Payment Posting in Medical Billing: Here's What You Need to Know

The success of your medical billing business largely depends on accurate payment posting. This is because you need to ensure that all your payments are received and deposited correctly without any errors. Here, are some tips to help you manage the payment posting process effectively

Understand the process of payment posting

It is important that you understand how to manage payment posting in detail. There are various aspects that need to be considered so that you can get the best possible results. A great place to start is to educate yourself about the different steps involved and how they work. Once you understand the process, you will be better equipped to manage the process.

Clear payment posting process

The first step is to make sure that your company understands the core aspects of payment posting and understand what it takes to manage it successfully. You should provide a clear definition to your employees as well so that there is no room for confusion.

Handle your payments properly

Check the status of your payments on your medical billing website, so you are able to see when your payments have been posted. In addition, make sure that you log your posts by filling in the required information so you are able to upload the correct documents to help you manage the payments properly.

Include your invoice's barcode on every posting of payments

For the current issue, when a payment is posted, you need to include the invoice's barcode. This is important because you need to send the document for approval to the patient's insurance and/or payment administrator.

See which billing blocks are blocking your payment's posting

If you are aware of any billing blockages, it is best to notify the customer so he/she can resolve the issue before it can block your payments.

Establish relationships with your clients

This is a no-brainer, but the more familiar you are with your clients, the easier your payment posting process will be. Besides, if you don't have their contact details, you won't be able to pay them at all. As a rule of thumb, be sure to ask for their names, business addresses, company email addresses, and phone numbers if you need to contact them for any reason.

Keep careful track of the payments you make

Once you start receiving payments for your services, you will have to track them carefully to make sure you pay your clients on time. This is the best way to avoid any mistakes. Just like with your payments, make sure you make careful notes of when you pay clients. This way, you'll have a reference when you need to go back to make payments on other bills.

Practice good customer service

The success of your medical billing company is largely dependent on your ability to provide impeccable customer service to your patients. The patients want the fastest service available, so it is important to send emails and follow up calls promptly to ensure that the patients are receiving the best service possible. This is because you are unlikely to get repeat customers, which means that you need to remain consistent in your service to the customers, so that they are able to perceive your company as reliable.

Assign Accountants

If you are running a medical billing business, you will need to consider the needs of your accountants. This will help you form the right strategies in paying bills, which will make it easier for your accountants to follow up on their payment needs.

Be fair and transparent in all conversations

Frequent discussion is needed in your business, as this will encourage customers to trust you. You must avoid discussing payment issues in the presence of staff or customers, as you may get complaints about such conversations. Instead, use a one-on-one approach in discussing payment issues with customers.

Be clear with your billing and collection process

Do not over-burden customers with many different payment options or processes. It can be expensive for them to keep track of payment details. Also, each separate billing/collection process should be clearly explained to your customers in writing. A good practice to follow is to consult with your patients before setting up any billing processes.

Keep your promises and agreements

If you make a promise, don't lie to your patients. Even if you've taken a cut in your fees, promise that you'll make up for it. For instance, say that you'll mail a cheque for £200 to the hospital, after deducting their courier charges. If you don't, your patients might think you're just trying to rip them off. You should take responsibility for your company's actions.

Provide support and guidance

If you don't provide the assistance your clients need when making payments, then why should they continue using your services? Always offer on-the-go support and guidance. You can also suggest an online payment solution to them. For instance, Zonitise, a Nairobi-based digital payments company, is offering a merchant gateway that allows the patients to pay their bills using their mobile phones.

Conclusion

Medical billing is a very important part of healthcare, and you must remember that you are only as good as the quality of your clients. Following the tips from the above article can help you succeed in medical billing.