Medical Billing

                    The insurance companies on an average, takes 30 days to process a claim once the insurance company has completed processing the claim, they issue a check, a check voucher and an explanation of benefit (EOB) to the associated billing office. The cash posting team then reviews the payment versus the amount billed. Payments are posted for each patient account in the billing software. Cash department is responsible for posting all payments (Insurance payments and patient payments) accurately to the respective patient accounts and other accounts.

                  The amount paid by the Insurance Companies and Patients are deposited in the bank where the Physician or the Facility has an account. Deposits received from these entities on daily basis are called Daily Deposits.A deposit report gives us complete details of the check amount received reconciling with the amount specified in the explanation of benefits. This report is essential because it ensures that there are no checks or payments that are not posted without any reason.

                A form included with a check from the insurance carrier, which explains the benefits that were paid and/or charges that were rejected or denied. This form will have information and payment details for multiple patients. Date of service and or procedure code will be the key to match the charges.The process of entering and matching the payment to the charge entered in the billing software is called Cash Posting.Cash department identifies excess payments received and does a complete analysis on those accounts.

                 They prepare all backup documents that need to be sent along with the refund check to the patient or insurance explaining the reason for refund. They also need to highlight that information in the ‘overpayment form’ to the insurance carrier.Insurance companies also identify excess payments made by them in their audits and request a refund from physician or facility. Usually insurance companies request refunds to be made within 30 days from date of their request. Any delay in refund will result in an offset or the refund amount has to be paid with interest.