Medical Billing Payment Posting Services

Why Outsource Payment Posting Services?

Outsourcing payment posting in the suite of medical billing processes to Invensis, a leading Medical Billing Services company will streamline operations for your medical practice and provide you with cost efficiencies as well.

We are ISO 9001 and 27001 certified and have achieved HIPAA compliance. We follow best practices in quality management and information security to ensure the outsourced payment posting process is completed as per your healthcare business requirement and industry standards.

Invensis is an Payment Posting Services company with headquarters in Wilmington, North Carolina, providing healthcare services for hospitals, physicians and other medical practices in US healthcare.

Outsourced Payment Posting Services  in the Medical Billing Process

Invensis’ team of experienced medical professionals carries out all payment posting processes that includes:

• Payment Posting from Explanation of Benefits (EOBs) to Patient Account
• Analysis of EOBs for Under-Payment or Overpayment
• Indexing of EOBs to Patient Account
• Reconciliation to Match Payment Posting to Actual Deposits

We cover Payment Posting Outsourcing Services across multiple categories and revenue cycle functions

• Patient Payment Posting
• Insurance Posting
• Denial Posting

How Invensis’ Payment Posting Services fit in your Revenue Cycle

• EOB and ERA posting and reconcilement – ensuring data from both EOB’s and ERAs match payments.
• Line item denials – reporting denials for medical necessity, non-covered services and prior authorization to management help avoid errors in the billing cycle.
• Find Denials – finding denials and ensuring they are reworked and resubmitted to responsible payers in an efficient manner.
• Patient responsibility – identifying and moving balances to patient responsibility helps ensure faster patient billing.
• Write-offs and adjustments – processing write-offs, adjustments and looking into contractual adjustments and passing them to management when issues are identified.
• In-person collection issues – identifying issues with collecting deductibles and/or copayments when processing insurance remittances have a major impact on the overall billing process. By utilizing payment posting, these mishaps can be avoided.

When payment posting is done right, your practice can thrive. With better cash flow from better collections, problems being spotted faster and dealt with quicker, the entire medical billing process is sure to run smoother. Billing issues can be addressed quickly, secondary payers will be billed correctly and patients will receive their statements promptly increasing the entire medical billing cycle efficiency.

Terms used on ERAs & EOBs in Invensis’ Payment Posting Services

• Billed Amount - What provider billed insurance payer.
• Allowed Amount - What insurance payer allows for a service.
• Not Covered - Amount not covered by patients policy.
• Deductible - Amount applied to patient deductible that they have to pay.
• Provider Paid - Amount the insurance pays the provider.
• Adjustment - Amount insurance payment is reduced due to adjustment. There can be several reasons for adjustment as explained by the Claim Adjustment Reason Code (CARC).
• Patient Responsibility - How much the patient must pay the provider.

Payment posting allows you to view payments and provides a snapshot of a practices financial picture, making it easy to identify issues and solve problems fast.

Being able to see daily Insurance payments from EOBs, insurance checks from ERAs, patient payments and more, having an efficient payment posting system provides an efficient view of your day to day financial picture.

Payment Posting Best Practices that We Follow at Invensis

Automating as much as possible

90% of payment posting tasks are  automated to minimize errors. Accurate payment posting is critical to overall profitability as well as ensuring patients are billed for the correct amounts. Accurately capturing denial reasons helps identify the root cause.

Identifying individual line denials

Payment posting consists of not only posting payments but also involves posting adjustments and denials. Since payers may deny an entire claim or just deny one line item on a claim, we provide high attention to detail.

Mindful of secondary and tertiary payers

Most billing systems submit secondary claims electronically unless there are edits within the systems, but if the primary payment is posted with errors the secondary claim may go to the payer with mistakes. Hence, we make sure that there are no errors in the primary claims.

Medical Billing Payment Posting Process at Invensis

• Step 1: Meticulously verify every minute patient details mentioned in EOB (Explanation of Benefits) such as billed amounts, adjusted amounts, allowed amounts, denial information, co-pays, etc.
• Step 2:Track and monitor whether the claims were processed appropriately and record regular trend for further analysis
• Step 3: Forward the information related to payments to the billing departments and direct them to take appropriate measures to increase the cash flow
• Step 4: Keep a tab on all the outstanding amount receivable and cash inflow status on a real-time basis

Image place (Payment posting process)

In case of claim denial or the need for adjudication, Invensis will provide denial management services to accelerate correction of errors and the reimbursement process.

Why Choose Invensis as your Medical Billing Payment Posting Service Provider?

Outsource Medical Billing Payment Posting to Invensis to leverage Our 21+ years of expertise.

Invensis has a team of highly trained professionals who will take up the responsibility of payment posting for your business, and deliver results without a glitch. In accordance with our ISO 9001 certification, our quality assurance team validates all the payment posting data entries to ensure that your business receives only accurate results. With a deep understanding of the dynamics of the healthcare sector, we work fast to provide you with a competitive advantage. As

an ISO 27001 certified company that has also achieved HIPAA compliance, we follow strict measures to protect all the information that you share with us.

We offer comprehensive medical billing payment posting services, and hence, you can be assured of our expertise in delivering not just payment posting services, but the critical steps that preempt payment posting and follow that as well. With Invensis, you will have a healthcare BPO partner that will work with you at every step of the way to expedite your medical billing process and support you on the path to profitability.