20 Jan Accurate Payment Posting: The Key to a Dental Practice’s Financial Future
What is Payment Posting?
Payment Posting: The tracking and analysis of payments from insurance companies, their Explanation of Benefits (EOB), Electronic Remittance Advice (ERA), and payments from patients.
Accurate payment posting shapes the overall financial health and future of a practice. It is essential for increasing revenue, managing costs, streamlining workflow, and maintaining staff efficiency.
Daily monitoring of payment posting is also an integral part of revenue cycle management (RCM). It gives the financial team a true picture of the current revenue stream, daily insurance payments from EOBs, insurance checks from ERAs, and payments from patients. It also enables staff to identify mistakes or potential issues, and make the appropriate corrections.
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Payment Posting Tasks
Payment posting tasks include identifying a patient’s account, the procedure delivered, the billed amount, paid amount, allowed amount, write-off amount, and more.
But the work doesn’t stop there.
Payment posters should be able to identify trends behind denials, non-covered services, and prior authorizations. This includes alerting members of the dental coding and billing team about these trends. This comprehensive work is not only time consuming, it requires expertise, experience, and uninterrupted time most office staff doesn’t have.
The Medusind Advantage: Professional Grade Payment Posting
Outsourcing with Medusind provides a dental practice with industry-leading technology that ensures accurate posting combined with a team of deeply experienced, knowledgeable dental billing specialists to monitor processes effectively and efficiently.
And getting started is easy.
The Payment Posting Solution Designed for You
Like all Medusind dental billing services, payment posting is 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.
Thousands of dentists rely on Medusind for payment posting because it helps make the most of their practice. It’s why we’re the nation’s leading Dental Billing solution provider.
Payment Posting FAQs
Will the insurance send the EOBs and checks to Medusind?
No. The EOBs will come to your current location and you will continue to deposit the checks in your bank account.
How do we send you EOBs to post?
You scan a copy of the check along with the supporting EOB and save it on a Shared folder or Medusind can provide you with a Secured FTP site to upload EOBs.
Will Medusind download EFT EOBs for us?
Yes, you need to provide us with the Insurance website logins and Medusind will download the EFTs.
Will Medusind run our Virtual Credit Cards (VCC) too?
If you need to run the VCC on a physical machine, then you need to run it in the office and scan the EOBs for us to post.
If your PMS allows you to run the VCC online, then Medusind will run it for you.
What time of the day do you post payments?
Usually during the US night time.
How do I know how much Medusind posted in my PMS?
Medusind will send you a report on a daily basis.
How will you handle denials?
We will understand your protocols and handle the denials according to your rules.