Payment posting is one of the most important steps that can assist in improving a physician\u2019s revenue if done efficiently. Although payment posting is becoming electronic and automated there is still the need for checking for accuracy and errors in the posting. There are numerous ways in which physicians can benefit from accurate and efficient payment posting and its analysis.<\/p>\n
Explanation of Benefits (EOB)<\/strong> Electronic Remittance Advice (ERA)<\/strong> Insurance Follow up<\/strong>
\nThe ability to carefully read and comprehend the EOB is one of the crucial aspects of medical payment posting. Avoiding errors in EOB or correcting the errors made by an insurance payer can lead to avoidance of long term financial loss. Studying and minutely examining the EOB for correct information such as the claim number, provider, type of service, the not covered amount, and insured ID number can drastically reduce mistakes and ensure that you are properly remunerated.<\/p>\n
\nERA is provided by most insurance providers and is an electronic form of EOB or explanation of benefits. This helps in increasing your productivity and streamlining your workflow and can be integrated to your PMS. However, facts about underpayments, denials, multiple adjustments, cross-overs, reversals, and secondary remittance have to be analyzed in order to ensure correct reimbursement in a timely manner.<\/p>\n
\nCorrect payment posting also supports insurance follow up which ensures optimal revenues for physicians. Insurance companies can deny claims based on any type of error and it is important for billers and coders to keep in touch with such providers in order to ensure that the issue is being addressed. Therefore accurate payment posting can eliminate such delay in denied claims by avoiding errors. Payment posting sets the stage for effective Account Receivables follow up.<\/p>\n