We promptly post payments to patient accounts and address the denials quickly. How about reading an article on 5 key advantages of payment posting in medical billing and how it can help optimize Revenue Cycle Management?
1. Easier to Analyse Your Revenue Cycle
Once payments are posted to patient accounts, it presents an ideal occasion to analyze the medical office revenue cycle and notice opportunities for improvement. An effective analysis should assist you in maximizing revenue cycle by increasing profitability as well as improving the way your accounts receivable department functions.
2. Helps Solve Recurring Problems
Many problems may exist within the revenue cycle that can be resolved with accurate payment posting. Payment posting not only consists of posting payments but also involves posting adjustments and denials. Identifying line denials is important in resolving the reason for denial and prevents future claims getting denied for the same reason.
3. Strengthens Present Processes
The revenue cycle process greatly impact the efficiency of the medical office staff. Sometimes management may neglect the fact that their processes may be preventing the revenue cycle from functioning at maximum performance. Once the problem has been identified, it is necessary to determine whether a particular process could be added, improved, or removed in order to enhance the effectiveness of the revenue cycle.
4. Reduces Denial Resolution Time
The most effective method for resolving denials is preventing them. The main prevention tactic therefore is to monitor instructions from insurance payers by keeping up-to-date on bulletins and other correspondence from the payers that provide information on new billing or coding rules. The faster you get those denied claims corrected and back out to the insurance payers the better. Each day your denials go unresolved contributes to your overall accounts receivable days.
5. Enables Accurate Claims Submissions to Secondary Payers
Accurate payment postings also effects the accuracy of claims submissions to secondary and tertiary payers. If the primary payment is not posted correctly, it is possible for the secondary and tertiary payers to get billed incorrectly. The medical office should always look for ways to improve each area of the revenue cycle by continuously monitoring processes not only to maximize reimbursement but to stay in compliance with proper billing practices.
