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Efficient ERA and EOB Posting
Synova’s expertise in accurate ERA and EOB posting, with efficient processing of payment details, identification of denials, and reconciliation of discrepancies optimizes revenue recognition and expedite reimbursement. This ensures precise financial records and streamlined revenue cycle processes.
helps with
- Optimizing revenue recognition
- Expediting reimbursement
- Streamlining revenue cycle processes
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Superfast Claim Management
Our team efficiently handles underpaid and overpaid claims through thorough reviews to identify discrepancies and negotiate with payers to rectify payment amounts, resulting in accurate reimbursement for healthcare services.
helps with
- Identifying payment discrepancies
- Negotiating with payers
- Ensuring accurate reimbursement
Effective Denial Management
Accurately record and categorize claim denials in the billing system, and take appropriate actions, such as forwarding the claim to the denial management team, billing secondary/tertiary payers, making write-offs, and initiating patient billing as required. Helping minimize revenue loss and improve claim submission process.
helps with
- Minimizing revenue loss
- Improving claim submission process
- Managing claim denials effectively
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Timely Generation of Patient Statements
Accurate and timely generation of patient statements that reflect services rendered, insurance coverage, and any patient responsibilities, facilitating patient understanding, prompt payment, and efficient RCM.
helps with
- Facilitating patient understanding
- Encouraging prompt payment
- Enhancing revenue cycle management
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Billing Services for Secondary/Tertiary Payers
Billing to secondary/tertiary payers for remaining claim balances after primary insurance payments.
helps with
- Maximizing claim reimbursement
- Reducing outstanding balances
- Coordinating with multiple payers
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Trends and Insights
Customized, trend analysis and actionable insights on significant denials, including non-covered services, authorization, and patient responsibilities.
helps with
- Identifying significant denial trends
- Providing actionable insights
- Improving denial management strategies
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Manual Errors and Inefficiency
Manual data entry in payment posting is a recipe for errors. Typos, inaccuracies, and mismatched payments can lead to wasted time correcting mistakes, delayed reimbursements, and reconciliation issues. This not only impacts cash flow but can also strain relationships with patients and payers.
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High Volume, Complex Workflows
Healthcare organizations deal with a high volume of payments from various sources. This includes insurance reimbursements, patient co-pays, deductibles, adjustments, and denials, all coming from insurers, patients, and third-party entities. Managing such a complex workflow manually can be overwhelming and time-consuming, leading to backlogs and delayed payments.
Incomplete or Delayed Payer Information
Delays or missing information in remittance advices (RAs) or electronic remittance advices (ERAs) can significantly hinder accurate posting, reconciliation, and claim adjudication. Incomplete data requires manual intervention to research and resolve discrepancies, further adding to processing delays and increasing administrative costs.
Measurable Impact
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Accurate Financial Tracking
Payment posting ensures accurate tracking of payments received from payers, patients, and third-party entities. It provides visibility into revenue streams, payment sources, and payment amounts, enabling healthcare organizations to monitor financial performance and reconcile accounts receivable accurately.
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Timely Reimbursement Processing
Efficient payment posting processes expedite reimbursement processing, allowing healthcare organizations to receive payments promptly, reduce payment delays, improve cash flow, and optimize revenue cycle turnaround times.
Enhanced Revenue Integrity
Payment posting ensures revenue integrity by matching payments to corresponding claims, invoices, or patient accounts accurately. It helps identify underpayments, overpayments, payment discrepancies, and billing errors, enabling timely resolution and optimization of reimbursement.
Receiving Payments
The process starts with receiving payments from various sources, including insurance companies, government payers (e.g., Medicare, Medicaid), patients, and third-party entities. Payments can be received electronically through electronic funds transfer (EFT), credit card payments, electronic remittance advice (ERA), paper checks, or other payment methods.
Payment Verification and Validation
Once payments are received, payment posting involves verifying and validating payment details, such as payment amount, payer information, patient account details, payment date, and payment method. This step ensures that payments are accurate, complete, and match corresponding claims, invoices, or patient accounts.
Allocation and Application of Payments
After verification, payments are allocated and applied to the appropriate accounts, claims, or invoices based on predefined payment allocation rules and posting guidelines. This includes matching payments to remittance advice (RA) or electronic remittance advice (ERA) data received from payers, identifying payment sources (e.g., insurance payments, patient payments), and applying payments to outstanding balances.
Payments posting service involves accurate and timely posting of payments received from insurance companies and patients to the corresponding accounts and claims. This ensures that your revenue cycle is properly reconciled and your financial records are up-to-date.
Absolutely. Our payments posting service can seamlessly integrate with most practice management systems and billing software platforms. This integration ensures a smooth flow of data and eliminates the need for manual data entry or file transfers.
Yes, our payments posting service handles payments from both insurance companies and patients. We have experience in managing various payment types, including electronic remittances, paper checks, and online patient payments.
In the event of payment discrepancies or exceptions, our team thoroughly investigates the issue and works closely with insurance companies, patients, or other teams to resolve the matter promptly. We keep you informed throughout the process and provide detailed documentation for any adjustments or corrections made.
Our processes include multiple quality checks and reconciliation steps to ensure the accuracy of posted payments. We also prioritize timely posting to maintain up-to-date financial records.
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Accelerated Outcomes
Value-driven Collaboration
Compliance Assurance
Bring a change to your Healthcare Operations
A partnership with Synova gives you an inherent:
Adherence towards federal, state, and organizational compliances, as well as safeguarding patient data.
Sense of ownership and commitment towards providing value.
Focus on speed, accuracy, efficiency, and optimal outcomes.
Sense of security and transparency through periodic reporting and actionable insights.
Connect with our experts for a quick analysis and possibilities.
