Payment Posting

Steps

Accuracy is key when it comes to payment posting. Any mistakes or discrepancies can lead to claim denials, delayed payments, and even legal and regulatory issues. To ensure accuracy, healthcare organizations typically have dedicated payment posting teams or use specialized software to automate the process.

In order to post payments accurately, Finiti team first verifies the source of the payment. Payments can come from a variety of sources, including insurance companies, patients, and government programs such as Medicare and Medicaid. Each source may have different requirements for payment processing and may require different information to be included with the payment.

Once the source of the payment has been verified, the next step is to verify the amount of the payment. This involves checking the payment against the patient’s account balance and any outstanding claims. If there are any discrepancies, the payment posting team will need to investigate and resolve the issue before applying the payment.

Once the payment amount has been verified, the payment posting team will apply the payment to the appropriate account. This involves identifying the patient account that corresponds to the payment and applying the payment to the appropriate charges or outstanding balances.

In addition to accurately posting payments, Finiti Payments team also ensure that they are posting payments in a timely manner. Delays in payment posting can lead to delayed payments and lost revenue. To avoid delays, healthcare organizations should establish clear payment posting policies and procedures and ensure that payment posting teams are trained to follow them.

Accurate and timely payment posting is essential for ensuring that healthcare organizations receive the full payment they are owed for services rendered. By implementing effective payment posting policies and procedures, Finiti aims to streamline the revenue cycle management processes and improve the financial performance.