Caresync Billing Company prioritizes payment posting management as a critical aspect of its medical billing services. This process involves accurately recording and applying payments received from patients and insurance companies. Key steps include verification, allocation, updates, adjustments, and reconciliation. Caresync Billing Company is committed to maintaining accurate financial records and preventing errors through meticulous payment posting management. By leveraging automation and implementing robust quality control measures, Caresync Billing Company enhances efficiency and reduces the risk of errors, ensuring optimal financial performance for its clients.

Introduction

This Standard Operating Procedure (SOP) outlines the step-by-step process for payment posting management at CareSync Medical Billing. Accurate and timely payment posting is essential for maintaining precise financial records and optimizing cash flow.

1. Payment Receipt and Verification

– Daily Review: Review all incoming payments daily.
– Verification: Verify the accuracy of payment information, including payer name, check or remittance advice number, and payment amount.
– Matching: Match payments to the corresponding invoices or claims.

2. Payment Posting

– System Entry: Enter payment information into the billing system.
– Correct Application: Ensure payments are applied to the correct patient accounts and invoices.
– Adjustments: Apply any necessary adjustments, such as refunds or credits.

3. Payment Reconciliation

– Daily Reconciliation: Reconcile daily payments with the bank statement.
– Discrepancies: Investigate and resolve any discrepancies between the bank statement and payment records.
– Adjustments: Make necessary adjustments to the payment posting records.

4. Payment Posting Reports

– Regular Reports: Generate regular reports on payment posting activity, including payment summaries, reconciliation reports, and aging analysis.
– Analysis: Analyze reports to identify any errors or inconsistencies.

5. EOB/RA Processing

– Review EOBs/RAs: Review Explanation of Benefits (EOBs) or Remittance Advice (RAs) from payers.
– Payment Posting: Post payments based on the information provided in EOBs/RAs.
– Denial Handling: Identify and address any denials or underpayments.

6. Patient Refunds

– Refund Processing: Process refunds for overpayments or errors.
– Documentation: Document the reason for the refund and any supporting evidence.

7. Cash Posting

– Daily Cash Posting: Post cash payments to the appropriate patient accounts.
– Verification: Verify the accuracy of cash posting information.

8. Bank Deposits

– Daily Deposits: Deposit all cash and checks received daily.
– Reconciliation: Reconcile bank deposits with payment posting records.

9. Error Correction

– Identify Errors: Identify any errors in payment posting.
– Correct Errors: Correct errors promptly and accurately.
– Documentation: Document the error correction process.

10. Quality Assurance

– Regular Audits: Conduct regular audits of payment posting procedures.
– Training: Provide ongoing training to staff on payment posting procedures.
– Continuous Improvement: Implement measures to continuously improve the payment posting process.