Payment Posting
  Payment posting is a crucial step in the medical billing process that involves recording and reconciling payments received from insurance companies, patients, or other third-party payers. This process ensures accurate accounting of all financial transactions, helps healthcare providers track revenue, and facilitates the management of accounts receivable
Receipt of Payment:
  Payment posting begins with the receipt of payments from various sources, including insurance companies, patients, government payers (such as Medicare or Medicaid), and other third-party entities.
  Payments can be in the form of checks, electronic funds transfers (EFT), electronic remittance advice (ERA), or other payment methods.
Remittance Advice (Explanation of Benefits - EOB):
  When payments are received from insurance companies, they are accompanied by a detailed explanation of benefits (EOB) or electronic remittance advice (ERA). .
  The remittance advice provides a breakdown of how the payment was calculated, including adjustments, denials, and the amount payable to the healthcare provider.
Verification of Information:
  Payment posters verify the accuracy of received payments by cross-referencing the payment details with the corresponding claims submitted.
  They ensure that the payment amount matches the expected reimbursement based on the contracted rates, fee schedules, or agreed-upon payment terms.
Claim-Level Payment Allocation:
  Payments received are allocated to specific claims or invoices. This involves identifying the claims for which the payment is intended and assigning the appropriate amounts to each claim.
  The payment poster must match payment details to the corresponding claims and services to ensure correct distribution.
Adjustments and Denials:
  Adjustments may be made to the payment amount based on contractual agreements, fee schedules, or other predefined terms.
  Denials, if any, are identified during payment posting. Denials may result from claim discrepancies, coding errors, lack of preauthorization, or other issues. These denials are flagged for further investigation and resolution.
