Your revenue cycle management (RCM) can streamline your billing processes, provide consistent payments, eliminate redundancies, and make you financially successful. For RCM, cash posting is a detailed element you can’t overlook.
When there are posting errors, it can cause revenue cycle problems, confusion in accounts receivables, and more. It’s crucial to implement a functioning system, whether in-house or outsourced to an experienced DME billing company.
Why Cash Posting is Crucial to Your Revenue Cycle Management Success
RCM relies on a consistent and accurate cash posting process after claims submission. When there’s a constant and timely cash posting process in place, the accounts receivable information stays consistent.
While the cash posting process helps to ensure RCM success throughout the claims process, the Document Review process also supports the RCM. Document Review acts as a “defense system” for the RCM. It maintains the posting process while helping to identify potential claim denials.
Cash Posting Advantages
Cash posting is a significant part of your RCM, and it includes more benefits than simply entering received payments.
#1 Track Rejected and Denied Claims
The cash posting system makes it easy to track claims from intake to payment. It gives you the ability to see why a claim was rejected or denied then make the necessary corrections to resubmit for payment.
#2 Identify Claim Denial Trends and Get Paid Faster
As you follow the claims, you will notice any ‘claims trends,’ i.e., you frequently receive denials from a particular payer. Then you can review the denial to correct it and prevent the error from reoccurring.
For instance, certain payers might require specific documentation. By learning what’s needed, the billing staff can include that documentation every time a claim is submitted.
#3 Accuracy in Revenue and Accounts Receivables
A complete and thorough cash posting system significantly improves the accuracy of your accounting “books.” By posting the correct allowables, payments, and adjustments, you will have a clearer picture of what you can reasonably expect to collect.
Expand Your Business with Accurate Cash Posting
When you choose to improve your cash posting system in-house or outsource to an experienced DME billing company, like Medbill, you will be able to identify opportunities to expand your business.
- Increase profits
- Establish a consistent or growing revenue stream
- Increase your time and resources, which allows you to:
- Focus on marketing efforts
- Expand the business
- Find new customers
- Add new technologies
Learn How Medbill Can Help You
As experts in DME Revenue Cycle Management, the Medbill team can assist you with cash posting, document review, and claims submission. Connect with Medbill today to learn how we can help you with your cash posting and RCM needs.