Quick and Accurate RCM Payment Posting

Patient Payments: All patient payments, including co-pays, deductibles, and uninsured individuals, are recorded. Payments made at the point of sale (POS) via credit cards, cash, or checks are double-checked and recorded. The money is deposited in the bank and reconciled with the practice’s general ledger to ensure it matches up with what was recorded in the practice management system

Unapplied Payment: In addition to the Accounts Receivable management company, unapplied payments are also posted to accounts with balances. For example, if a customer has a balance on an invoice, a payment applied to that invoice will be posted to the invoice’s item account.

Insurance Payment Posting – Manual : Accurate payment posting is an important part of the revenue cycle management. Failure to post payments correctly can lead to overcharges, undercharges, denials and uncollected revenues. Many healthcare organizations outsource their accounts receivable management to a medical billing company. Although many payers give EOBs in electronic format, payments are sometimes received with paper EOBs. According to the EOBs for adjustments, write-offs, and balance transfers, the NetworthRCM team handles these payments with great accuracy.

Insurance Payment Posting – Electronic (ERA) : Health insurance payers make use of Electronic Remittance Advices (ERAs) for communicating payment information to providers. The ERAs are generated based on the 837 claim file submitted by the provider, so if there is an error in submission, it would reflect in the ERA as well. The information contained in ERAs pertains to a huge number of payments. Our trained team members run the ERA files (835) in batches before loading them into the RCM software. Any throw-outs are meticulously repaired, and the batches are evenly distributed.

Zero Pays and Denial Posting : Claim denials must be posted in order for rebilling to secondary insurance carriers or liability transfer to the patient to take place. Claim denial information can be posted, and write-off decisions can be made. Using suitable denial codes in the system, our staff has experience submitting zero pay-outs and denials. Denial in RCM is a key aspect of the revenue cycle management process, as the more denials that are resolved effectively, the higher your cash flow balance will be. A lot of time, effort and resources are required to resolve denials. If proper procedures aren’t followed, it can result in additional delays in claiming reimbursements as well as poor cash flow.

Patient Demos, Eligibility, Pre-Auth Verification : We are a medical billing company that provides end-to-end medical billing services to Physiatrists, Physical Therapists, Occupational Therapists, Chiropractors and Physicians. We assist practises in entering patient demos, creating patient charts, confirming patient eligibility with payers prior to the appointment date, obtaining prior authorization, and assisting healthcare providers in submitting clean claims. Our team has extensive experience completing these critical duties in order to maintain a healthy cash flow in the practice. Our clients have access to our web based software through which they can see the status of their accounts receivable. We are equipped with the technology required to submit claims electronically and receive payments quickly. We follow up with insurance companies on every claim submitted and track each claim until it is paid.