Knack Global payment posting services enhances processing accuracy and effectiveness in revenue collection.
We have in-depth expertise in each step of the RCM workflow. To offer customized services to our clients, we offer each step in RCM workflow as a separate service that can be leveraged by merging into the existing process of the provider.
An optimized and high precision posting system is as crucial as the documentation and coding in the RCM workflow. Many healthcare providers are often not able to fully tap the potential of this step which adversely impacts their revenue.
As industry experts, we have extensive experience and proven strategies to leverage the effectiveness of payment posting in escalating the revenues.
As a leading data analytics expert with advanced digital platforms, we are competent to study the payment cycle, trends and provide insights on your denials and payments. Healthcare providers should look at it as a comprehensive way to streamline their collection process.
While all major healthcare providers aim towards clean and accurate claim submissions, many of them fall short due to inaccuracy in payment posting.
Our effective payment posting service can add value to your RCM workflow. It not just keeps your in-house staff hassle-free but also aims at attaining higher accuracy.
Payment Posting Services for Enhanced Effectiveness
Payment posting is the final step in the billing cycle. Complete records are loaded in the billing software and it is ready for the next step in the RCM cycle. Our payment posting team optimize your RCM cycle by accurate posting and reconciliation at the end of every month. Effective posting can go a long way in increased revenue. They also renders meaningful insights into improving predecessor steps in the RCM workflow. You can be benefited from one or all of our below-mentioned services:
- Explanation of Benefits (EOBs) Analysis
- Tasks Based on EOB Analysis
- Tracking Cash Inflow
Explanation of Benefits (EOBs) Analysis
As large volumes of payment postings are done on an everyday basis, there is a need for analysis as per the parameters required in this step. The information being entered is name, service date, account numbers, codes, confirmation, denials, and insurance-related information. Our team is competent not just in entering data but also derive meaningful analysis on the receivables, the frequency of inflow, any denials or remittances.
Tasks Based on EOB Analysis
Once data is accurately recorded, we are capable of extracting analysis and charting the patterns. This study of payment receivables helps us in devising an action plan to the billing department. Patients are followed up on balance payments and acts as a support action for collections. Outstanding payments are often large sums of money and they have a valuable role to play in your revenue stream.
Tracking Cash Inflow
A real-time dashboard for outstanding receivables and cash flow analysis is pivotal in managing the financial feasibility of the business. It gives an indication when payment follow-up is delayed and requires prompt action.
Payment Posting also required remittance transactions with precision. Knack Global can be your collaborative partner in the following remittance procedures:
- Electronic Remittance Advisory (ERA) Posting
- Manual Payment Posting
- Denial Posting
Let’s have a detailed look at how each of these procedures functions.
Electronic Remittance Advisory (ERA) Posting
Generally useful for high volume transactions, this method involves uploading of files on the system. Certain files get rejected and after corrections, they are again uploaded in the system. It is time-saving and has great functionality for big healthcare units.
Manual Payment Posting
EOB documents are scanned and posted and information is recorded on each patient account. This requires more precision within the team to ensure accuracy is maintained.
You require proficient and trained professionals to understand the ANSI denial codes. The remark codes are also crucial and staff must be fully aware of the codes used by different insurance companies. We post the denials appropriately and take the required action such as transferring the balance to the patient account or send billing information to the secondary payer or make adjustments. It is important that any denied claim is appropriately routed and healthcare units can benefit from our expertise in this function.
Technology Led Payment Posting Tools by Knack Global
Payment Posting is not just a Procedure, it is a Business Strategy
Healthcare professionals view payment posting as a function but we envision it as a business strategy to step up on our overall RCM workflow. This step renders important insights on shortcomings and helps us develop ahead. Knack Global has developed systems using the data insights of payment posting. It has been a value-adding business move for all our clients.
Data analysis is the basis of all wisdom in any business function. A dashboard shows you real-time information and a detailed analysis of trends in denials, errors, non-covered claims, and general collection problems may be helpful in combating these issues.
Develop Policies & Procedures
Real business scenario needs to be adjusted as per the situational analysis. We may help you revisit your policies for adjustments and write-offs more effectively. We can help you make some modifications that help you maximize your cash flow with less effort.
How Knack Global can be your value adding partner in payment posting
With over a decade of experience, we have worked across different service providers and dealt with a multitude of insurance companies. We are able to customize our services and weave it into your existing system with efficiency. Accuracy and reliability are our benchmarks while dealing with payment posting.
It is a competitive blend of process optimization and technological intervention that makes us a preferred service provider. We position ourselves not just a service provider but as a center of excellence in helping you grow your business based on your objectives.