Payment Posting is the last and crucial step in the Revenue Cycle Management process.
Posting Insurance data from EOBs.
Posting payment data from ERAs to patient accounts
When the claim is processed by the carrier, they issue a check and prepare a Explanation of Benefit (EOB) document. EOBs consists of patient name, service dates, procedure codes, allowed amounts, denied amounts, deductibles, co-payments, etc. As part of the payment posting process, if the EOBs contain denied claims, they are taken up for denial management process again.
Insurance Payment Posting: All payers either send an EOB (explanation of benefits) or ERA (electronic remittance advice) towards the payment of a claim. The medical billing staff posts these payments immediately into the respective patient accounts, against that particular claim to reconcile them. The payment posting is handled according to client-specific rules that would indicate the cut-off levels to take adjustments, write-offs, refund rules etc.
When the client’s office delays in either depositing the Payer checks or sending the ERAs and EOBs for posting, then a negative balance prevails for that claim, which is a false representation of the actual scenario. This false representation would show an inflated AR, resulting in the Physicians not knowing exactly how much revenue is due to them.
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