Automating payment posting and more
For example, a comprehensive receivables solution designed for healthcare revenue cycle management can allow providers to automate the posting of traditional paper payments. Revenue cycle process management and automation offers a consolidated view of all remittance and payment information both from patients and insurers.
“A comprehensive receivables service also reconciles payments that are made electronically,” notes Meghan Wilmes, senior vice president and group product manager, healthcare, at U.S. Bank. “So, if an insurance company pays via ACH and sends an electronic remittance advice, the service will reassociate all of the claim data with the dollars being paid, allowing the provider to see the full reconciliation picture.”
A comprehensive healthcare receivables service will be able to convert all claim payments, both paper and electronic, into an industry-standard 835 file, which can auto-post to the provider’s practice management system. “Ultimately, this type of bank service automates posting, gives providers more visibility into incoming claim payments, supports research and trends on denials, and assists with simplifying correspondence workflows,” Wilmes says.