Payment posting is one of the crucial processes involved in the full service revenue cycle management business. We are experts in handling small, mid-sized and large volume of payments. We have handled posting payments up to $40 million every month and maintained a turn around time of 24 to 48 hours. In addition, we have closed all month ends on the last working day of the month. We have 100% success ratio in closing month ends for a period of more than 25 months continuously.
We are experts in the below operations and are willing to offer the same services,
- Bank Deposits – Retrieve lockbox files from the bank websites and uploading them to the client system to start posting.
- Bank Statement Reconciliation – Our staff is well versed in doing reconciliation between bank statement versus the lockbox deposits, EFT, Credit card payments to ensure that the following are complied with.
- All the money received is accounted by us so that we and the client are reimbursed appropriately.
- To avoid any unaccounted money lying in the aging for which there would be unnecessary follow up activities that might take place.
- To avoid hold up of any secondary and tertiary claims, patient balances..etc.
- To avoid your DSO and your 120+ fall on the higher side.
- Posting Payments – Appropriately post Lockbox payments, EFT, Co-pays, Credit card payments.
- EFT/ERA Downloads – Our staff is well trained to download 835 files from clearing houses websites such as Gateway, Emdeon, RealMed, Navicure, Zirmed, Claims Remedi..etc and upload them to the client system/software and process it. During this process, we understand there would be some error out/exceptions to auto post payments which we would be posting manually.
- Credit Card payments – We are aware of processing insurance credit cards and patient credit cards received through mail, over-the-phone, over-the-counter. We are also very much aware that any piece of paper with this information should not be attached to the system which results in non-compliance.
- Some of the key activities in posting payments which our staff is well trained in
- Post the payment to the apt encounter/account and corresponding CPT codes.
- Attach/Scan the EOB/ERA to the encounter/ account depending on the system capability.
- Apply appropriate payments and patient responsibilities (Co-pay, Co-Ins, Deductible, Non-covered expenses, etc.)
- Apply the correct insurance when posting payments.
- Move the balance to the appropriate status (forwarded to secondary, moved to secondary, moved to patient)
- Add the COB set wherever required to ensure secondary electronic claims are transmitted as clean claims.
- Best practice is to capture the denials or adjust the balance by following the client specifics.
Value Added Services
- Converting Paper Checks to EFT – We are experts in providing you information on payers where paper checks are received however the end client has an option to transform paper checks to EFT for faster cash inflow.
- Converting Paper EOB’s to ERAs – We are experts in providing you information on payers where paper EOB’s are received however the end client has an option to receive ERA from payer through clearing house website which will reduce manual intervention.
- EFT’s Weekly Reconciliation – We do this process to ensure all ERA’s received as EFT’s through clearing house website are posted in system by comparing with money posted in client software.
Timely Check Encashment Reconciliation Process
ERA’s received through check in clearing house website however pending for more than 7 business days without being downloaded and processed
- ERA’s (pay method shows check in clearing house website) received through paper check would mostly be downloaded and processed by us when check gets cashed and we see it in lockbox. It might not take more than 7 business days for office to cash the check on majority of times.
- Payment posting lead would share the ERA’s received through check pending for more than 7 business days without being downloaded from clearing house website, with the AR. Upon which an AR follow up activity will be done to verify the status of the pending check.
- The account will be noted appropriately by the AR and will be shared with the payment posting lead / client to share the same with the end client.