Payment Posting and Reconciliation Services
In many ways, the payment posting and reconciliation process provides insight into the efficiency of your revenue cycle. It enables you to perform analytics and understand reimbursement trends. Accurate payment posting provides visibility into the state of your revenue cycle; therefore, you must select a highly efficient team to process payments and reconcile the bank deposits.
We process various types of remittances with high accuracy, improved responsiveness, and in accordance with our clients’ procedures. We provide the following services:
• Patient Payments. Our clients provide us with information on patient point-of-service payments. These payments are made in cash, check, or credit card and may be for co-pays, deductibles, or non-covered services. Our team reviews the information received and adjusts it for each patient’s account.
Insurance Posting: We accept insurance payments in the following formats.
• E-Remittance Advisory: We receive a large number of ERAs from payers and process them in batches by importing them into the client’s practice management system. Each batch run generates exceptions, which we correct along with batch total verification.
• Manual posting: We frequently receive scanned EOBs from our clients. Each EOB batch is accessed through secure FTPs or the EHR system and processed according to the client’s business rules for adjustments, write-offs, and balance transfers to secondary insurance companies or patients.
• Denial Posting: Posting claim denials is critical for gaining an accurate understanding of the customer’s A/R cycle. Payers send back denied claims in the form of ANSI codes for denials and,
in some cases, payer-specific medical coding guidelines. We understand most payer-specific denial codes and have expertise in understanding ANSI standard denial codes. We record each claim denial in the practice management system and take action to re-bill the secondary insurance company, transfer the balance to the patient, write-off the amount, or send the claim for reprocessing.
• Payment Reconciliation : We work closely with our clients to reconcile their bank statements with the deposits received, this process will help accurate accounting and during month-end close.
Benefits of our Payment Posting process
• High quality: With our global delivery team, you are assured of a contractual guarantee of more than 98% accuracy, while you actually get more than 99% accuracy.
• Responsiveness: We can guarantee a 24-48-hour turnaround time because our team members work around the clock.
• Get an accurate understanding of the A/R cycle: Payment posting accuracy is critical for getting the right picture of the state of your accounts receivable and making the right decisions.
Analytics. We generate reports on A/R trends to
• Understand the reason for denials.
• Document cases that require eligibility and authorization to improve point-of-service collections, understand which services are covered or not covered by different payers, and learn about the typical time it takes your insurance company to process payments.
• Exception processing: We follow your company’s policies and alert you to any significant trends, contractual changes, or denials.