Payment Posting Service Process in Medical Billing
Payment posting in medical billing also associated with other processes which require continuous attention to detail and swift turnaround time. For an optimized revenue cycle, it is essential to maintain accuracy in payment posting. Any denial should be addressed once the payments are posted to patient accounts.
If you are looking forward a streamlined and cost-effective Medical Billing Payment Posting Service for your medical practice then your search for a reliable and trusted medical billing outsourcing service partner will end at Bikham Information technology. At Bikham, we make the things easier and better for you by offering accurate and quick payment posting services. Our skilled and experienced team follows best practices in information security and quality management so that the outsourced payment posting services process is completed as per your industry standards and business requirement.
As a part of our specialized payment posting in medical billing at Bikham, following essential steps are carried out:
Analyzing and Reading EOB
As already discussed above, EOB contains patients’ names, account, and numbers, procedure codes, service dates, billed/allowed or adjusted amounts, information regarding denials and deductibles, co-payments, and co-insurance, if any, etc. Once our resources receive the EOB from the insurer they do not just enter the needful details into your billing system rather we attentively through it, and deeply analyze it to investigate payment and other related patterns such as frequency of inflows, the percentage of insurance receivable, denials, outstanding percentage of amount, etc, and also record it carefully.
Action as per Analysis
Just after we analyze the payment receivable patterns, we swiftly direct the needful action chart to the concerned billing departments to take requisite measures for enhanced inflows. For example, it will become the patient’s responsibility to pay the balance amount if the difference between allowed amount and the payment amount is established. Such patterns are clearly stated in EOB, why the balance amount needs to be paid by the patient, during co-payment, co-insurance, deductibles or uncovered insurance.
At Bikham, we offer comprehensive 24×7 Medical Billing Payment Posting Services. Our billing experts rapidly transfer the needful information to the concerned billing departments and allow them to collect the outstanding receivable from the patients more easily and swiftly. Our experts also keep a real-time track on the pending payment receivable as well as status of the cash inflow so that needful actions can be taken for improved cash flow.