Payment posting in medical billing is one process that needs hawk eye attention and detailing. It is the end of the billing cycle, where the payments in lieu of the claim are received by the payer and the client and the reconciliation of the claims is done. We at U-Care make sure all your payment postings are regularly updated on the Database for future reference.
Insurance Payment Posting:
Payers usually send EOB’s (Explanation of Benefits) or ERA (Electronic Remittance Advice) towards the payment of their claim. On receiving these details, our team immediately updates the information in clients account and all the payment postings are done as per the specifications shared by the clients i.e. related patterns like the percentage of insurance receivable, frequency of inflows, denials, amount outstanding percentage, etc., and then record it.
Once the payment pattern is established, our teams update the respective departments to take the required actions to increase the cash flows. In some cases there can be difference between the allowed amount and the payment amount, then balance payable amount will become the patient's responsibility. The EOB clearly states as to why the balance need to be paid by the patient, in cases like co-payment, deductibles or co-insurance or uncovered insurance.
Benefits of Payment Postings by UrCare:
- Faster Payments
- Improved Cash Flows
- Customer Satisfaction
- Saves upto 40% of your costing