06 Feb A/R + Payment Posting: Making the Profitable Connection
A practice’s Accounts Receivable (A/R) are monies owed to the practice for services already provided but not yet collected. Not yet collected is the operative phrase because while providers have expended their energies, the practice has received no income from them. Some practices consider having a high A/R balance as part of the cost of doing business, but if this is the case, the practice might not be doing much business at all.
Beyond the Numbers
A/R tells a story. If a significantly high A/R continues after more than 90 days from the date of services, the practice has essentially become a bank.
But what if a practice doesn’t have a big A/R but the payments that have come in, haven’t been posted?
What’s Payment Posting Again?
Payment Posting is the logging of payments into the dental billing software in Delaware, Iowa, Kentucky and other states, then reconciling the postings with deposits.
If a payment has arrived but isn’t entered in the system, it’s the same as if the payment wasn’t made. Following up with a patient about a payment they’ve already sent won’t make the practice any patient satisfaction points, either. Additionally, anticipated payments that aren’t noted, or noted incorrectly, cause reconciliation issues.
A/R and Payment Posting Have to Work Together
You have to know what is owed AND the correct status of the payment for your practice’s revenue cycle to be managed effectively. If either part of the process is missing or inaccurate, there’s no way to determine the practice’s true financial picture. But maintaining accurate, timely A/R and payment posting requires expertise and experience office staff often doesn’t have.
Eventually this will impact every aspect of the practice.
Everything, Everywhere All at Once
You might not immediately see the connection, but if A/R and payment posting aren’t working together, sooner or later you’ll be wondering why your bottom line is faltering, patients are leaving, staff is stressed and turning over, and there’s a lot of re-training always going on.
If this is a snapshot of what’s happening in your practice it might be time to outsource
Finding the Right Outsource Partner
Far from moving systems “outside” your practice, the ideal outsourcing is really “insourcing.” It should function like a partnership, with total transparency, access, and support.
This is where Medusind dental billing services excel.
Our dental billing solutions offer industry-leading technology combined with experienced RCM experts, who continually fulfill robust, ongoing educational requirements that ensure they’re always working with the most current information about payment models, codes, and procedures. Medusind support staff (actual humans, not chat bots or artificial intelligence features) are available whenever they’re needed.
And getting started is easy.
The A/R and Payment Posting Solutions That Already Know You
Like all Medusind dental billing services, our A/R and payment posting services are designed to work seamlessly with the system you already know and depend on, so you can reduce the administrative burdens on staff, lower costs, increase revenue, and help your practice grow in the easiest way possible.
As the national leader in Dental Billing solutions in Texas, Illinois, Michigan and other states, Medusind already helps thousands of dental practices with A/R and payment posting services. Our complete range of dental billing services includes: Insurance Eligibility / Benefit Verification, Plan Clean Up, Provider Credentialing and more.
Find out more about how Medusind’s dental billing services can enhance your practice’s financial health.
