Never fall behind on payment posting again!
Utilizing electronic remittances, posting denials, and monitoring adjustments versus vs versus fee schedules increases efficiency and reduces payment posting workload. It also improves the ability to route work, automate secondary billing, and quickly respond to denials and underpaid claims.
Payment posting comes with the following challenges - challenges that we can tackle for you.
- Inefficiencies and lost revenues due to the lack of ability to match and manage explanation of benefits (EOBs), payments and submitted claims.
- Complexity and variation of EOB terminology, diversity, exceptions and denials, and multiple payers.
- Inaccuracy of payment posting, resulting in incorrect patient statements and poor patient satisfaction.
- Excessive unallocated payments that are left unresearched with credit balances on the accounts.
- Incorrect denial and adjustment posting that results in lost revenue.
Legacy Consulting Payment Posting Services
We have the expertise to manage the entire, tedious process of payment posting, so your staff doesn’t have to. We offer all the following payment posting services.
- Obtain copies of all patient and insurance checks and EOBs from client.
- Obtain notifications of direct deposits.
- Download ERAs and/or access ERAs from payer websitesManage ERAs compared to direct deposits to ensure all payments are posted.
- Post payments in the billing system (Electronic/Manual).
- Gain instant access to exceptions for payment recovery and faster processing.
- Convert EOB from paper to electronic.
- Produce of HIPAA approved 835s.
- Leverage denial management tools to aid in denial management reporting.
- Set up allowable fee schedules by payor to aid in the tracking of the correctness of denial and adjustment posting.
- Convert remark codes to ANSI standard responses
- Report key analytics, including:
- Denial management reports.
- Denied claims by category, location, provider, payer, account, patient.
- Dashboard reports to easily analyze EOB and payer issues.
- Provide adjustment management reports and examine non-contractual adjustments trends over 6 months.
- Provide posting analysis, including trended cash reports.
We customize all services based on client needs.
|Key Performance Indicators||Best Practice Standards|
|HIPAA-compliant electronic payment posting %||100%|
|Posting backlog during the month||1.0 days|
|Posting backlog end of the month||0 days|
LEGACY CONSULTING offers the following services:
LEGACY CONSULTING possesses the thorough understanding of reimbursement contracts, payor guidelines, and reasons for claim denials necessary to predict successful cash collections. At LEGACY CONSULTING, we provide denial management tools to allow your practice to evaluate performance using revenue collection metrics, which reduce denial rates and proactively challenges a payor’s denials. Our capabilities and client results include:
- Assistance with practice management system setup for Electronic Remittance Advice (ERAs) with eligible payors, which improves staff productivity by 70%.
- Payment posting completed by a dedicated team held to 98% accuracy standards.
- Regular quality control reviews of payment poster’s work.
- Improved denial management through entry of denial transaction codes, facilitating follow-up and denial reporting.
- Use of trended denial reports by practice, provider, and payor to monitor your percentage drop for denials.
- Set up of allowable fee schedules for all major payors to track accuracy of denial and adjustment posting.
- Use of tracking tools to compare insurance allowed/expected vs. actual payments.
- Reducing unposted cash and posting backlog from approximately 20% to 0% by ensuring that all receipts are posted prior to month end for accounting purposes
- Reducing your staffing and training up to 30%.
- Researching and resolving payment discrepancies daily.
What Our Customers Have to Say
Legacy Consulting Services, Donna and her team have been amazing to work with! Their industry knowledge and expertise helped us both streamline our payment posting processes and decrease our days in AR. They have been attentive to our needs, responsive, professional and most importantly, reliable. Thank you for being a true business partner!
Bright Tiger Dental
Our facility began using Legacy Consulting Services when we struggled with timely claims and denials in addition to little cash flow. From the beginning, our experiences with the staff have consistently been handled in a highly professional manner. Legacy has even taken the time to better educate our staff on appropriate processes for quicker payment turn around resulting in more cash flow for our facility. A consistent team from Legacy is the same team working our facility revenue items day in and out. This provides diligent support and attention to our accounts by the same people instead of a new person each day. Our facility has been able to lower our Accounts Receivable days to 25.
Physician Clinic Manager, Warren Memorial Hospital
Getting your reimbursement from payors is key to any successful practice. However, ensuring those payments are posted accurately and denials are worked promptly, can not only make a huge difference in your cash flow, but your practice’s overall financial health. Why is timely payment posting so important? When payments are posted within 24-48 hours of […]Read More