Payment Posting

Payment Posting in Medical Billing

Effective payment posting is essential for accurate medical billing. Our experienced team assures that payments are posted on time and precisely, while reducing errors and improving revenue cycle management. 

payment posting in medical billing

Payment posting services involve accurately recording and employing payments from insurance companies and patients to the healthcare professionals accounts, with the explanation of benefits (EOB) and electronic remittance advice (ERA). These are very crucial documents for healthcare providers to understand the detailed reimbursements. Our team of experts assures claim submissions with accuracy to the insurance companies and maintains a steady cash flow by preventing billing errors and delays. So you can focus on providing exceptional care without financial interruptions.


Payment posting service is employable for individual healthcare providers or large healthcare providers. In addition to having a significant influence on other activities and the overall financing of patient care, accurate payment posting is crucial for financial management.

Payment Posting Process

 

With our seamless payment posting process, you can effectively monitor and manage payments while maintaining accuracy and transparency in your financial records. Payment posting process includes the following steps:

Step- 1

Track services

Account for all services provided to patients.

Step- 2

Submit claims

Accurately submit claims to insurance providers.

Step- 3

Review information

Review information from insurers regarding claims, such as explanation of benefits (EOBs) and electronic remittance advice (ERAs).

Step- 4

Coordinate payments

Coordinate claim payment posting with patient payments

Step- 5

Reconcile payments

Reconcile payments regularly to identify discrepancies and ensure timely revenue recognition.

EOB and ERA Payment Posting

 

An explanation of benefits (EOB) is a paper document that is personally sent by the insurance provider to the patient following a visit, test, or procedure. It includes information about what your practice will charge, what you will receive, and what your insurance will cover. Any remaining balance is the patient’s responsibility.

Patient payments may, however, be delayed due to the long and error-prone process of getting an EOB for payment posting. The procedure can be improved by moving to electronic remittance advice (ERA) for payment posting. Modern software automatically creates ERAs, which speeds up the posting of payments and provides precise, timely information.

era payment posting

Allow us to Manage Your Payment Posting and Improve Your Practice’s Efficiency

 

We manage the details quickly and precisely, ensuring that your clinic runs efficiently with minimal billing concerns and faster payments. Allow us to manage the financial task so you can concentrate on providing excellent patient care. Learn more about how we can help:

Verifying EOB Data

Verifying EOB Data

To maintain financial accuracy, verify that explanation of benefits (EOB) data is correctly associated with received payments. Effective EOB payment posting is essential for avoiding discrepancies and ensuring your practice’s financial stability.
Posting and Reconciliation

Posting and Reconciliation

Electronic remittance advices (ERAs) and EOBs should be posted on time and correctly. Reconciling these papers on time ensures that all payments are applied correctly and maintains your billing records current.
Adjustments and Write-Offs

Adjustments and Write-Offs

Adjustments and write-offs are processed in accordance with the insurance contract provisions. Using outsourced payment posting services will help you speed up the process and ensure that your invoice reflects the appropriate financial adjustments.
Addressing Billing Issues

Addressing Billing Issues

Address issues including non-covered services, claim denials, and the necessity for prior authorization as soon as possible. Effective payment posting in medical billing reduces these challenges while increasing efficiency.
Handling Balances and Copayments

Handling Balances and Copayments

Correctly apply patient copayments and send any outstanding balances to the patient’s account for further processing. This improves collection efforts and ensures appropriate financial tracking.
Enhancing the Revenue Cycle

Enhancing the Revenue Cycle

Simplify payment posting processes to improve revenue cycle management. Outsourcing payment posting services can significantly improve your practice’s financial performance.

Connect with DoctorsBackOffice today to discover how our personalized payment posting services can improve accuracy, speed up reimbursements, and support your practice's growth.

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Discover the Additional Services Available Under Medical Billing:

Frequently Asked Questions

1. What does payment posted mean?

In medical billing, “payment posted” refers to the entry of received payments from patients, insurance companies, or other payers into the healthcare provider’s billing or accounting system.

Once a payment is posted:

  1. The payment is credited to the patient’s account.
  2. The outstanding balance is updated, reducing the amount owed.
  3. Any differences, like overpayments or underpayments, can be spotted.

This process is essential for keeping financial records accurate and ensuring accounts are correctly balanced.

2.  How to do payment posting in medical billing?

For posting payments in medical billing, enter payments received from insurance firms or patients into the billing software, match them to claims, compensate for discrepancies, and update the patient’s account. Accurate payment posting helps to ensure proper billing and revenue tracking.