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What is payment posting in rcm
Payment posting in revenue cycle management (RCM) is a vital yet often overlooked step that involves recording insurance data from Explanation of Benefits (EOB) and Electronic Remittance Advice (ERA). This process ensures accurate allocation of payments across multiple procedure codes, identifies recurring payment issues, and ultimately improves cash flow. Proper payment posting enhances billing accuracy, aids in denial management, and facilitates timely communication with secondary payers and patients.
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What is payment posting in rcm
- 1. Call us: 3022619187Email: [email protected] What is payment posting in RCM?
- 2. Call us: 3022619187Email: [email protected] Payment posting in RCM seems like an afterthought, something that happens after the “real” work of medical billing ends. After all, you’ve done the hard part and got the payments in the door. Payment Posting is the crucial step in the Revenue Cycle Management process. Payment posting involves: • EOBs: Post insurance data from EOBs • ERAs: Post payment data from ERAs EOBs (Explanation of Benefits) While processing claims carriers issue a check and prepare an Explanation of Benefit (EOB) document. This document has patient name, service dates, procedure codes, allowed amount, deductibles, co-payments, denied amount, etc. The EOBs which contain denial claims can be taken up for denial management process again. What is EOB posting? Insurance company process claim and issue payment to practice. Practice receive EOB document for each payment. Providers and patients can understand how the claim is processed with the help of this EOB document. Your billers need to review EOB documents to verify that the claim processed and paid correctly. Medical billing software has all patient details with their individual accounts. Biller need to enter all EOB details in billing software to the respective patient account. Payments are posted by line items in the EOB. What is payment posting in RCM? Medical Billing Services in Oregon
- 3. Call us: 3022619187Email: [email protected] If a claim has three CPT codes on it, then the payment is allocated among the payable three lines to show how much reimbursement was received for each procedure. EOB show the total claim amount, along with the total provider write off, and the total allowance. Benefits of Payment Posting • Identify and resolve the recurring issues in payments • Error free payment posting can improve in cash flow Payment posting types on the EOB for every CPT code listed: • Amount of each procedure before any discounts are applied • Patient responsibility amount • Allowed contract amount for the procedure • The type and amount of any discounts that apply • Final amount of the reimbursement after all discount, deductibles • That the right payment allowances were applied • That no procedures were improperly denied • That discounts were applied appropriately • If no payment was received, whether it was due to the entire amount being applied to the patient’s deductible, the claim being denied, or some other reason What is payment posting in RCM? Medical Billing Services in Oregon
- 4. Call us: 3022619187Email: [email protected] Your practice will be beneficial if all payment posting activities are performed well. Providers can get the better overall collections if billing problems are spotted in early stage and addressed promptly. Secondary payers are billed accurately, and patients receive prompt and error free statements. Do you have any questions or concerns about your payment processing? Connect with Medisys Data Solutions expert billers to efficient and cost-effective solution to manage your billing and collections. Our billers can help for a free consultation and billing analysis. What is payment posting in RCM? Medical Billing Services in Oregon