Process Executive.Medical Billing in Payment Posting Interview Questions and Answers

Posting payment is the process of recording and reconciling payments received from patients or insurance companies.

• Payment information is entered into the billing system

• The payment is matched with the corresponding claim or invoice

• Any adjustments or write-offs are applied

• The balance is updated in the patient's account

• Examples include posting co-payments, deductibles, and insurance payments

Patient appointments start with scheduling, confirming details, and ensuring necessary information is collected for the visit.

• Schedule the appointment based on patient availability and provider's schedule.

• Confirm the appointment details, including date, time, and location.

• Collect necessary patient information, such as insurance details and medical history.

• Send reminders to patients via phone, email, or text to reduce no-shows.

• Ensure that any required pre-visit documentation i...read more

Managed care plans are healthcare plans that aim to control costs and improve quality of care.

• Managed care plans negotiate with healthcare providers to offer services at lower costs.

• They often require patients to choose a primary care physician and get referrals for specialist care.

• Examples of managed care plans include HMOs, PPOs, and POS plans.

• These plans may also offer incentives for patients to use preventive care services.

• Managed care plans have been criticized for limit...read more

RCM stands for Revenue Cycle Management, which is the process of managing the financial aspects of healthcare services.

• RCM involves managing the entire patient journey from registration to payment.

• It includes tasks such as verifying insurance coverage, submitting claims, and collecting payments.

• Effective RCM can improve revenue, reduce denials, and increase patient satisfaction.

• Examples of RCM software include Epic, Cerner, and Allscripts.

EOB and ERA are two types of payment remittance advice used in medical billing.

• EOB stands for Explanation of Benefits and is a paper document sent by insurance companies to patients explaining what medical treatments and services were paid for and what the patient owes.

• ERA stands for Electronic Remittance Advice and is an electronic version of the EOB that is sent directly to healthcare providers.

• Both EOB and ERA provide important information about payments made by insurance ...read more