revenue streams. This clear breakdown empowers providers also to reflect dissents, recent changes, and claims denials in the system efficiently and effectively, which is integral to resolving issues as soon as possible. This article covers five key benefits of incorporating payment posting in medical billing.
By incorporating accurate payment posting practices into your medical billing processes, you can resolve many issues easily. In addition to being a good way to track payment, this system is also beneficial for posting denials, changes, and adjustments. This allows a clear connection to be established among the different issues, as the reasons behind them can be reviewed and then used to improve existing medical billing processes and avoid future errors.
With any medical billing process, there is also room for improvement. However, understanding the reasons behind any claims-related issue presents a good learning opportunity for any organization. At the same time, it poses the question of whether any of the organization’s current processes can be improved to boost efficiency to maximize the cash flow and AR (accounts receivable) being reimbursed. There could be processes that can be adjusted, removed, or improved to optimize performance in most cases.
While there isn’t a failsafe way to completely avoid claims denials, payment posting provides organizations an opportunity to monitor and keep track of all your claims submissions. In addition, this system offers you a clear overview of which patient accounts are problematic and would require immediate resolution, allowing you to correct the claims and resubmit them to the insurers efficiently. Therefore, it is important to stay on top of correspondence and communication with your third-party payers and partners about the latest, updated medical coding standards and rules. This could go a long way in reducing your claims denial rate.
After the payments have been posted, each revenue cycle is an opportunity for the organization or provider to evaluate how it can maximize its revenue stream and AR reimbursement. In addition, reinforcing proper payment posting procedures would increase the first-pass claims submission rate and expedite insurance companies’ payment process. This is critical as incorrect payment posting can cause third-party payers to be billed incorrectly, significantly delaying the overall medical billing process.
Under the direction of our founder Kayla Ruiz, who has almost two decades of experience in the medical billing industry, we are confident in our ability to serve you and provide the right solutions for your medical billing needs. We take pride in our versatility and specialization in a wide range of medical billing processes, including AR follow-up, claims scrubbing and submission, payment posting, and more. More importantly, we understand the challenges you face and wish to take that additional stress off in keeping up to date with the latest coding regulations, so you can focus on delivering high-quality healthcare service to your patients.