Payment Posting
Payment Posting is the last and crucial step in the Revenue Cycle Management process. Payment posting involves:
- 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.
As part of Charm payment posting process, the following steps are carried out:
- Identify line denials for medical necessity, non covered service, service not authorized, etc. and prevent them from occurring again
- Move payment as patient responsibility, if there is a difference between allowed amount and payment amount
- Write-off the difference between actual claim submitted and claim received
- Re-submit to insurance company
The benefits of payment posting include:
- Accurate payment posting helps maximize revenues
- Identify and resolve recurring problems
- Improved cash flow, etc.
