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Enhancing the Abilities of Healthcare Sector Blogs
Enhancing the Abilities of Healthcare SectorPayment posting is the process of logging payments into the medical billing software to get a comprehensive view of the organization’s financial picture. Doing so provides a perspective to the providers and administrators on the overall financial health, enabling them to make informed decisions. Posting payments is an extremely important part of the overall revenue cycle management process. Automated posting software replaces manual, repetitive parts of the process and, in doing so, maximizes the speed and accuracy of the process.
When physicians provide medical services, they receive reimbursements from insurance payer companies. In addition to that, they also send over electronic remittance advice (ERA), which will elaborate on the aspects of the insurance coverage. OSP can develop software for payment posting to retrieve the ERA automatically and post it on the relevant platform. This takes away the need to post payments manually. As a result, hospitals and practices can avoid doing this and focus more on other important activities.
Automating the retrieval of ERNs accelerates and optimizes the overall revenue cycle management and eliminates posting errors. Payment posting automation helps organizations improve revenue cycles in the long run.
OSP can design automated posting software to help providers and healthcare organizations analyze payments. Our software to automate posting payments for medical billing will reveal insights about the nature of those payments. These insights help identify the reasons for the loss of reimbursements, delays, or denials. Subsequently, providers can take appropriate measures to ensure optimal revenue cycles and prevent losses.
OSP will leverage the latest healthcare automation to develop a platform for medical payment posting. It will streamline billing workflows and help improve the overall revenue cycle management process.
Hospitals and medium-sized clinics normally see anywhere between a few and a few dozen patients daily. Needless to elaborate, such organizations would need staff to post insurance payments as part of the revenue management workflows. OSP can build posting software that will handle multiple payment postings automatically. This will benefit larger organizations as automation would accelerate workflows and minimize errors. As a result, the organization can maximize its revenue cycle efficiency and better serve its stakeholders. The staff can devote their time and energies towards other productive activities without having to bother with posting payments.
OSP has developed numerous software solutions for a large clientele in the healthcare industry for a decade. We are well aware of the regulations surrounding data security and ensure that all our solutions comply. We prioritize HIPAA compliance and carry out numerous tests to ensure that our solutions for payment posting automation will protect the confidentiality of payment information. OSP’s solution will feature access controls and prevent any loss or leakage of sensitive information. By preventing unauthorized access and having audit functions, our posting software offers comprehensive data security.
Denials are an integral part of healthcare organizations’ revenue cycle management process. A denial can happen for several reasons and often costs providers their revenues. OSPs can design software for medical billing payment posting, enabling provider organizations to carry out denial posting. It is essential for understanding a patient’s A/R Accounts receivable cycle. Our software will record all the denials and enable providers to optimize their denial management process.
OSP’s solutions for payment posting automation make all the payment information available on a single dashboard quickly and without errors. As a result, providers can get a comprehensive overview of their financial situation and identify where they can improve or where they are losing revenues. This insight enables them to make informed decisions regarding their revenues.
Manual posting of payments leaves room for errors, which will result in re-work. This is even more likely in the case of hospitals that deal with many patients each day. But payment posting automation eliminates the likelihood of human errors by minimizing human intervention. As a result, there is greater efficiency and productivity in the overall revenue cycle management workflows.
Patients might need to be made aware of any changes to their health plans and coverage due to changes in their employment or other reasons. This is especially true for existing patients. However, OSP’s solution for posting insurance payments provides clarity and enables providers to assess denials better. As a result, they can take the necessary steps according to the patient’s coverage and prevent further denials.
OSP's RCM application is a one-stop solution for all your billing and revenue cycle needs. Streamline your workflows, identify scopes of cash flow and reduce denials.
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We reached out to OSP to provide an estimate on a technology solution we were interested in developing. From the initial conversation, the team was professional, courteous, and thorough. We were able to make a quick decision to move forward with OSP because we were confident that our requirements were accurately captured and the development deliverables and associated costs were clear.
The OSP development team stayed on schedule and within budget throughout the build phase and provided weekly communications to keep our team informed along the way. If we require application development in the future, OSP will be the first call we make.
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