Cash posting is an essential part your revenue cycle. Accurately applying payments, adjustments, and denials to line items in your accounts receivable (A/R) remains the key to success – one that your billing team probably knows like the back of their hand. Still, there are ways to streamline this process.
The three best practices I share below can save your team considerable time and effort.
Are you ready to streamline your cash posting? A lockbox acts as a P.O. box at your bank, where mail, including checks, are sent and automatically deposited and scanned. You reclaim time once spent opening mail, depositing checks, and creating deposits for your cash posting team.
Are you still manually posting cash? HME billing systems are equipped with auto-posting, which saves you time, paper, and postage. By working with your clearinghouse and payers, you can sign up for electronic funds transfers (EFTs) and electronic remittance notices (ERNs) so that funds are directly deposited into your account via ACH and 835 remittance files are received for auto-posting.
If you are a large HME provider, you have the option to convert your paper remittance to electronic. This service, in conjunction with a lockbox, deposits your checks, scans your explanation of benefits (EOBs), and converts them into ERNs that can be auto-posted in your HME billing system.
Your revenue cycle is highly dependent upon your cash posting team. Staffing your team appropriately will ensure that backlogs do not form. After all, A/R collectors do not want to sit on hold with insurance companies only to find out that claims have been paid, but not yet posted in your HME billing system!
Training your team to take action also has benefits: They will develop a keen eye for adding secondary payers, processing adjustments and recoupments, posting denials, and recognizing under-payments.
With these three best practices, you can put your cash posting team – and your company as a whole – on the path to success.
If your team needs cash posting assistance, Prochant’s team of billing experts is available to chat. Contact us today to see if we can help you move your HME business in the right direction.
This article originally appeared in HME News’ Smart Talk series.
Prochant helps HME providers become more profitable by combining superior billing and process outsourcing with highly-skilled specialists. We audit existing front and back-office processes, rapidly implement changes, and conduct proactive analytics to enable providers to consistently exceed industry benchmarks. Headquartered in Charlotte, North Carolina, our clients include leading medical equipment providers and health systems.