What is Payment Posting?
Payment posting is simply posting payments from the
insurance company into the system. The insurance company sends a check along
with an EOB. On the EOB the insurance company will tell you the allowed amount
and the amount they paid. You would then bill the patient any copays,
coinsurance or deductibles.
What is an EOB?
EOB means Explanation of Benefits. Insurance companies send
information to both the patient and provider on exactly what they paid and
allowed. Allowed amount means the maximum amount the insurance company would
consider for payment. Any difference above the allowed amount is written off if
the provider participates with the insurance company.
Example. The charged amount for the doctors’ visit was $100.
The insurance company allowed $70($30 gets written off write away if the doctor
participates) out of the $70(they allowed) they pay $50 and states patient has
a$20 copay. The $50 they paid plus the $20 copay equals the allowed amount of
$70.
