Is your Medical Practice utilizing the Auto-Payment Posting option?
Payment Posting is an important part of Medical Billing Process. It helps catch errors or mistakes in the patient bills before sharing the statements with the patients. This process can be time consuming and is easily prone to human errors. To prevent this, Medical Practices are shifting towards Automatic Payment Posting.
Automatic Payment Posting
Auto-payment posting is a (Medical Billing) Software driven process which fast tracks the claim life cycle by handling the accounting aspect of the payment posting automatically. The ERA received through the systems are read by the software and posted without any manual effort.
While filling claims manually, chances of making a mistake in the data entry are high. Claims need to be rechecked before submission however if such errors do creep in, it causes denials leading to delayed reimbursements and stuck revenue.
Benefits of Auto-Payment Posting
Auto-Payment posting helps avoid the burden of copying payers EOB manually. It gives the practice staff more time for their core business operations. It also eliminates the chances of typos or other such data errors. It enables quicker posting and fast tracks the claim life cycle.
- Helps deal with accounting more accurately.
- No need for specialized trained staff for payment posting.
- Auto payment posting saves time and prevents human errors.
- Medical Billing Software allows syncing payment posting with third party accounting software, it helps incorporate ERA without any technicalities.
- Auto payment posting provides billing staff with all the payment information helping them identify and correct under payments.
An increasing trend is reported in accounting discrepancies due to manual payment posting, this negatively impacts the whole medical billing process:
Errors in coordination between primary and secondary insurance slows down the medical billing process
Incorrect patient statements lead to unsatisfied/angry clients
Inconsistent AR management due to resubmission of errored claims
Increase in costs incurred by effort to get wrong debt from patients
Negative impact on Patient’s trust in Medical Practice due to inaccurate patients’ statements
Here are some statistics that further elaborates the importance of auto-payment posting!
80% of US medical bills contain errors due to manual entry
The average hospital bill over $10,000 has $1,300 in error.
(Equifax)
Poor billing practices cause doctors in the US to lose an estimated $125 billion each year.
(Equifax)
77% of providers say it takes more than a month to collect payment due to manual work it requires.
(Healthleaders Media)
Healthcare can save $20 billion or 48% of existing annual spend by fully adopting electronic transactions.
(CAQH CORE)
74% of millennials (but just 27% of Baby Boomers) would switch healthcare providers for a better experience with payments.
(Ibid)
Automation is revolutionizing the Healthcare industry although some Medical Practices worry that their dependance on automatic systems results in them missing out on potential gains and other errors. It is almost impossible to ignore the efficiency, effectiveness, speed and ease that automation offers.
AltuMED PracticeFit is a Medical Billing and Practice Management Software that optimizes the Medical Billing Process significantly. It is intuitive, cloud based, user-friendly and comes with the simplest pricing model with no hidden costs. PracticeFit is technologically advanced and incorporate AI in its systems. Have a look at the demo to learn more:
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