Mike Tompkins – The Magic of Automatic Payment Posting
Here’s what to expect on this week’s episode. 🎙️
Manually reconciling payments on the backend of your billing system can lead to unnecessary labor costs, delayed payments, billing inefficiencies, inadequate reporting, and many other challenges.
We talked through the intricate world of payment posting with Mike Tompkins from in2itive, mainly focusing on commercial payers. Here are a few highlights from our discussion:
➡️ Many ASCs, possibly over 60%, still rely on time-consuming manual processes for payment posting. This can be tedious and error-prone, impacting everything from day-to-day operations to end-of-month reconciliations.
➡️ Manual posting can consume an entire full-time employee’s (FTE) monthly workload, translating to around 160 hours of manual data entry.
➡️ Shifting to automated posting processes can significantly reduce errors and time spent on administrative tasks. This shift can free up staff to focus on other revenue-enhancing activities like credit balance refunds, contract reviews, and follow-ups on denials.
➡️ A significant step towards improvement is understanding and leveraging the capabilities of your existing software. Many ASCs are unaware of their software’s full range of functionality, which could include automated payment posting features.
➡️ It’s crucial for ASCs to continually evaluate their processes and technology to ensure they’re leveraging the most efficient methods available for their revenue cycle management.
Find the full episode on Apple Podcasts, Spotify, or YouTube to hear all the details.
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