Payment posting is a crucial part of medical billing as it is directly associated with the overall collections for the physician and medical practice. Every scope of Medical Billing and Revenue Cycle Management Services plays a major role in claim reimbursement and payment posting shares equal contribution in getting a claim fully paid, tallied, and closed.
Payment posting is entering the payments received either fully, partially, or the denial status into the billing software. Quality and accuracy in payment posting are as important as in any other scope of service in the RCM process. They are primarily required to analyze the claim status and financial progress of the medical billing process. Let us understand the process involved in payment posting:
- Cross-verifying EOBs against payment received and billed amount
- Processing adjustments and write-offs against actual contractual agreement
- Applying Copay and other patient balances.
- Timely posting of EOB and ERA posting
Payment posting types:
- Insurance Payment Posting
- Patient Payment posting
Payment from all parties and modes is duly entered into the billing system to get the claim tallied and closed. Payments from insurance are posted and patients are billed for outstanding balances and the same is posted against the claim balance. In case of claim denials, the same is posted into the Practice management system (PMS) for the Accounts Receivable and Denial management team to handle accordingly.
MGSI has been providing high-quality medical billing services as End-to-end Revenue Cycle Management services as well as individual scope of services covered as per client requirements and interests. Our team of Medical billers is highly experienced in providing high-quality payment posting services that help with daily claim processing with analytical reports to access claim status and provide details of claims paid vs claim denial that need to be reworked by the Accounts receivable and denial management team.
Why outsource Payment Posting to MGSI
MGSI with an experience of more than 28 years and serving over 600+ physicians has exceptionally skilled and trained medical billers and coders with which we guarantee 99% of claims collected. Our clients enjoy streamlined Medical Billing and Quality coding services and have been happy to achieve their financial goals on time. Apart from the regular Medical Billing and Coding services MGSI also serves our clients in promoting their overall practice setup by offering a wide range of associated services as listed below:
- Fee Schedule Evaluation
- Healthcare Contract Management Services
- Provider Enrolment and Physician Credentialing Services
- Physician Practice Management
- Insurance and Patient Eligibility Verification
- AR recovery
MGSI has clients of varied specialties and practice sets, and our billers and coders have wholesome knowledge on handling any niche of medical billing and coder requirements with deft hands with diversified experience gained over 29 years being the top medical billing company in Tampa Florida.
MGSI is also proud to be addressed as a National Medical Billing Company situated in Tampa Florida with exceptional expertise in any software of practice management tools or EMRs available in the industry.