What Is the Definition of Payment Posting in Medical Billing?
In spite of your best efforts to bill and code for the medical services you provided, your reimbursements may fall short of your expectations. Even if you are aware of the importance of reconciling the insurance accounts of your patients, the sheer volume of insurance accounts that your practises manage precludes them from completing a full reconciliation internally. Similar to other aspects of medical billing, it is often prudent to outsource Payment Posting to recognized medical billing businesses that can assure quality while also delivering economies of scale from large-scale corporate operations. This article will define payment posting in medical billing and explain how it may make the medical billing and coding process more efficient and streamlined.
What is Medical Billing Payment Posting?
What is the meaning of payment posting in medical billing? The word “payment posting” refers to the examination of a medical business’s payments and financial standing. Additionally, it refers to the procedure of documenting payments in medical billing. It examines patient payments, insurance checks from ERAs, and insurance payments in EOBs.
Payment posting is the first and most important step in medical billing and entire revenue cycle management, while being a very basic process. To save time and reduce discomfort, it is advantageous for a practice to discover and fix a potential issue as soon as possible.
A well-organized payment posting procedure increases the practice’s overall performance and efficiency, hence aiding in revenue growth, early detection of recurrent issues, and overall performance enhancement. It also enhances the overall happiness of patients.
Methods of Payment Postings
Payment posting in medical billing occurs in one of two ways, depending on the patient’s financial means and the extent of their insurance coverage.
- Manual Posting
- Auto Posting
Manual Posting:
The administrative staff completes manual posts, which are often more time-consuming since additional information is not required to be recorded. The posting of the payment is delayed due to several issues, including mistakes, which are more likely to occur with this posting.
Auto Posting:
While speeding the medical billing process for a sustainable income stream, automatic payment posting is a software-driven method that the vast majority of businesses use as part of their technology solutions. Few solo physicians, however, think that manual payment posting reduces their control over their revenue-generating system.