Sep 15, 2022

How Outsourcing Payment Posting Services Boost Profitability to Your Practice

Payment posting may seem like a simple task to an outsider but it’s one of the most important processes of the RCM cycle. It involves logging the payments into the medical billing software and any discrepancy can result in rejected claims and late payments, leading to huge financial losses for the practice. It is here the need for professional help is felt. Professional outsourcing companies have a skilled team of payment posting experts who do quick and accurate payment posting and reconciliation. Hence, having a well-organized payment posting process goes a long way in increasing cash flow, resolving repetitive issues at their early stages, and improving the overall efficiency of your practice.

Importance of payment posting process

Payment posting is an important part of your practice’s medical billing cycle. Generally, medical practices have a large number of claims to deal with on a daily basis. If they aren’t accurate it will take longer to fix the issues, which ultimately delays the payments. At times, medical practices are burdened with payment posting backlog or do not have an electronic remittance advice (ERA) or a clear idea of why claims are being denied. It is here payment posting services come in. By having a strong payment posting process in place, it is easy to spot issues in the early stages and take proactive corrective measures to avoid ending up in costly billing mistakes. This helps in speeding up the patient billing and payment process, saving time, and ensuring timely reimbursements

Benefits of outsourcing payment posting services to Scribe4Me

Let us now discuss some of the benefits of outsourcing payment posting in medical billing to a reputed provider like Scribe4Me.

Better analyze your RCM: Once the payments are posted to the respective patient accounts it gives a picture of your RCM and we look for ways to improve it. Our payment posting experts now analyze the current processes to improve efficiency and maximize cash flow. Based on that, we prepare an action plan and direct the billing department to take the necessary steps to ensure smooth cash inflows. In short, we help in managing your overall RCM system.

Avoid repeated issues: An efficient and reliable medical payment posting process can help resolve many of the problems that may exist within the RCM cycle. Meaning it is not just limited to payment posting alone but also posting adjustments and denials. A reliable service provider helps to identify the issues for denials, initiate measures to resolve them, and prevent such recurring issues from happening.

Reduce claims denials: An effective payment posting service can reduce claim denials. The best approach is to take effective measures to prevent it in the first place. Resolving errors quickly can also pave the way for the prevention of claim denials. We work closely with the payers and maintain up-to-date records on billing and medical coding rules, as this goes a long way in reducing claims denials.

Facilitate accurate claim submissions: Payment posting is something that needs to be done with precision since it affects the accuracy of claims submissions to secondary and tertiary payers. We ensure that the primary payment is posted correctly so that the secondary and tertiary payers also get billed correctly. We also keep a close eye on the payment posting process to maximize reimbursements and to stay compliant with industry best practices.

Well, you see a large number of patients in a day and with it come increasing amounts of payment collections. While that’s a good thing, it gets a little stressful for you to manage all the payments. Scribe4Me provides prompt and accurate payment posting services to help monitor your incoming payments and cash flow to your practice. We have a highly trained team who handles quick and accurate payment posting on your behalf, allowing you to focus on your core business and provide optimal patient care. Well, if you are looking to outsource your payment posting services to a trusted partner get in touch with us today.