PAYMENT POSTING REPRESENTATIVE JOB DESCRIPTION
Find detail information about payment posting representative job description, duty and skills required for payment posting representative position.
What does a payment posting specialist do?
As a small business owner, you know that keeping your books in order is key to minimizing financial stress. By recording payments through NetSuite software, you can keep track of everything from customer transactions to cash advances. This way, you can avoid surprises and ensure your business is on track financially.
What does payment posting mean?
A payment posting is a view of the financial picture of medical practice. It provides a view on insurance payments in EOBs, payments from patients, and insurance checks from ERAs.
What is a cash posting representative?
Our company is a small business that is constantly striving to meet the needs of the customers. This week, they were made aware of an issue where two payments were combined and not properly processed. They are working to correct the mistake as soon as possible and apologize for any inconvenience this may have caused.
Is payment posting and cash posting same?
Cash posting is an efficient way to get money to your account quickly. It allows you to see the payments made, as well as the problems that have been identified. This gives you the opportunity to resolve them quickly, and keep your financial picture in good shape.
What are the steps in payment posting?
Remittance processing is an essential function of the company. They are able to efficiently and accurately process payments by using electronic remittance advisory (ERA) posting, manual payment postings, and denial posting. The team is certified in providing excellent customer service and the processing times are typically within minutes.
Why is payment posting important?
"Theaint a payment posting app like PayPal that lets you view and pay for items right from your phone? I bet it would be really useful for small businesses!" - source.
What is COB in medical billing?
The Coordination of Benefits provision in a contract applies when there are multiple health insurance plans that a person is covered under. This provision requires that all of the plans work together to ensure that the benefits are paid out evenly. This can help to eliminate over-insurance or duplication of benefits.
What are the denials in medical billing?
There are many reasons claims are denied. Some common reasons are missing information, transcription errors, billing the wrong company, patient obligation, contractual obligation, duplicate billing, overlapping claims, noncovered or excluded charges.
How do I lower my AR in medical billing?
Reducing AR days is essential to improve your revenue cycle. By scheduling patients and collecting payments in advance, you can reduce the time it takes to process claims and make money. Additionally, claim management should be done in a timely manner so that you can get paid for the services rendered.
What are the types of denials?
There are two types of denials: hard and soft. Hard denials are just what their name implies: irreversible, and often result in lost or written-off revenue. Conversely, soft denials are temporary, with the potential to be reversed if the provider corrects the claim or provides additional information.
What is the difference between EOB and cob?
In business, setting a deadline is important to ensure that a task is completed on time. COB can be used interchangeably with end of business (EOB), end of day (EOD), end of play (EOP), close of play (COP), and close of business (COB). With COB, businesses can set deadlines for tasks to ensure that they are completed on time.
What is an EOB and cob?
COB (Chitown OB) is a nickname for the time that the stock markets close in New York City. This acronym typically refers to when businesses in the Chitown neighborhood close their doors for the night. This is usually how many business professionals use this acronym to refer to the end of business in their city.
Who is responsible for cob?
Usually, when you get a medical bill, health insurance plans will pay the medical bills first. This is because they are more likely to have the resources to cover such expenses. However, sometimes a doctor may charge more than what the health insurance plan is willing to pay. In that case, the doctor may be able to get paid by another insurance company. This happens because insurers know that if they don't pay for a certain type of service, then someone else will.
What is RCM and denial?
In order to improve its revenue cycle management (RCM) and ultimately the quality of service that it is able to provide to patients, a practice must develop effective denial management techniques. denial management techniques include establishing specific policies and procedures for denying service, communicating with patients about the denial, and monitoring service availability.
What are denial codes?
Denial code CO 11 is a diagnosis that is inconsistent with the procedure that was followed. This code may be due to the patient's coverage being terminated and the patient spending too much money on services that were not covered by their policy. The code may also be due to the patient coordination of benefits failing and the time limit for filing an expired claim being exceeded.
Why are claims rejected?
A claim rejection can be frustrating, as it can result from incorrect data or from a contract term that is preventing the payment of a claim. However, it can also be difficult to determine why a claim has been denied and what could be done to make it paid.
