Remittance Processing & Payment Reconciliation

Remittance or Payment posting is a vital step of the revenue cycle management for healthcare organization.

This process involves posting payments, deposits and reconciling posting activities with deposits received in lockbox or bank. The payment posting process affects downwards Revenue Cycle and can have a major impact on patient satisfaction, efficiency, and overall financial performance.

ASP-RCM Payment Reconciliation process

Our approach on payment posting can make your organization billing process more efficient and acclerate cash:

• Our Team accesss EOB and ERA from different sources including payer portal, lockbox and billing systems and do complete reconciliation on daily deposits – This will ensure the data from both EOB’s and ERA’s match bank payments.
• Handling denials – Our payment posting updated and review denied claims to the appropriate cross functional team including coding and denial management team for rework and re-submission to payers in a timely manner.
• Patient responsibility – Our Team identify and transfer balances to the patient’s responsibility or any out of pocket that required patient payments helps to ensure faster patient billing.
• Write-offs and adjustments – We also process write-offs and adjustment in respective patient accounts and report any unusual under payment or overpayment or contractual adjustments while processing payment.
• Dashboard Reporting- Our provide dashboards on revenue recognition, forecast collections based on the historical trends and provide inputs on trends in denials