WHY PAYMENT POSTING IS IMPORTANT IN THE MEDICAL BILLING PROCESS

• Posted by Business Integrity Services August 23, 2021 Filed in Health #payment posting  148 views
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  The entire process of medical billing is time-consuming and expensive. It can take weeks or even months to get paid. When this happens, you can’t use the money to grow your business, reinvest in your practice, or even pay your own bills. The average medical practice spends over $2,000 annually just on overdue payments alone. It might seem like a drop in the bucket for a large group of doctors, but it has an impact on individual practices. This post will go over how payment posting is important to the whole process and how it can help you save time and money.

  

   

  WHAT IS A PAYMENT POSTING?

  Payment posting is exactly what it sounds like: posting your payments in the proper areas of the billing software. In most cases, this means Copies of your insurance and medical license information, such as Medicare, Medicaid, and your insurance providers’ national and state websites. Personal statements from your patients (about where they are, what they are experiencing, etc.) Payment information, such as the service type, your rate, and whether payment should be automatic or on your patient’s credit card. Payment information that’s required by law (your signup and termination forms, as well as receipts for payments over $50).

   

  WHY IS ACCURATE PAYMENT POSTING IMPORTANT?

  Accurate billing of medical bills is incredibly important. When people are sent the wrong amounts and then asked to pay additional fees, it can make or break their health care. The more money someone spends out of pocket, the more likely they are to skip medical care, overburden their physicians, or even have a financial crisis. If they’re prescribed treatment or tested for a condition, the more they waste the time of their doctors and the more they waste the clinic’s resources. Not all medical providers are required to post their bills online. Some of the most common and well-known clinics and hospitals may require this to ensure they can collect payment fairly and accurately.

   

  HOW PAYMENT POSTING FITS IN THE REVENUE CYCLE

  As any small business owner can tell you, being in the medical field is tough and often doesn’t provide a lot of opportunity for growth. Just because you don’t have the overhead of a retail business doesn’t mean your practice has to be stagnant and income-starved. I spend over half of my time dealing with the billing process and its expenses and it can take days or even weeks to collect from the insurance companies after treatment. This means that my actual time to the bill is significantly less than I could be billing because there’s a massive amount of behind-the-scenes work to complete before I can actually get paid. My practicing physicians and staff are quite busy with patient care and they don’t always have the time to get things done on a timely basis.

   

  HOW DOES PAYMENT POSTING HELP ME SPEND LESS TIME AND MONEY If you find that you spend half your time dealing with medical billing and the other half on business development, then you might want to consider payment posting. Since we don’t pay any more to a different person when patients pay on time, they are more likely to get paid on time. But payment posting is also beneficial in other ways: It takes the pressure off of you to pay the bill on time. Since you don’t have to find a new patient that hasn’t paid in time, you can spend less time stressing and more time helping your patients It reduces the amount of information you have to provide to the insurance companies.