Improve productivity in posting payments
Payment posting helps you improve your productivity by automatically posting electronic insurance payments and streamlining the manual payment posting process. You can post insurance payments automatically with ERAs, post insurance checks from EOBs, post patient payments, and print receipts. By automating and streamlining payment posting, you can improve your productivity and save time.
Introducing ERA Technology
Over the past few years, the healthcare industry has implemented a standard for electronic insurance payment and reconciliation. This standard is commonly referred to as electronic remittance technology and is comprised of two components. First, Electronic Funds Transfer (EFT) enables insurance companies to deliver electronic payments to healthcare providers upon adjudication of valid and payable medical claims. Second, Electronic Remittance Advice (ERA) is an electronic report in a standard, computer-readable format sent by insurance companies to providers as an explanation of payment and adjudication of medical claims. These standards expedite the delivery of insurance payments and simplify the reconciliation of patient accounts.
You can unlock the full potential of electronic remittance technology with Kareo's web-based medical billing software by automatically posting insurance payments using electronic remittance reports. Kareo's automatic payment posting engine properly handles even the most advanced electronic remittance scenarios, including denials, underpayments, overpayments, multiple adjustments, automatic cross-over, secondary remittance, reversals, and more. You can review detailed adjustment reason and remark codes and save payments once processed. You can view and print all of your remittance reports in a standardized format. You can also save electronic remittance reports to your computer in ANSI-835 format and export your ERA reports for use with other programs, such as Medicare's Remit Easy Print software.
If you are using Explanation of Benefits (EOB) reports to post insurance payments manually, Kareo offers a streamlined, keyboard driven workflow to maximize your productivity. You can post payments using unique encounter numbers, also known as Patient Control Numbers (PCN), which Kareo's web-based medical billing software submits on claims and payers return on Explanation of Benefits (EOB) reports. You enter the allowed amount, paid amount, and patient responsibility information, and Kareo automatically calculates the contractual adjustments and posts the appropriate transactions to the patient's account. As you are posting payments, you can view a full transaction history on each charge and drill-down into the encounter for more details. Finally, you can post your insurance payments by batch and generate batch reports to reconcile to bank deposit slips.
We've also made it very easy to post your patient payments and print receipts. Your front-office users can accept patient payments during the check-in or check-out process. Kareo's web-based medical billing software automatically matches up patient payments accepted in the front-office to encounters entered in the back-office in order to automatically apply copays during charge entry. You can also post payments manually and automatically apply payments to patient responsibility. You can quickily print receipts for any patient payments, and if patients have overpaid, you can easily refund overpayments back to patients.