Does your medical facility want to focus on core medical functions, minimize billing denials, increase efficiency in the billing process, cut down on costs, and ensure timely reimbursement all at the same time?
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Payment and Cash Posting
Payment Posting process at ikogitate includes:
1. Reading and Analyzing EOB
EOB basically consists of patients’ names, their account numbers, control numbers, service dates, procedure codes, billed/allowed/adjusted amounts, denials information, deductibles, co-insurances, co-payments if any, etc. Once you receive the EOB from the insurer our resources do not just key in the mentioned details into your billing system rather go through it carefully, and analyze it to identify payment and other related patterns like the percentage of insurance receivable, frequency of inflows, denials, amount outstanding percentage, etc., and then record it.
2. Analysis Based Action
Once we establish the payment receivable patterns, we immediately send out the necessary action chart to the respective billing departments to take necessary measures to increase the inflows. For instance, if there is a difference between the allowed amount and the payment amount, then balance payable amount will become the patient’s responsibility. The EOB clearly states as to why the balance need to be paid by the patient, in cases like co-payment, deductibles or co-insurance or uncovered insurance. iKogitate immediately passes out this information to the billing department which helps them to collect the outstanding receivable from the patient easily and swiftly. Read an article on 6 effective ways to collect patient balances.
3. Inflow Statement
We keep a real time track on the outstanding amount receivable and the cash inflow status so that the rate of cash inflows can be easily accessed and necessary actions can be taken to improve the cash flows.
We Improve Your Overall Medical Billing System
Accurate claim posting depicts your overall billing efficiency and infrastructure, and sorts out reasons for low inflows, if any. This would invariably help in improving the overall billing system right from converting the physician billing into a charge entry, to preparing a manual or electronic claims submission, and the final cash posting.
Faster Denial Management
Once we look at the rate and nature of denials we immediately utilize our denial management expertise to fix the issue and bring down the denials to the lowest.
Presence of Specialized Claims Posting Resources
We clearly understand that cash payment entry is not a mere claims data entry job, and involves domain expertise and work experience to ensure that accuracy of information is maintained, and most importantly, proper analysis is done by the resources involved.