Payment Posting Services
For more than 10 years, Revesolv, a renowned medical RCM company, has provided payment posting services. We carefully assess your revenue cycle for chances for growth and take the required steps to ensure overall financial success. We use our extensive knowledge to accurately post insurance payment data from various sources such as ERAs, post-patient payments, post insurance checks from EOBs, and print receipts for healthcare institutions all over the world.
Payment posting in medical RCM, and posting insurance claims entails registering the payment into practice management, which may appear to be a simple activity, but it is the most important feature of the revenue cycle. If done incorrectly, it can result in denied claims and late payments from patience, causing a healthcare provider to lose a lot of money. This necessitates the assistance of an expert! Because payers submit an EOB (explanation of benefits) or an ERA (electronic remittance advice) when a claim is paid, having the patent posting services outsourced to ensure that these payments are posted into the corresponding patients’ accounts as soon as possible to reconcile them.
Our Payment Posting Services
Revesolv offers remittance processing services with a high level of accuracy and adherence to industry best practices. The following services are provided by us:
- Reviewing payments on a regular basis.
- Payment trends are being tracked and monitored.
- Checking for payment inconsistencies.
- At the procedural level, facilitates payment realization.
- Payment is now the responsibility of the patient (if there is a difference between the allowed amount and payment amount).
- Identifying the difference between a claim that has been submitted and a claim that has been received.
- Detecting line denials and avoiding them in the future.
- Insurance claims must be resubmitted to the insurance company.
Benefits of our Payment Posting process
You have a contractual guarantee of over 97 percent accuracy with our global delivery team, but you get over 99 percent accuracy in reality.
We can guarantee a 24-48-hour turnaround time because our team members work around the clock.
Get an accurate understanding of the Account Receivable cycle.
Payment posting accuracy is crucial for having a clear picture of the health of your accounts receivable and making informed decisions.
We create reports on A/R trends for the following purposes:
- Recognize the basis for denials.
- To optimize point-of-service collections, document the scenarios that require eligibility and authorization.
- Determine which services are covered or not covered by various payers.
- Find out how long your insurance carrier typically takes to receive payment
Revesolv can help you improve the efficiency of your payment posting process.
Payment posting is one of the major stages in our medical billing process at Revesolv, and it receives the highest attention from our staff. Payments in lieu of claims are received from payers and patients and recorded in the client’s medical billing system to reconcile the claim. Our crew enters electronic payments into the medical billing software precisely and manually handles the fallouts, guaranteeing that no payments are lost. These ERAs are saved in the billing system DMS, which can be useful in the future.
Revesolv’s Payment Posting Services for Medical RCM can provide you with the following advantages
Analyze Your Revenue Cycle
You can review the medical office revenue cycle at any time after payments have been recorded to patient accounts and identify areas for improvement. Our staff can perform effective analysis and aid you in enhancing profitability while improving the revenue cycle.
Analysis Based Action
Our staff can assist you with identifying and recording payment receivable patterns, creating an action chart, and instructing your billing department to take the appropriate steps to ensure seamless inflows. Based on the findings, we advise your billing department to take the required steps to enhance the revenue cycle.
Resolve problems within the revenue cycle
Our accurate and dependable medical billing payment posting services might assist you in resolving revenue cycle issues. Not only do you have to publish payments, but you also have to post denials and modifications. We also assist you in identifying the reasons for your claim denial and taking steps to resolve them.
Resolves & prevents claim denial
Payment posting services can assist you in resolving and preventing claim denials. To ensure this, our medical billing team closely follows the insurance company’s instructions and keeps up to date on any new billing or coding laws. As a result, our team can swiftly discover the reasons for your claim denial, correct them, and return them to the insurance company.
Claim submission to secondary payers
Payment posting accuracy has an impact on claim submission accuracy to secondary and tertiary payers. Revesolv ensures that your principal payment is accurately posted so that secondary and tertiary payers are not overcharged. Our team keeps a close eye on our payment posting to ensure maximum reimbursement and adherence to standard billing practices.
Enables cash inflow tracking
As a best payment posting company, we keep a close eye on your review cycle and alert you to any outstanding amounts owed in real-time. Our team can assist you in keeping track of cash inflows and taking appropriate action if there are any inconsistencies in the revenue stream.
Why should you outsource your payment posting to Revesolv?
You may count on a contractual guarantee of above 99 percent correctness in the final output when you work with our skilled delivery team.
With our team members available 24/7, you can expect prompt assistance throughout your Project’s life cycle.
Analytics-based decision making
We provide reports based on analytics to understand the reasons for denials, increase service collections, and list services that are covered by insurance.
Experienced & skilled team
Our team has the knowledge and experience to handle all of your billing needs. We notify you of any noteworthy trends or contractual revisions.
Understanding of the A/R cycle
We concentrate on demonstrating payment posting accuracy because it is crucial to the entire billing system’s improvement.