Denial tracking and payment posting are time consuming yet fundamental features of the revenue cycle management (RCM). Successful implementation of these processes can have a major impact on efficiency, patient satisfaction and financial performance of your medical practice. Therefore, there is a strong need to automate and streamline the procedure of payment posting and denial tracking to increase productivity.
Need for accurate payment posting services:
- With successful posting of payments to patient accounts, analysis of medical office revenue cycle becomes easier. It will help in maximizing the revenue cycle and improving account receivable days.
- By automating payment posting, practices can post insurance payments automatically with ERA, post patient payments, print receipts and post insurance checks from EOBs. This will save time and enhance productivity
- Effective payment posting will enhance the accuracy of claim submissions to tertiary and secondary payers and also speedup denial resolution time
- It can also reduce the cost of billing as payment posting will be done electronically
Payment posting should not be viewed by your in-house staff as mere posting of details contained in EOB from health insurance providers. It should be viewed as charging appropriate patient’s account and initiating the process for denied claims in case actual claim is far below the expected one.
Staff should know how to read and comprehend EOB because reforms are going to increase more doctor-patient encounters, increasing the volume of EOB and amount of posting. Long term financial issues can be eliminated by avoiding EOB errors. Staff should be proficient in analysis of facts about underpayments, multiple adjustments, cross-overs, denials, reversals and secondary remittance to ensure timely reimbursements.
Is denial tracking eating up valuable time?
Denial tracking may consume time but it is an extremely important feature that helps in capturing more revenue. Through denial tracking, you can follow-up on your denied claims effectively and understand the reason behind the denial. You need to implement effective denial tracking services at your practice to reduce claim rejection rates and rework on denied claims.
The in-house staff should be well-trained in making a list of every claim denial and ensuring that the same mistakes don’t happen in future claim submissions.
Medical practices can do well only with tried and tested payment posting and denial tracking services. For instance, you will require expert billers for scrutinizing customized reports as human intervention in EOB or ERA will be required apart from assistance of computing system. With work pressure increasing on billers, coders and physicians and lack of skilled staff, managing these tasks in limited time and money becomes difficult.
Medical billing companies specialists at Medicalbillersandcoders.com are well-trained in these scenarios. They remain constantly updated with latest payment posting processes and offer effective denial tracking services to help practices reduce the number of claim denials and maximize revenue. Payment posting practices are part of MBC’s credible RCM services and our team is also proficient in addressing payment posting challenges for your practice.