Payment Posting Services

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.

Challenges:

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.

Schedule a call to discuss further and request a quote!