As experts in handling small, mid-size and large volume payments, we understand that the cash posting process marks the end of the billing cycle. The process also affects other critical areas of the healthcare provider like the overall efficiency, patient satisfaction and cash flow. Professionals with an eye for detail with complete and thorough knowledge of the billing cycle ‘handle’ the entire ‘payment’ and cash posting process at QWay HealthCare.
The competent and efficient payment posting team executes every action based on a set of procedures, last-minute errors are handled with the right protocols. The team achieves a higher success ratio and works towards closing all payment postings on the last day of the month. We work on a turnaround time of 24-48 hours with a success ratio of 100% and rally to keep it consistent.
QWay’s Cash Posting services include:
Bank Statement Reconciliation :
We reconcile accounts with the bank statement versus lockbox deposits, Credit and EFT to ensure that:
- There is no unaccounted money left to age which leads to follow up and other clerical activities.
- To zero down on secondary and tertiary claims and avoid patient balances.
- To reduce on DSO and 120+ fallout.
Posting Payments :
Co-pays, Credit Card Payments and Lockbox payments.
EFT/ERA Downloads :
Our team of trained professionals download 835 files from the different clearing house websites like Claims Remedi, Emdeon, RealMed, Navicure, Zimed Gateway etc., and any errors at the time of downloading and uploading the same on to your software is deftly handled by our supervisors.
Credit Card Payments :
We process these payments with utmost sensitivity and scrutiny as we are aware that these payments come over-the-counter, over-the-phone, or as emails. We have a strict compliance policy when it comes to credit card information handling.
frequently asked questions
1. What is EFT and ERA in payment posting?
The full form of EFT is Electronic Funds Transfer. It simply means the deposit of due claim payments to the provider’s account in a secure manner. It is preferred by the majority of providers and insurance panels. ERA on the other hand means Electronic Remittance Advice. It securely contains all the payment information, in compliance with the HIPAA regulations. Both help to make the payment posting process easier.
2. Why is payment posting so important in the medical billing process?
Payment posting is much more than just cash flow management. While it affects the revenue cycle of the healthcare organization, it also provides insights into the reasons for payer rejections like delay in the prior authorization of services, services beyond the insurance coverage, and medical necessity.
3. What is the working pattern followed at QWay to handle the payment posting with minimized errors?
QWay has been experienced in payment posting for more than a decade. The team is equipped with expert professionals. They have a particular working pattern in place to avoid any kind of errors. The team follows strict protocols and handles errors in the minimum time possible. This ensures that the customer has a higher success ratio.