Understanding of Payment Posting service PDF.pdf

Accurate payment posting process impacts overall efficiency and infrastructure. Outsource your payment posting services to avoid denials. 24/7 Medical Billing Services assure accuracy and aid in determining the cause of low inflows. Don’t hesitate to contact our billing experts to improve your overall medical billing and payment posting process.

2. UNDERSTANDING PAYMENT POSTING
SERVICES
Paymentpostingisessentialtoanysolopractitioner’sorhealthcareorganization’s
revenuecyclemanagement.Itentailspostinganddepositfunctionsandreconciling
postingactivitiesanddeposits.Thepaymentpostingprocessimpactsmanyother
aspectsofthehealthcareorganization,includingefficiency,patientsatisfaction,and
overallfinancialperformance.Paymentpostingalsooffersinsightintoapractice’s
dailyrevenuestreamandenablespracticestoidentifyandcorrectpotentialissues
quickly.Itisessentialforyourpracticetobeapttoseedailyinsurancepaymentsfrom
EOBs,patientpayments,insurancechecksfromERAs,andotherinformation.In
addition,havinganefficientERA/EOBpaymentpostingsystemprovidesaclear
pictureofyourday-to-dayfinancialsituation.Let’shaveadeepunderstandingof
paymentpostingservices:
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3. TYPES OF PAYMENT POSTING
•Manual Posting:
Manual posting is a payment posting completed by administrative staff and typically takes
longer to fill out the information. This posting increases the likelihood of various errors,
such as typos and delaying payment posting.
•Auto Payment Posting:
Auto payment posting is a software-driven approach that most industries chooseas their
digital solution to speed up the medical billing process and ensure a consistent revenue
stream. However, few solo physicians believe that manual payment posting gives them less
control over their revenue-generating system.
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4. IMPORTANCE OF PAYMENT POSTING
Medicalpaymentposting,asacriticalstepinthemedicalbillingprocessandan
essentialcomponentofrevenuecyclemanagement,providesthefollowingbenefits
whendonecorrectly:
•Keepingtrackofdenialsandreducingresolutiontime
•ImprovedClaimSubmissionAccuracytoSecondaryPayers
•Recurrentproblemsareresolved
•ImprovestheActiveProcess
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5. Payment posting can be done either in-house or throughoutsource payment posting
services. Here are some tips for ensuring accurate payment posting:
•Always double-check that the data from EOBs and ERAs corresponds to the payments.
•When collecting deductibles or co-payments during insurance remittance processing,
look for problems or revenue cycle leaks.
•To avoid errors, notify management of denials for medical necessities, non-covered
services, and prior authorization.
•Always follow up on denials promptly.
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How to ensure an accurate payment posting?

6. 24/7 Medical Billing Services is the nation’s leading medical billing service provider
catering services to more than 43 specialties across the entire 50 states. You can rely on
us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the
revenue with cost reduction of your practice for up to 50%.
https://www.247medicalbillingservices.com [email protected]
About 24/7 Medical Billing Services

7. CALL US TODAY :
Media Contact –
24/7 Medical Billing Services,
28405 Osborn Road,
Cleveland, OH, 44140
Tel: + 1 -888-502-0537
Email: [email protected]
Website:https://www.247medicalbillingservices.com/
https://www.247medicalbillingservices.com [email protected]