What Is Payment Posting?
Payment posting is the process of recording payments from insurance companies and patients into the medical billing system. It reflects the final leg of the revenue cycle, where all the claims, codes, and compliance work finally translate into actual revenue.
There are two main types of payment posting:
Manual Posting:
Involves entering each payment detail manually from Explanation of Benefits (EOBs) or Electronic Remittance Advice (ERAs).
Automated Posting:
Streamlines the process using software that automatically posts payments from ERAs.
Why Payment Posting Matters
Effective payment posting allows practices to:
Identify Underpayments or Denials quickly
Reduce Accounts Receivable Days
Track Revenue Patterns and Cash Flow
Ensure Billing Accuracy for Compliance and Audits
Improve Patient Communication with accurate balance info
We provide the following services:
Patient Payments:
Our clients provide us with information on patient point-of-service payments. These payments are made in cash, check, or credit card and may be for co-pays, deductibles, or non-covered services. Our team reviews the information received and adjusts it for each patient’s account.
Insurance Posting:
We accept insurance payments in the following formats.
E-Remittance Advisory:
We receive a large number of ERAs from payers and process them in batches by importing them into the client’s practice management system. Each batch run generates exceptions, which we correct along with batch total verification.
Manual posting:
We frequently receive scanned EOBs from our clients. Each EOB batch is accessed through secure FTPs or the EHR system and processed according to the client’s business rules for adjustments, write-offs, and balance transfers to secondary insurance companies or patients
Denial Posting:
Posting claim denials is critical for gaining an accurate understanding of the customer’s A/R cycle. Payers send back denied claims in the form of ANSI codes for denials and, in some cases, payer-specific medical coding guidelines. We understand most payer-specific denial codes and have expertise in understanding ANSI standard denial codes. We record each claim denial in the practice management system and take action to re-bill the secondary insurance company, transfer the balance to the patient, write-off the amount, or send the claim for reprocessing.
Why Accurate Payment Posting is Essential
Accurate payment posting ensures that payments are correctly recorded, and accounts receivable are correctly managed. This helps healthcare providers to:
Improve Cash Flow
Accurate payment posting ensures that healthcare providers receive timely and correct service payments. This, in turn, results in improved cash flow, as there is a reduced risk of delayed payments, rejected claims, or incorrect payment amounts. Healthcare providers can use accurate payment posting to identify issues and take preventive measures to reduce the risk of revenue leakage.
Reduce Denials and Rejections
Accurate payment posting reduces the risk of denials and rejections of claims. By ensuring that payments are posted accurately, healthcare providers can avoid errors and omissions that lead to claim rejections. This saves time and effort spent reworking rejected claims and reduces the time to receive payment.
Enhance Patient Satisfaction
Accurate payment posting leads to enhanced patient satisfaction. Patients are more likely to be satisfied when their bills are accurate and receive clear and timely payment information. This results in improved patient loyalty and helps generate positive reviews and referrals.
Increase Productivity
Accurate payment posting leads to increased productivity. Healthcare providers can save time and resources spent reworking claims by reducing the risk of denials and rejections. This increases productivity, as healthcare providers can focus on delivering quality care rather than dealing with payment-related issues.
Improve Revenue Management
Accurate payment posting helps healthcare practices avoid revenue loss due to payment errors or delays and better track financial performance. This can help improve cash flow and financial stability while ensuring patients are billed accurately and efficiently.
How Care Cycle Revenue Management Excels in Payment Posting
We treat payment posting as more than a clerical task, it’s a strategic checkpoint.
Our process ensures:
Accurate entry of payments, adjustments, and write-offs
Identification of trends in denials or underpayments
Real-time reporting for faster decisions
Close collaboration with denial management and AR follow-up teams
We post payments with the same level of detail and precision as your clinical care deserves. Because when it comes to reimbursement, every cent matters.
Our Expertise:
We ensure that payments are accurately posted to patient accounts, reducing billing errors.
Payments are posted promptly, providing a real-time view of your practice’s financial status.
Accurate payment posting ensures transparency and financial clarity.