Dr. J is Physician, MBA graduate, AAPC Certified Coder (COC), and ASQ Certified Six Sigma Black Belt (ASQ CSSBB) with 23 years of experience in the Healthcare Industry. His key expertise areas include coding in multiple specialties, end-to-end RCM, multiple market segments, product and process innovation for the healthcare business, lean six sigma management, and process design and improvement.
Payment Posting 101 – A New Provider’s Crash Course on RCM
What is payment posting in medical billing?
Payment posting refers to the action of automatically posting the following:
- Electronic insurance payments using electronic remittance reports
- Insurance checks using Explanation of Benefits (EOB) Reports
- Patient payments and print receipts
Why is payment posting important to my practice?
As a provider, your time is valuable. Between caring for your patients and running your practice, it’ll be hard to find time to process each payment manually . This is where the streamlining magic of payment posting comes in!
Streamlining this time-consuming task ensures that your revenue cycle management process flows smoothly and efficiently, guaranteeing that your cash flow is optimal. Having small errors in this step of your RCM process can lead to larger consequences down the workflow.
How can I optimize my payment posting and overall RCM processes?
- Check the posting data against the electronic deposits to ensure a match.
- Quickly and accurately move balances to the patient’s responsibility and follow up for prompt payment.
- Hire an end-to-end RCM outsourcing company to handle the time-consuming, challenging tasks of your medical billing process.
- Process write-offs and adjustments quickly when they’re identified.
- Identify recurring issues with in-person collection issues for deductibles and copayments.
The fastest, most cost-efficient way to optimize your payment posting process, which will instantly improve your RCM process, is to outsource your payment posting tasks to the billing experts at Plutus Health. Let us help with tasks as specialized as your payment posting or as comprehensive as your entire revenue cycle management process.