Payment Posting

Our payment posting service aligns your incoming payments with the correct patient invoices or claims to ensure your accounts are always accurate.

At Priority Medical Billing, we offer expert payment posting services that ensure every transaction is meticulously recorded in the system. Whether it is payments from insurance carriers, patient co-pays, or online transactions, we handle the details to keep your practice’s finances organized and on track.

Our detail-oriented approach guarantees that your financial records are precise and that your patient accounts remain consistently up to date.

Outsourcing your payment posting tasks to our expert team can help free up your time and reduce errors caused by inexperience, which can impact both your bottom line and patient satisfaction levels.

Payment posting is the first and most important step in medical billing and revenue cycle management. It involves recording and updating patient accounts based on the payments received.

While this process may seem simple, it can quickly become overwhelming, especially when dealing with a high volume of payments. If your staff is manually posting payments, there is a high risk of errors and typos.

Accurate payment posting is essential for maintaining the financial health of your practice. Inaccurate payment postings can lead to:

• Billing mistakes: If payments are not posted correctly, there can be confusion about what patients owe. This can lead to overbilling or underbilling, which can frustrate everyone involved.
• Delayed reimbursements: Mistakes in recording payments can slow down reimbursements from insurance companies. This can create a backlog of claims that need fixing and disrupt your cash flow.
• Claims denials: Incorrect postings can make claims look invalid, leading to rejections. This often happens because information is missing or wrong.
• Patient dissatisfaction: Billing errors and delays can frustrate patients and damage their trust in the practice.

By ensuring accurate payment posting, you can quickly address issues caused by errors and reduce the risk of denials. When payments are posted correctly, patients receive clear billing information, enhancing their experience. Satisfied patients are more likely to return and recommend your practice to others.

Priority Medical Billing offers a range of payment posting services designed to streamline your workflow. We ensure that your cash flow stays steady and your patients are never left puzzled by unexpected bills.

When insurance companies process claims, they send digital documents to both medical providers and patients to notify them of payments. These documents include the Explanation of Benefits (EOB) and the Electronic Remittance Advice (ERA). 

Both documents outline how the insurance company handled the claims submitted by the healthcare provider. They detail important aspects such as the amount paid by the insurer, the patient’s out-of-pocket expenses, any adjustments made, and which claims were denied.

Processing ERAs involves ensuring that data from both these documents match the claims and the payments made. Handling ERAs can be a bit complicated, but that is where we come in. 

We ensure your ERAs are processed with complete accuracy and precision. Our process involves:

• Matching information: We start by comparing the details in the ERAs and EOBs with the corresponding claims to ensure they match the actual payments received.
• Updating records: When you receive an ERA, our team updates your financial records using this information. We log the amounts received and ensure everything aligns perfectly.
• Careful review: Each EOB and ERA is carefully reviewed to ensure all details are correctly entered into the system. This includes managing adjustments, co-pays, deductibles, and denied claims.

Our team helps set up EFT (electronic funds transfer) payments from insurance companies, which means faster reimbursements. We offer autopay, stored payment options, and automated payment plans for patient payments.

At the core of your practice are your patients, and managing their payments accurately is key to building trust and keeping things clear. We take care of all aspects of patient payment posting, making sure every payment is recorded correctly and promptly. 

After processing the ERAs and EOBs, we meticulously enter the payment records into your system. Our team makes sure each payment is accurately recorded and reflected in the patient’s account.

This step is crucial for reconciling claims with actual payments received. By aligning the payment data from ERAs and EOBs, we ensure that your practice has an accurate financial picture, free from discrepancies.

Once payments are posted, we calculate any remaining balance owed by the patient, taking into account their deductibles and other insurance adjustments. 

This way, patients receive clear, easy-to-understand statements reflecting what they owe after their insurance has paid its part. By providing transparent billing, we help avoid confusion or disputes about their bills.

Accurate payment posting improves the patient experience by ensuring their bills are reconciled correctly. This increases the chances that they will pay the remaining amounts on time. Patients appreciate clarity and professionalism, and we help you deliver that at every step.

Overpayments or underpayments can cause confusion and frustration for both your practice and your patients. That is why we take a proactive approach to account management, tracking any payment discrepancy carefully.

When processing ERAs, we ensure that payments are accurately reconciled with accounts and claims. If we spot any issues, we act quickly to rectify them and ensure accurate billing.

If a patient or insurance company overpays, we spot the issue and handle refunds promptly so no one is billed incorrectly. On the flip side, if there is an underpayment, we follow up with the patient or insurance payer to collect the remaining balance.

By staying on top of these details, we help prevent patient frustration and keep their trust. When patients see that their accounts are managed with care and accuracy, they are more likely to keep coming back to your practice with confidence.

We also provide additional services to address other aspects that affect your billing, revenue, workflow, and patient experience.

Tracking Missed Appointments

Missed appointments can be a real hit to your practice’s revenue. We track no-show appointments and adjust patient balances accordingly.

Patient Statements & Collections

We do not just handle payments; we also manage what happens next when patients have an outstanding balance. We prepare and send out patient statements with clear details about what’s due.

If payments stay in accounts receivable for a long time, we may start a formal collections process. This involves sending collection notices and working with collections agencies to recover outstanding funds.

While we prefer to avoid these steps and see collections as a last resort, they may sometimes be necessary to ensure your practice's financial stability.

Accurate payment posting makes sure all billing aspects - payments, adjustments, and balances - line up perfectly. This leads to fewer mistakes and a more streamlined billing process, benefiting both your practice and patients.

• Correct insurance adjustments: Insurance payments often come with adjustments like deductibles or co-pays. Erroneous posting can lead to confusing and incorrect balances. Properly applying these adjustments prevents billing errors, which keeps things clear for both your practice and patients.
• Timely payment follow-ups: Accurate payment posting helps you spot any unpaid balances quickly, whether from the patients or insurance payers. This makes following up on missing or delayed payments easier.
• Improved patient statements: When payments are posted correctly, patients get clear and accurate billing statements. This transparency builds trust and reduces the chances of them questioning their bills, making their experience smoother.
• Smooth financial reporting: Accurate payment posting keeps your practice’s financial records up-to-date. This means you can easily generate reports that reflect your revenue accurately, helping with cash flow management and financial planning.

At Priority Medical Billing, we manage billing for various types of medical practices, whether you are running a busy clinic or a smaller office. With years of experience behind us, we offer solutions tailored to your practice’s needs and goals.

Outsourcing your payment posting process to us means you get more than just data entry - we create a seamless, accurate system that keeps your practice financially healthy and your patients satisfied.

Our team prevents small errors from becoming big issues. While automation boosts efficiency, we believe a human touch is essential. Automated systems can sometimes miss details, which is why we combine technology with expert oversight. 

We automate many payment tasks to reduce manual effort and the risk of errors. But we do not just stop there - our team also conducts thorough manual reviews to catch any missed opportunities. This way, your revenue cycle stays under control, and your practice runs smoothly.

When you choose Priority Medical Billing, you experience:

• Improved cash flow with timely and accurate payment posting
• Reduced risk of financial losses through a combination of automated processes and manual quality checks
• Increased efficiency by freeing up your staff to focus on patient care instead of administrative tasks
• Enhanced patient satisfaction with accurate billing

At Priority Medical Billing, we offer expert medical billing solutions tailored to meet the needs of your practice. Our payment posting services make it easy to streamline your revenue cycle and take the stress off your team.

To find out how we can help your practice, please call 708-362-6080 or fill out the online form.