Post-service
>
Payment Posting

Efficient Posting. Streamlined Account.

We ensure prompt and accurate payment posting within 48 hours, enabling a first-pass collection ratio with our cutting-edge payment posting solutions.

48
hr
TAT
Improved
First-pass
collection ratio
48
hr
TAT
Improved
First-pass
collection ratio
48
hr
TAT
Improved
First-pass
collection ratio
48
hr
TAT
Improved
First-pass
collection ratio
What we offer

Payment Posting

Payment Posting is the process of efficiently logging the payments received from patients and payers in the practice management system (billing software). It provides us with the financial picture of the group practice.

Efficient ERA and EOB Posting

Synova’s expertise in accurate ERA and EOB posting, with efficient processing of payment details, identification of denials, and reconciliation of discrepancies optimizes revenue recognition and expedite reimbursement. This ensures precise financial records and streamlined revenue cycle processes.

helps with

  • Optimizing revenue recognition
  • Expediting reimbursement
  • Streamlining revenue cycle processes

Superfast Claim Management

Our team efficiently handles underpaid and overpaid claims through thorough reviews to identify discrepancies and negotiate with payers to rectify payment amounts, resulting in accurate reimbursement for healthcare services.

helps with

  • Identifying payment discrepancies
  • Negotiating with payers
  • Ensuring accurate reimbursement

Effective Denial Management

Accurately record and categorize claim denials in the billing system, and take appropriate actions, such as forwarding the claim to the denial management team, billing secondary/tertiary payers, making write-offs, and initiating patient billing as required. Helping minimize revenue loss and improve claim submission process.

helps with

  • Minimizing revenue loss
  • Improving claim submission process
  • Managing claim denials effectively

Timely Generation of Patient Statements

Accurate and timely generation of patient statements that reflect services rendered, insurance coverage, and any patient responsibilities, facilitating patient understanding, prompt payment, and efficient RCM.

helps with

  • Facilitating patient understanding
  • Encouraging prompt payment
  • Enhancing revenue cycle management

Billing Services for Secondary/Tertiary Payers

Billing to secondary/tertiary payers for remaining claim balances after primary insurance payments.

helps with

  • Maximizing claim reimbursement
  • Reducing outstanding balances
  • Coordinating with multiple payers

Trends and Insights

Customized, trend analysis and actionable insights on significant denials, including non-covered services, authorization, and patient responsibilities.

helps with

  • Identifying significant denial trends
  • Providing actionable insights
  • Improving denial management strategies

Find what’s Right for you

Discover how Synova can unlock value through our customized solutions across all stages of your healthcare journey. From optimizing operations to enhancing patient care, we're here to support your journey toward excellence in healthcare delivery.

Challenges We Solve

Choosing Payment Posting

Manual Errors and Inefficiency

Manual data entry in payment posting is a recipe for errors. Typos, inaccuracies, and mismatched payments can lead to wasted time correcting mistakes, delayed reimbursements, and reconciliation issues. This not only impacts cash flow but can also strain relationships with patients and payers.

High Volume, Complex Workflows

Healthcare organizations deal with a high volume of payments from various sources. This includes insurance reimbursements, patient co-pays, deductibles, adjustments, and denials, all coming from insurers, patients, and third-party entities. Managing such a complex workflow manually can be overwhelming and time-consuming, leading to backlogs and delayed payments.

Incomplete or Delayed Payer Information

Delays or missing information in remittance advices (RAs) or electronic remittance advices (ERAs) can significantly hinder accurate posting, reconciliation, and claim adjudication. Incomplete data requires manual intervention to research and resolve discrepancies, further adding to processing delays and increasing administrative costs.

Measurable Impact

48
hr
TAT
Customized Solutions

Designed for your Requirements

Our service solutions streamline operations, enhance patient engagement, and integrate advanced clinical support technologies, tailored to meet your specific needs with efficiency and excellence.

