Payment Posting
Payment posting is a critical step in the overall medical billing and collections process. It involves accurately applying insurance payments and adjustments to patient accounts in your practice management system. When done correctly, it sets the stage for streamlined account receivables management But errors can lead to issues like:
Incorrect open balances resulting in tedious reconciliations
Delayed insurance underpayments going undetected
Loss of revenues due to missed appeals/follow ups
Poor cash forecasting visibility for the practice
This is why at Docmatics Billing Solutions we offer comprehensive payment posting services and AR management for optimized collections. Our team of highly trained specialists take responsibility for the entire payment posting process end-to-end. This includes:
Receiving Electronic/Paper Remittances from Carriers
We integrate directly with major clearinghouses and insurance carriers to receive 835 electronic remittance data files as well as paper EOBs. This avoids delays or misplaced documents, ensuring all explanations of benefits are captured for timely posting.
Posting Payments, Adjustments & Denials within 24-48 Hours
Our staff then get to work, meticulously posting each item to the correct patient accounts in your practice management system with 98%+ accuracy within a 24-48 hour turnaround time. This enables real-time visibility into reimbursement statuses rather than weeks later.
Detecting Underpayments or Rejection Reasons Early
As payments and denials are posted, we simultaneously analyze for short payments and problematic denials that require further follow up. Catching these early is key, otherwise they risk converting to patient liability or bad debt down the line if left unaddressed.
Management of Patient Statements, Refunds, Unapplied Balances
We also handle all required back-office tasks related to proper AR upkeep – processing patient statements, applying unidentified payments, issuing patient refund checks, maintaining low account receivables days and more.