Payment Posting

MedMaxBill accurately records insurance and patient payments, reconciling accounts and flagging discrepancies to maintain transparency in your revenue cycle.

Payment posting may seem like a routine administrative task, but it is one of the most critical control points in your revenue cycle. Accurate posting goes beyond simply recording payments; it also reveals underpayments, denials, and billing errors while there is still time to take action. MedMaxBill’s payment posting services keep your financial records precise and up-to-date, providing your practice with a clear, real-time view of your revenue.

Why Accurate Payment Posting Matters

When payments are recorded incorrectly or inconsistently, problems quickly escalate. Practices that rely on manual or outdated recording processes often experience:

1. Unnoticed discrepancies between expected and actual reimbursement
2. Denials hidden within payment batches rather than being flagged for follow-up
3. Inaccurate accounts receivable reports that do not faithfully reflect actual outstanding balances
4. Delays in identifying underpayments and payer errors
5. Inaccuracies in patient billing due to account balance discrepancies

Our Payment Posting Process

1. Electronic Remittance Advice (ERA) posting: process electronic payments quickly and accurately
2. Manual payment posting: manage EOBs and paper checks with the same precision as electronic remittances
3. Patient payment posting: accurately record copayments, coinsurance, and out-of-pocket balances
4. Denial and underpayment identification: identify discrepancies between contracted rates and actual payments
5. Adjustment and write-off review: ensure that contractual adjustments are applied correctly, rather than simply assuming them
6. Daily reconciliation: reconciliation of recorded payments with bank deposits to ensure complete financial accuracy

What We Catch That Manual Posting Often Misses

1. Underpayments relative to contracted fee schedules
2. Denials included in batch payment remittances
3. Duplicate or incorrectly applied payments
4. Erroneous adjustment codes affecting patient balances
5. Coordination of Benefits (COB) discrepancies between primary and secondary payers

Benefits of Partnering with MedMaxBill

1. Cleaner, more accurate financial records throughout their practice
2. Earlier denial detection, which allows for a faster resolution
3. Improved AR accuracy, facilitate better prioritization of follow-up
4. Reduced patient billing errors derived from mismatched or deferred records
5. Stronger financial reporting to practice decision-making

How It Works

1. Remittance receipt: Paper ERAs and EOBs are collected daily.
2. Accurate posting: Payments, adjustments, and denials are recorded on the corresponding claims.
3. Discrepancy flagging: Underpayments and denials are routed for follow-up or appeal.
4. Daily reconciliation: The recorded totals are cross-checked against the deposits to confirm their accuracy.

A Partner Focused on Financial Accuracy

Based in New York, MedMaxBill employs rigorous and meticulous payment-recording practices that provide medical practices with a solid financial foundation and an early-warning system for revenue-related issues.

Get Started

Keep your financial records accurate and denials visible from day one. Contact MedMaxBill today to discover how our payment recording services foster a healthier revenue cycle.