All payers either send an ERA (Electronic Remittance Advice) or EOB (Explanation of Benefits) towards payment or Denial of a claim. The cash posters post these payments or denials immediately into the billing systems against respective claim to reconcile them. The Payment posters work according to the client specific instructions that would indicate the cut-off line to take adjustments, write-offs, refunds, etc.
Every time when a client’s office delays sending the patient payments or paper EOBs for posting, then a negative balance prevail for respective claims. This is actually a false representation of a real situation and resulting in inflated Account Receivable and letting physicians not knowing exactly how much dollars are due to them.
BlissMD Healthcare solutions offer Payment posting services as part of Revenue Cycle Management and also as a stand alone service to eliminate Inflated AR and increase revenue.
Daily cash files, EOBs comprising copies of checks representing payments from insurance companies are received in mail or online storage
Deposit slips or line item sheets showing the total cash and the number of checks deposited on a particular day are also received
Cash is posted to patient accounts and the deposits reconciled on a daily basis
Denials or low payments identified during cash posting are immediately forwarded to the AR department for further actions
Over-payments identified are immediately marked and refund request initiated once obtaining the required approvals
Patient billing, write offs and adjustments are done under strict supervision of account managers