What is Payment Posting?

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What is Payment Posting?

Posted By Cliver Arnold     November 20, 2021    

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As a medical facility, you will need to spend some time working on billing and all of the components that go with it. Many of these are going to require you to work with insurance, and all of the complexities of working with each of the different insurance agencies can make it even harder to work with. A medical biller will be able to help get this done so that the medical team is able to focus on helping the customer.

 

There are a number of different tasks that a medical biller is going to need to deal with. One of these is payment posting. This basically ensures that when a patient, or their insurance, makes a payment on the account, this is noted so that they are not charged a second time for that exact same thing. This will make it more efficient and can save a lot of time and hassle along the way.

 

There are different components that will go into payment posting and the medical biller will be responsible for all of them. Some of the different roles that they will complete in all of this includes:

  1. They will make sure that they post payments frequently for the patients so that they do not have a denial or other issues with a late payment.
  2. They will work through the electronic remittance advice, correspondence, and explanation of benefits that are received from the insurance and can post them over to the concerned patient claims.
  3. The denials and the payments are going to be captured by the posting team along with the correspondence receivables and the EOB from the insurance companies when it is necessary.
  4. The posting team must be able to match all of the bulk payment receivables in order to figure out the total amount that they have been paid along the way.
  5. With the right types of reference to the payment posted to the practice accounts, including the patient and the insurance accounts, it is possible for the medical facility to know how much in profits that they made at that time.

 

Medical billing and coding is a complicated thing that many medical facilities are going to need to work with over time. Hiring a professional who is able to do the work, rather than attempting to do it on your own, will free up time so that you are able to focus on the patients. And with payment posting, all of the payments from the insurance company and the patient will be placed on time to prevent problems.


 

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