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Ranging from correct physician billing to claims processing, several factors contribute to the welfare of a Healthcare Facility or Provider. Equal importance has to be given to each one of them to keep one’s Practice in fine fettle. Most Healthcare facilities and Providers take great care on their medical billing services. However, only a few succeed in generating a positive cash flow. The reason is pretty simple! What’s the point in toiling over physician billing services when cash posting process is neglected? Ultimately, it is the Provider who faces a revenue loss. Let’s delve into the importance of correct and timely cash posting, Insurance Payment Posting: Most Payers send out Checks / EOBs (Explanation of Benefits) to pay for Providers’ services. As soon as the payments are received, a Provider’s billing staff is expected to post them on to the billing system to calculate the Patient balance. Formula: Patient Balance = Billed Amount (compensation for the services rendered by a Provider) – Allowed Amount (fixed payable amount by insurance companies) When a Healthcare Provider’s billing staff delay in depositing checks to the bank or scan EOBs on to the billing system, then a negative balance prevails, affecting the revenue cycle management. For timely cash posting, outsourced medical billing would be the right solution. Patient Payment Posting: Healthcare Facilities and Providers expect their patients to pay the balance amount as calculated above for the services provided. If the derived amount is very less, it is taken as a write-off. However if it accounts for more, then the amount is to be collected from patients. Most patients pay their Providers through checks or credit cards. The outstanding charges in the billing system are cleared out only when these patient payments are posted correctly. Else the AR would look artificially inflated. If this is not handled by the provider’s billing staff promptly, it causes a huge revenue loss. An astute decision would be to outsource medical billing to a reputed medical billing company. Choose Right: A renowned and highly-experienced medical billing company can lend a helping hand in posting payments on to the Provider’s billing system in a timely manner. Look no further than MGSI. About MGSI: Apart from providing exceptional medical billing services, MGSI also provides value added services like Practice and Contract Management. You can expect only the best out of this medical billing company in Florida, which has over 20 years of experience in the healthcare domain. For more details, log on to www.mgsionline.com
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