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Payment posting is an inevitable challenge confronted daily by almost every provider or practice. Payment posting is the last step that completes the process of medical billing and it deals with processing of explanation of benefit (EOB) and facilitating payments from medical insurance institutions. The process of payment posting meets the end by entry of payment records of each payment in the medical billing software.
To providers nuisance; some medical insurance institutions cannot provide electronic remittance advice (ERA) resulting in manual entry of medical payments. Manual processes of such payers can sometimes cost considerable amount of time and money to providers, as laid back systems of payers tend to re-enter the amount of medical payments in their records.
To help your practice speed up the processes Simplexmed offers accurate and quick payment posting and after-posting services to make things easier for you.
The EOB statement not only imparts essential information related to billed amount , denial info, codes, co-payments etc. but it can also identify a trend of receivables i.e. frequency of inflows, likeliness of denial, Outstanding amounts etc. Here at Simplexmed our team analyses that trend by carefully screening the EOB and then enter the essentials in billing software, this information can help in the future and help devise a plan to increase the payments and reduce the denials.
Simplexmed keeps check of all the pending payments (like difference between the allowed amount and medical payments that are to be paid by the patient). This helps the provider to enjoy improved cash flows in the future.
Simplexmed can help you with payment posting through the following medical billing services:
Payments are recorded within 24 hours or less of receipt.
Careful analysis of EOB, that deals with payment posting, computing the amounts of write off, calculating deductibles and co-insurance.
Quality assurance of EOB to check the error free processing of claims.
Electronic Remittance Advise (ERA).
Immediate billing of patients after EOB or ERA posting, this may include computation and allocation of Write offs, deductibles and co-insurance.
Follow-up services by the account receivables team upon successful payment posting.