What is Payment Posting?
Payment posting gives us an overview of payments and a medical practice’s financial picture. It speeds up the process of identifying any problems if any and helps in faster resolution of them. It is important for healthcare providers in that, it is necessary for reimbursement and hence the most vital part of revenue cycle management. Payment posting can have an overall impact on the business processes of healthcare facilities. It is also known as cash posting.
The payment posting process gives an idea about the revenue cycle and brings forth the reason for the issues encountered and hence helps to eliminate such problems from arising in the future. While a precise payment posting helps the healthcare providers to take note of the payments received, an incorrect one affects the claims submitted to other payers.
Therefore, the main aim of payment posting is to
- Avoid recurrence of problems.
- Have an understanding of the revenue cycle.
- Avoid Denials.
- Help in proper claims submission to secondary and tertiary payers.