Many administrators view coding and clinical documentation as the primary foundations for efficient medical billing, often perceiving payment posting merely as a routine task. However, a proficient payment processing team can offer valuable insights that significantly enhance the overall effectiveness of your revenue cycle.
Teramed’s remittance processing experts go beyond mere payment processing; they offer insights into trends and causes of denials, prior authorizations, non-covered services, and the quality of your clinical documentation and coding practices, as well as the efficiency of your front-end patient collections.
We handle various remittance transactions with remarkable precision and promptness:
Electronic Remittance Advisory (ERA) Posting: One such type is the Electronic Remittance Advisory (ERA) Posting, which often includes a substantial number of payment transactions. The procedure for processing ERA batches entails uploading the files into the revenue cycle system and addressing any exceptions that arise during batch runs by implementing necessary corrections through the system's available features.
Manual Payment Posting: Payment details extracted from scanned Explanation of Benefit (EOB) documents are recorded, with each line item allocated to the corresponding patient accounts. Collaborating with our team to establish tailored business rules for practices and physicians will enable you to guarantee precise payments, adjustments, write-offs, and balance transfers.
Denial Posting: Our team is well-versed in ANSI denial codes and the remark codes utilized by various payers. We enter denials into the client's practice management system and undertake actions such as billing the secondary payer, transferring balances to patient accounts, making adjustments or write-offs according to established policies, and directing denied claims to the relevant work queues.
Posting patient Payment: Accurate recording of patient payments is essential for effectively closing claims and preventing inflated accounts receivable. Our team possesses significant expertise in handling payments from patients through various methods, including point-of-sale cash collections, checks, and credit card transactions via patient portals. Our payment processing specialists ensure that all patient payments are properly documented, determine the transfer of any outstanding balances to secondary insurers, and address any credit balances that may arise.
Our advanced payment processing platform, equipped with OCR technology, efficiently scans printed Explanation of Benefits (EoBs) within each payment batch and organizes all transactions in a table format, facilitating the rapid processing of large volumes of payments. Additionally, the application can seamlessly integrate and synchronize with any third-party revenue cycle management system.
Analytics: We offer comprehensive analytics that include production and quality reports on our performance, along with insights into trends related to denials, non-covered services, prior authorization, and challenges in collecting deductibles or co-payments at the point of service.
Formulate policies regarding write-offs and adjustments: We assist our clients in formulating well-defined policies regarding write-offs and adjustments. These established policies enable us to report any atypical contractual adjustments during the payment transaction process.
Denials Handling:We direct denied claims to the relevant coding and denial management team for prompt reprocessing and resubmission to payers.
Submitting Claims to Secondary Payers: This involves recognizing claims associated with secondary payers and managing the processing of any outstanding balances.
Knowledge Management: Knowledge Management involves the systematic organization of business and process rules within our knowledge management tool, .Knol. This platform enables us to efficiently monitor all updates, ensuring we deliver effective service.
Dashboards: Dashboards offer immediate visibility into process health metrics, facilitating ongoing enhancement efforts.
Get in touch with us to discover more about Teramed's Remittance Handling Solutions.