Back to Basics and Essentials in Dental Payment Posting

Presently, group dental practices, dental hospitals, and dental clinics confront an important challenge each day - that of processing the huge amount of remittance paperwork or the EOBs regularly which follows the payments get from insurance payers.

On average, more than 22% of the dental payments today are manually keyboarded because of the payer's inability to offer again electronic remittance advice (835/ERA) to the providers. This in turn providers of costs a lot of resources and time while compelling them to manually re-enter the payments.

This process is also called as dental payment posting, which is too crucial as any incorrect posting can lead to wrong accounting, further creating down the line issues.

EFTs and ERAs to Protect

Both EFTs and ERAs are technically-advanced electronic utilities that can assist you in saving money and time. Let's have a view of them in complete detail.

ERA (Electronic Remittance Advice): It is a type of electronic communication that is HIPAA-compliant and comprises claims payment details. With the assistance of ERAs, you can change the paper-dependent EOB (Explanation of Benefits) statement. Some other advantages of ERA in payment posting comprise -

An ERA is available for all kinds of plans of benefit

Based on the AR software, one can post the payments without any manual interference

Distinct ERA files can be availed for the similar tax identification number (TIN) and can be categorized by the address of billing

The printable editions of ERAs make it simple to submit claims of coordination of benefits

EFT (Electronic Funds Transfer): EFTs provide a secure and efficient process for electronically depositing payments of claims into a certain bank account. Some of the advantages of EFT in dental payment posting include

Confidential and secure deposits of claims payments

Quick payments as compared to paper examinations

Payments can be confirmed easily by matching them to ERAs

Decreased handling time by paper usage and staff members

The Benefits of EFTs and ERAs in Dental Billing

The healthcare industry established technology, and standard labeled ANSI 835, for electronic insurance reconciliation and the payments just some years back. Both EFT and ERA are an integral component of this standard.

 While EFT (Electronic Funds Transfer) make sure insurance, organizations can provide electronic dental care payments to providers upon valid claims adjudication, ERA (Electronic Remittance Advice) is generated as a standard format of a report which is then forward by insurance organizations to providers as a clarification of payments made. Both these technologies assist together to expedite the insurance payments delivery while simplifying the entire procedure of patient accounts reconciliation.

Benefits of EFT in Dental Billing

Funds can be directly transferred to a bank account thereby enhancing cash flow

Payments can be matched easily to remittances

Files can be directly imported into your choice of the practice management system, thereby removing the requirement for manual entry

Remittances can be printed and viewed online as and when essential

Various bank accounts can be deployed if needed

Payment management from various insurance organizations becomes simple

There are various security attributes to make sure every user's access is controlled strictly

Simple-to-deploy reporting and search tools are available

Instant access to funds

Removal of risks like inaccurate credit deposits, and paper checks being lost, etc.

Benefits of ERA in Dental Billing

The decrease in compliance issues, administrative expenses, and transactional time

No requirement to manually verify, post-payment checks, and enter

Capability to sort quickly between unpaid and paid ERAs for simple accounting

Simple denials company via a manageable application

Analytics Real-time reports for excellent clarity

Simple confirmation on a check-by-check or charge-by-charge basis

Enhanced rate of collection of payment by being enabled to easily identify claims below payments

Enhanced collection efforts, decreased denials, and better first pass resolution rates

Easy access to statements of patient

Dental Payment posting is a basic part of the revenue cycle. It impacts the other main workings of the billing and can have a main effect on efficiency, financial performance, and patient satisfaction. Correctness in payment posting is very important for an enhanced revenue cycle.

 After payments are posted to the accounts of the patient, any type of denials can be addressed easily. Payment posting must not be avoided as it assists you promptly catch billing problems and make changes.

Why Is Payment Posting Crucial?

The process of dental billing includes a huge number of instructions with various claims being processed regularly. It works as the first line of protection to detect payer issues. At DentalRCM, we have a team of highly talented experts who take up the accountability of payment posting for your practice.

Our team confirms all data entries to make sure that your practice gets results without any error.

Important Factors:

In this, the records of payments of patients are recorded in the software of practice management. It also assists detect the problematic areas and their causes along with measures to be taken:

Explanation of Benefits (EOB) Analyzation: EOB has all the personal data of patients beginning from services provided, to the insurance billed amount, adjusted and allowed money. It also comprises co-pays, and denials, etc.

The analysis is performed to confirm the data and to examine if the claims were accurately processed.

Billing Patient: If there is pending payment from the insurer, the remaining deductibles, copays, uncovered bills, and the coinsurance are further sent to the patient for reimbursements. This information must be passed to the billing department to enhance cash flow.

Dental Payment Posting

At DentalRCM, we comprehend that dental payment posting is an integral component of dental accounts receivable services. We are aware acutely of the sensitivity of the entire process and comprehend that an efficient and correct process can help clients save on expenses while improving their operational efficiency.

We process over lots of dental billing transactions per month for our customers in America alone, and some of the important advantages of our process comprise -

Our right dental billing processes assist you to gain the complete understand of your revenue cycle for excellent revenue management

We assist you easily segregate denials and adjustment to fix recurring issues

All issues are decreased since we confirm all ERTs with their ERAs respective

Want to know more about our streamlined and time-tested dental billing procedures? Call us right away on our toll-free number (888) 315-2050 and get the advantages of partnering with a rightly global service provider.

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