Medical billing is a profession that deals with the financial aspects of medical care. Medical billing professionals are responsible for collecting bills, processing insurance claims, and helping to manage patient accounts. If you are looking for ways to make more money in this field, then check out these 3 tips for payment posting in medical billing.
Be diligent with your coding
Some medical billing professionals handle all of the medical billing details for their practices. For example, a certified medical billing services will serve as the primary contact person, answer the phone, and review customer accounts. Others may handle only a portion of the billing process for a physician, or may have some time-sensitive responsibilities. It is often helpful to know the billing responsibilities of your employer. Many employers will offer this information, or may ask that you inform them on a bi-annual basis about your progress and the nature of your work. By carefully and consistently following the billing process, you can minimize mistakes and fraud. You will also be the first contact for some customers who may have questions or need assistance with bill processing.
Identify the type of payment
When you start your own medical billing business, there are three types of payments that you will likely receive: Electronic payments (files sent by patients to their insurance company). Payments sent by insurance companies. Insurance payments. With electronic payments, you can choose to mail the medical bills to the patient. You will also need to obtain permission from the patient to send the electronic payment. With insurance payments, you can send the bills directly to the insurance company. You should always ensure that you include the patient's name and insurance ID number on the bill. This is to prevent the insurance company from withholding the payment, and it will make life easier for the patient to make a claim.
Post payments in a timely manner
It's pretty simple: if you want your clients to pay, you need to post your payments on time. Patients with unpaid bills might have trouble in the future when they apply for new insurance coverage or any other services. If you fail to post your payments in a timely manner, you can expect that your patient's medical bills will be sent to collections and they will be at a higher risk of default. An excellent tip to ensure that your payment schedule is on time is to create a recurring billing cycle. You can schedule your bill for every month and pay it off in advance. This will allow you to make sure that your patient gets paid on time and you won't have to scramble at the last minute to pay off the unpaid bills.