Are you stressed up with too many backend works that you are incapable of focusing entirely on patient care? Avail the services of one of the top medical billing provider companies to ease your task. Such companies offer payment posting and electronic settlement as a portion of revenue cycle management services and likewise act as a unique service subject to the client’s requirement.
Advantages of outsourcing payment posting services
Payment posting lets you to understand and view payments and delivers a picture of financial representation thereby making it stress-free to recognize concerns and solve problems faster. The medical billing process has quite a lot of steps and a large number of statements to process daily. The issues are certain to arise. Payment posting is fundamentally the first line of defense recognizing payer difficulties. Concerns such as rejections for medical obligation, non-covered facilities and prior approval that are uncovered are given to team members to discuss.
Medical billing service providers offer a cheaper fixed cost in the end. As your business and profits grow the workload of medical insurance billing and coding also grows. Still, your employee costs are stable whereas billings and receivables are not a fixed profit. Consequently, the need for adding another biller considerably raises your fixed costs, and you are overstaffed as the amount of work pushes beyond your extended billing capacity.
- Lower Employee Costs – In addition to salary, there are payroll taxes, insurance, and the cost of managing and bookkeeping for these. And above all when your medical billing expert is sick or on holiday, you always pay them. In its place take benefit of the experienced medical billing services allowing you to focus on what is important that is your patients!
- Payment posting in medical billing is, however, additional vital process of billing that is time consuming. These payments should be carefully posted in the system so that the account receivables accounts illustrate the quick financial position of practice at any given time. Additionally, correct payment posting has to make sure that the balance is functional pertinently. The whole account receivables cycle is subject to the accuracy and aptness of payment posting. Loads of EOBs in a run through harms the revenue cycle vividly.
- Timely and flexible payment posting – The medical billing process consists of beset data collecting to offer exact data required to manage and plan for the development. The best medical billing company follows below the most important steps for payment posting:
- 99.99% correctness in payment posting
- 24 hours TAT time ensuring timeliness
- Transferring patient’s responsibility promptly
- Inadequate payment of claims are identified and sent for review
- Payment posting has a high perspective to escalate profits and smooth run of the total medical billing process. It is vital to get an exact process in place.
Such service providers offer fast and accurate payment posting way out that accounts for 40% savings on time and permits the in-house worker to emphasis on more fruitful functions such as customer commitment.