All payments will be sent directly to the practice location. ParaMed Billing will register your practice if you prefer. Once payment is received, it is reviewed and posted into our system by one of our reimbursement specialists.
Healthcare organizations face massive losses due to inefficient payment posting, late reimbursement from the payer’s end, and rejected claims. Receiving full reimbursement without cash posting is almost impossible, making it a crucial part of revenue cycle management (RCM). Efficient cash posting also significantly influences patient satisfaction and overall financial health.The more efficient these processes are, and the more accurate they are, the faster you get money coming in the door after services are performed.
Some of the key benefits of accurate payment postings in medical billing include:
➢ Matching EOB data against payments received.
➢ Submit Accurate Claims to Secondary and Tertiary Payers.
➢ Accurate and timely EOB and ERA posting and reconciliation.
➢ Solve Recurring Problems.
➢ Analyze Revenue Cycle More Easily.
➢ Reduce Denial Resolution Time.
➢ Identifying non-covered service, denial, prior authorization, and collection issues to be rectified.
➢ Claim denial management to quickly identify denials, rework claims, and resubmit.
➢ Applying patient Copay and move remaining outstanding balances to the patient’s account for processing.
Payment posting is one of the most crucial steps in the medical billing process and our team at ParaMed Billing Solutions acutely understands payment posting benefits and the sensitivity of this process. We know that an accurate and efficient payment posting process is indispensable for the healthcare office. We believe that streamlining the payment posting procedure is an effective way of improving our clients RCM process especially as the process affects many other A/R functions of the practice. We have been providing high-quality medical billing and coding services at cost-effective prices for over a decade now to clients around the world.
If you are looking to outsource Payment Posting procedures, feel free to reach out via email at info@paramedbilling.com or by calling 501-588-7969.
