Our Guide to Payment Posting in Healthcare BPO

There are two types of payment posting methods; manual posting and auto-posting. Let’s discuss what are these and how they work.

• Manual Posting:A staff member of the healthcare organization manually updates the patient's information in the register after receiving payment. However, maintaining manual posting records is more prone to inaccuracy due to errors and typos, leading to payment delays.
• Auto-Posting:It is an electronic funds transfer method that is efficient and secure for receiving payments. Medical organizations are adopting this software-driven auto-posting method because of its fast working proficiency and it also allows healthcare firms to track and view payment history.

EOB or ERA in Medical Billing

Explanation of Benefits (EOB) or ERA is a document to apply for health insurance. ERA payment posting in medical billing allows policyholders to claim their health insurance. An insurance company sends an EOB to the policyholder who wants to claim the insurance cover. An EOB document contains all the information about the patient, such as hospitalization service costs, claims, and any denials in the insurance plan. The entire process is done under payment posting.

There are some major features in medical billing. Take a look at them.

• Information Details:An EOB creates a report of a policyholder detailing what services were provided to him in the hospital, his insurance cover, the deductible amount, and the patient's financial details.
• Service-Breakdown and Patient Responsibility:The insurance company breaks down each service and assigns an amount for each service to ensure which expenses are covered under the insurance policy. Besides this, insurance companies also check the patient's copayment, deductible amount, and amount pending for coinsurance.
• Payment and Claims Status:The insurance company provides details of payment for the services covered by the insurance policy. Health organizations inform patients whether claims have been approved or rejected.

How to Do Payment Posting in medical billing

At the moment, we will instruct you on how to do payment posting in medical billing. Payment posting in medical billing is a critical process where healthcare firms need to keep the financial records of a patient accurate and up-to-date.

To complete this process effectively, the insurance company sends an EOB document to the policyholder to fill out and submit to claim their insurance coverage.

The insurance company requires the following information to verify an insurance claim.

• 1.Policyholder’s Name:
• 2.Address
• 3.Patient’s Name:
• 4.Name and Address of the Provider:
• 5.Member ID (This is a policy identification number):
• 6.Claim Received Date:
• 7.Payment or Denial Date:
• 8.Date of Service (DOB) provided by the health organization
• 9.CPT Code (Producer Code):
• 10.Billed Amount (Specify each service provided to the patient):
• 11.Claim Number (A signed document by the payer for claims)

The insurance company verifies the details mentioned in the EOB and identifies whether the provided information is correct or not.

Why Accuracy in Payment Posting is Important

Now, we will talk about the importance of accuracy in payment posting. The following are crucial reasons to maintain accuracy in payment posting.

• Financial Integrity:Healthcare organizations must maintain their financial records accurately. Persistent errors and discrepancies in a patient's financial records can harm the integrity of an organization.
• Billing Compliance:Medical firms must meet various standards and regulations to protect patients from auditing and legal issues. Therefore, an accurate payment posting ensures that the bill is generated in accordance with compliance and regulations. Moreover, tracking the services used by the patient and adding them to the bill improves patient satisfaction and promotes his or her trust in your organization.
• Efficiency in Operation and Promote CRM:An accurate payment posting service helps healthcare organizations run their operations seamlessly and optimize their revenue cycle. Healthcare BPO service providers provide multiple functions and allow healthcare organizations to track them. They also ensure that you can view your financial statements through payment posting in the medical billing flow chart.
• Data Analyzation:Outsourcing back office services helps in maintaining accurate data. Accuracy in payment posting data helps healthcare organizations analyze financial activities, valuation, effectiveness, and RCM and allows them to make plans and decisions.

What Are the Benefits of Payment Posting

A BPO healthcare company offers various features and advantages to medical firms. Here are the following benefits of Payment posting in medical billing.

• Analyzing RCM:Payment posting is an easy way to collect, perform, and keep records of financial transactions. If the company outsources the right BPO healthcare services, accurate data helps the medical organization to analyze its bills and financial operations concisely.
• Denial Resolution:Maintaining offline records and filing claims for insurance patients becomes challenging for healthcare organizations. Thus, they outsource health services to BPO health services and resolve their issues associated with denials and approvance. Payment posting in medical billing helps the health provider with its auto-posting function whether the patient is eligible to make an insurance claim or not.

Healthcare organizations face difficulties in maintaining financial transactions and tracking records of patient payments. Thus, they look for healthcare BPO services to enhance financial operations and maintain the revenue cycle correctly and effectively.

If you are a healthcare firm and want to outsource BPO services, then deploy our Business Process Outsourcing services. Worker Man is a renowned Healthcare BPO service company in the industry. We provide a wide range of services from medical billing service to IT solution services that provide comprehensive solutions. As the service provider company we also help in forecasting your business and generating more revenue.