For many of the hospitals we partner with, the end of the month means crunch time.
Cash posting services, a time-consuming but essential aspect of the accounts receivable process at any healthcare facility, can create ongoing backlogs in smaller or understaffed business offices.
The process begins after treatment when hospital staff receive a document from the insurance provider, known as an explanation of benefits (EOB), which describes the services provided to the patient and expenses covered by the payer. Insurance payments, contractual adjustments, and patient responsibility are then applied to the appropriate patient accounts.
It can be difficult for smaller or understaffed hospitals to complete daily payment posting. The resulting backlog can hit business offices hard. First, there’s the overtime created by that final push to get everything entered at the end of the month or fiscal year. Then there’s the effect on morale. With staff often stressed and overworked, taking time off to prevent burnout can be very difficult.
MEDHOST Revenue Cycle Services can provide a daily, custom-tailored cash reconciliation report to show where revenue goes and account for every cent. This process creates a steady stream of revenue rather than a huge influx at the end of the month, and paints a more accurate picture of your facility’s overall financial health.
Here are three ways daily cash posting can benefit your staff and your bottom line:
We pride ourselves on our same-day cash posting and reconciliation, Monday through Friday.
With reconciliation reporting happening daily, facilities are less likely to see a backlog accumulate, eliminating unnecessary overtime and improving morale. That means no more scheduling vacations around the end of the month or fiscal year-end activities.
Hospitals that employ MEDHOST Revenue Cycle Services will likely see more consistent revenue postings, giving them a better idea of how and when money is coming in.
Moreover, we provide daily transmission of PDF insurance remittance advice and insurance correspondence using a Secure File Transfer Protocol (SFTP), which allows business office staff to retrieve this information when needed and store it within their own personal network. We also take this one step further and automatically archive electronic remittances (ERA) to the patient accounts during our cash posting process.
Having a better understanding of their revenue situation means healthcare leadership can make informed financial decisions and better allocate resources to prioritize patient care.
Keeping track of ever-changing payer filing limits and rules can make submitting and appealing claims chaotic, to say the least.
MEDHOST Revenue Cycle Services simplify the filing process by providing the oversight of dedicated cash posting experts, who can help ensure filing deadlines are met, appeals are made on time, and payments are posted daily.
Our strategy when assigning roles within the business office also includes staff who work with specific insurance payers. This focused approach helps us stay on top of common payer trends and delayed payment strategies that can hinder reimbursement and disrupt the revenue flow to your organization.
To learn more about how MEDHOST daily cash posting services can reduce overtime, increase transparency, and simplify timely filing, contact us at 1.800.383.6278 or email firstname.lastname@example.org.