The success of a healthcare business depends on the complete set of multiple tasks including patient care and medical billing. Payment posting is the final but most crucial step in the billing process. A slight error in this process can put your entire revenue cycle at risk. This task cannot be performed easily by just anyone. Therefore, outsourcing payment posting services have become the need of the hour.
As we have already discussed, along with healthcare services, physicians should also focus on their business relations, revenue cycle, and other crucial backend tasks. But due to the increasing workload and tough schedules, they don’t have sufficient time to manage all these tasks at a time. Therefore, they find it very beneficial to acquire the assistance of industry experts to improve the quality of their financial matters and overall business operations.
Outsourced medical billing specialists would not only streamline your existing revenue cycle but also provide innovative solutions to keep it on track even in the future. Payment posting in medical billing has always required specific skills. Whether you are a new practice startup, an experienced veteran, outsourcing to a specialist always makes sense.
Why is Accurate Payment Posting Services Essential?
Before diving into further discussion, let it be clear what the actual payment posting is?
After insurance agencies adjudicate the claim, it will be either paid or denied. And payers send a document known as EOB(Explanation of Benefits) or EOR (Explanation of Review) to the medical practitioners and patients.
If the claim is processed towards payment from the payer then, insurance companies issue checks to the healthcare providers along with the EOB. It’s pertinent to mention here that the claim will be paid to the practitioners only if the patient has signed the Assignment of Benefit (AOB) documents. If the patient has not signed the AOB, then the payment will go to the patient.
A streamlined revenue cycle is highly dependent on payment posting as a closing procedure in the medical billing process. Here’s why an optimized and high precision posting system is as crucial as accurate documentation and medical coding.
- Provides insight into a daily revenue stream of a medical practice
- Helps you promptly catch potential issues and make corrections.
- Uncover claim denial issues, e.g. lack of medical necessity, non-covered services, and prior authorization.
Why Should You Hire Payment Posting Specialists?
If you are still confused about whether to choose in-house or outsource medical billing services, you should read the following benefits to make a wise decision.
Qualified Industry Experts
The efficient management of payment posting requires vast experience. No one can deny the fact that handling the billing process in-house is a time-consuming and complicated task. Therefore, medical practitioners should hand over this responsibility to only well-experienced staff.
When you outsource payment posting services, you get control over fully-trained medical billing staff. A highly trained team handles these tasks on your behalf. They have extensive experience to perform such tasks in an efficient manner and they apply their skills according to the guidelines and procedures in that specific facility.
Furthermore, they passionately keep track of your revenue growth. Their exclusive focus contributes to improve and maintain the financial status of your medical business that leads to increased revenues and profit. Moreover, outsourced billing experts keep themselves updated with the latest trends in the healthcare industry and embrace changes at a faster pace so that you stay at the competitive edge.
Get Rid of the Administrative Burden
When you outsource payment posting services, you just need to invest fewer dollars and you get rid of excessive administrative duties including:
- Accounting the payment received from the payers
- Identifying patient accounts, doctors/providers, billed amount, paid amount, applying for the payments in the billing software, etc.
- Analysis of underpayment or overpayment.
- Match the payment posted amount to the actual deposit amount.
- posting the adjustments, denials, and accurately billing the balance to the patient.
So, outsourced billing experts allow you and your internal staff to stay focused on providing the best healthcare to the patients.
By partnering with payment posting specialists, you can get better control over revenue cycle management and cash flow as well. You would have a dedicated team with a specialized set of skills, that can work to uplift your medical business around the clock. You can also monitor their performance progress at every stage through analytical reports.
Because the dependable medical billing companies provide regular analytical reports to keep healthcare providers updated about their revenue cycle. These analytical reports help you monitor the current month’s billing and collections.
Medcare MSO has over 12 years of experience in providing reliable and cost-effective payment posting services across the United States. We help medical practitioners to uplift the quality of their revenue cycle management.