What is Payment Posting in Medical Billing?
Understanding The Process Of Payment Posting In Medical Billing
Medical billing is a complex process where all aspects of the billing cycle are analyzed to generate the perfect report for accurate financial transactions. Some of these aspects include identifying the patient by name, date of birth, social security number, medical insurance information and other personal information. The first step is to identify the patient's insurance carrier which helps in calculating and posting the final balance.
What is payment posting?
Payment posting in medical billing is the process of assigning payments to accounts receivable. It is the act of either assigning a payment to an outstanding balance or crediting it to an account for later recovery.
How does payment posting work?
Payment posting is the process of an insurance company paying out claims. This process is done by hospital staff and the person filling out the bills. If the doctor's office sends in a bill for $500, for example, it will be processed by some sort of scanning system to make sure that everything necessary has been completed. That means that the doctor's office must have filled out all of their information correctly, as well as inputted all of your personal information; including your name, address, and phone number. The scanned system then contacts the insurance company on behalf of the doctor's office to see if they can pay for this bill on behalf of you.
Available methods of payment posting
You might not think about it often, but the way you pay for healthcare is just as important as the care you receive: in many cases, providers and insurance companies depend on payment to remain afloat. Today, the most common methods of payment posting in medical billing are through electronic funds transfers (EFTs), paper checks, and credit cards.
Different types of billing software
One of the main reasons that medical billing software is so expensive to develop is because it has to be customized for each provider. Different types of providers - hospitals, doctors, clinics, etc. - have different procedures and coding methods that need to be accounted for in order to ensure accurate billings.
When patients receive a bill and they question its accuracy, the first step they should take is to contact their health insurer. This will help them determine what services were covered and what's owed.