Payment posting is a fundamental part of revenue cycle. It affects the other major functions of the billing and can have a major impact on patient satisfaction, efficiency and financial performance. Accuracy in payment posting is extremely important for an optimized revenue cycle. Once payments are posted to the patient accounts, any kind of denials can be easily addressed. Payment posting should not be ignored as it helps you catch billing issues promptly and make corrections.
Why Is Payment Posting Important?
The dental billing process comprises a large number of steps with multiple claims being processed on a daily basis. It acts as the first line of defense to identify payer problems. At Capline Dental Services, we have a team of extremely talented professionals who take up the responsibility of payment posting for your practice.
Our team validates all data entries to ensure that your practice receives results without a glitch.
In this the payment records of patients are recorded in the practice management software. It also helps identify the problematic areas and their reasons along with action to be taken:
Analyzing Explanation of Benefits (EOB): EOB has all the personal details of patient starting from services rendered, to the amount of insurance billed, allowed and adjusted money. It also includes denials, co pay etc.
Analysis is conducted to verify the information and to check if the claims were processed accurately.
Patient Billing: If there is payment pending from the insurer, the rest of copays, deductibles, coinsurance and uncovered bills are further sent to the patient for payments. This info should be passed to the billing department to increase cash flow.
Denial Management: Denial management is about bringing denials down. It includes charge entry analysis, tracking payer denials, claim resubmission and so on. Denial claims should be resubmitted within a week. Tracking of denials help to ensure that claims are not denied for the same reason again. It is the first step to getting paid successfully.
To help your practice thrive with better cash flow, payment posting must be done right. The faster problems are spotted, the quicker will be the billing process. Billing issues can be addressed quickly, payers will be billed correctly and patients will receive their statements immediately, thereby increasing the entire billing cycle efficiency.
In short, it will be a win-win situation for your practice all the way round. Your dental practice should always look for ways to improve each area of the revenue cycle. Therefore, it is important to continuously monitor processes that multiply reimbursement by staying in compliance with the other billing practices.