Accurate Financial Tracking

Payment posting ensures accurate tracking of payments received from payers, patients, and third-party entities. It provides visibility into revenue streams, payment sources, and payment amounts, enabling healthcare organizations to monitor financial performance and reconcile accounts receivable accurately.

Timely Reimbursement Processing

Efficient payment posting processes expedite reimbursement processing, allowing healthcare organizations to receive payments promptly, reduce payment delays, improve cash flow, and optimize revenue cycle turnaround times.

Enhanced Revenue Integrity

Payment posting ensures revenue integrity by matching payments to corresponding claims, invoices, or patient accounts accurately. It helps identify underpayments, overpayments, payment discrepancies, and billing errors, enabling timely resolution and optimization of reimbursement.

how it works

How Synova Is Integrated with your Business

Synova integrates seamlessly into business operations by deploying advanced technologies and specialized expertise in healthcare operations management. This integration optimizes processes, enhances efficiency, and ensures compliance, supporting sustainable growth and improved patient care outcomes.

01

Receiving Payments

The process starts with receiving payments from various sources, including insurance companies, government payers (e.g., Medicare, Medicaid), patients, and third-party entities. Payments can be received electronically through electronic funds transfer (EFT), credit card payments, electronic remittance advice (ERA), paper checks, or other payment methods.

02

Payment Verification and Validation

Once payments are received, payment posting involves verifying and validating payment details, such as payment amount, payer information, patient account details, payment date, and payment method. This step ensures that payments are accurate, complete, and match corresponding claims, invoices, or patient accounts.

03

Allocation and Application of Payments

After verification, payments are allocated and applied to the appropriate accounts, claims, or invoices based on predefined payment allocation rules and posting guidelines. This includes matching payments to remittance advice (RA) or electronic remittance advice (ERA) data received from payers, identifying payment sources (e.g., insurance payments, patient payments), and applying payments to outstanding balances.

frequently asked questions

All your Doubts Resolved

What is Payments Posting?

Payments posting service involves accurate and timely posting of payments received from insurance companies and patients to the corresponding accounts and claims. This ensures that your revenue cycle is properly reconciled and your financial records are up-to-date.

Can Synova integrate with our practice management or billing software?

Absolutely. Our payments posting service can seamlessly integrate with most practice management systems and billing software platforms. This integration ensures a smooth flow of data and eliminates the need for manual data entry or file transfers.

Do you handle both insurance and patient payments?

Yes, our payments posting service handles payments from both insurance companies and patients. We have experience in managing various payment types, including electronic remittances, paper checks, and online patient payments.

How do you handle payment discrepancies or exceptions?

In the event of payment discrepancies or exceptions, our team thoroughly investigates the issue and works closely with insurance companies, patients, or other teams to resolve the matter promptly. We keep you informed throughout the process and provide detailed documentation for any adjustments or corrections made.

How do you ensure accurate and timely posting?

Our processes include multiple quality checks and reconciliation steps to ensure the accuracy of posted payments. We also prioritize timely posting to maintain up-to-date financial records.

Your Process, Our Technology

Building a Partnership grounded in trust and transparency.

When we build solutions with healthcare organizations like yours, it significantly reduces development and adoption times. We work as partners to solve problems and unlock tangible value.

Accelerated Outcomes
Partnering with Synova reduces development and adoption times, expediting the delivery of efficient revenue cycle solutions.
Value-driven Collaboration
By combining healthcare organizations’ patient-focused experience with Synova’s expertise, our partnership unlocks tangible value and fosters innovation.
Compliance Assurance
Collaborating with Synova ensures solutions are developed to meet industry standards and regulations, fostering trust and delivering high-quality, compliant outcomes.

Bring a change to your Healthcare Operations

A partnership with Synova gives you an inherent:

Adherence towards federal, state, and organizational compliances, as well as safeguarding patient data.

Sense of ownership and commitment towards providing value.

Focus on speed, accuracy, efficiency, and optimal outcomes.

Sense of security and transparency through periodic reporting and actionable insights.

Connect with our experts for a quick analysis and possibilities.

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