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Payment Processing

Payment Processing

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Payment Processing

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  1. Payment Processing

    Chapter 26
  2. Process a payment and post it to an invoice Objective
  3. Batched totals Weekly deposit Daily deposit Lock box Auditing and control Unapplied payment amounts Tax identification number Explanation of benefits Balance bill Key Concepts
  4. Medical facilities receive payments in several ways: Some patients pay for services at front desk Can be full amount, copy or coinsurance Some payments arrive in mail from patients, insurance, employers and other payers Some payments are made electronically by insurance company Payment Processing
  5. Payments received at front desk typically are batched totaled for weekly deposit to bank depending on procedures of facility Payments arriving in mail typically batch totaled for daily deposit to lock box at bank Bank will make copies of checks and send copy to facility next business day which is faster access for facility Medtrak Payment Batches screen records/tracks payment batches for facility-new batch record is added for each deposit made to bank-auditing and control is done by matching money in bank deposit by total of payments in batch Payment entry staff access Billing menu from MedTrak Main Menu-On Billing Menu user clicks Payment Batches button to display Payment Batches screen for facility Do This! Pg. 318 Payments
  6. Displays only payment batches with unapplied payment amounts Those batches with remaining balance will be applied to invoices or refunded to payer Figure 26-1 Payment Batches Screen Payment Batches
  7. Payment Batches processor has the following options available: Batch Type-payment batches can be displayed as: Unsubmitted Submitted Approved All Payment Batches
  8. Display Order-the view of the invoices can be sorted by: Payment batch date Payment batch number Show all balances Show only non-zero balances Search Some medical facilities separate payment processing functions for control purposes One group of employees open checks, total them for bank deposit and record them in batches in Medtrak The supervisor then reviews bank deposit compares to batch total in MedTrak If amounts balance supervisor approves batch for application of payments to open invoices and bank deposit for delivery to bank Then another group of employees applies payments to open invoices. Only approved payment batches can be applied to open invoices Payment Batches
  9. To add a new batch of payments click Add button The Payment Batch; Add screen appears reflecting the following: Batch Number Date and Time TIN (tax identification number) Description Batch Total Figure 26-2 Payment Batch: Add
  10. Next screen is Payment Add screen for adding individual payments for the batch-Figure 26-3 Medtrak automatically sets Type of payment to Check(because most come in this form) If payment is made another way payment entry staff use the Type of payment drop-down list to select other type of payment For Source Type field Medtrak automatically sets field to Company-Use drop-down list to select type of payment source The Pay INV # is important. To save time MedTrak allows payment entry staff to enter invoice number on his/her check or enclose and explanation of benefits (EOB) with check. Which explains what the payer is paying and why Typically insurance companies do not pay full amount of line item Adding A Payment
  11. On individual payment screen record all info about payment: Type of payment-check, cash, credit card etc.. Source Type-company, patient, private insurance, work comp, other payer TIN-will automatically be filled in Check # Date of Check Pay Inv # Amount of Payment Credit card info After recording payment info click Submit button-next screen is Patient: Select screen-Figure 26-5 Do This! Pg. 323 Adding A Payment
  12. This screen is broken down as follows: The invoice info is in top frame in green The payment info is in top frame in blue The line item info is in bottom frame presents up to four line items on one screen There are columns of numbers for each line item for the following: billed amount, total paid by all payments, total adjusted by all payments, amount paid by this payment, up to five adjustment, denial, and write-off codes/amounts, balance owed Posting Payments To Line Items
  13. Totals for entire invoice are at bottom Buttons are used to do the following: Submit payment Paid in Full Adjustment Codes Line Item Log Figure 26-8 Payment: Add Do This! Pg. 326 Posting Payments To Line Items
  14. Figure 26-9 Payment: Add screen showing data Figure 26-10 Entity/Payers: Select screen Do This! Pg. 328 Posting Payments to Line Items
  15. Figure 26-11 Payment Posting screen Payment Posting Screen
  16. Figure 26-12 Adjustment Codes Screen First five codes are standard that MedTrak uses for everyone. After DD code, the codes are specific to the facility: BB-balance billing RB-rebilling line item to next payer CP-indicates amount next to code field is patient’s copay amount CI-indicates amount next to code field is patient’s coinsurance amount DD-indicates that amount next to code is applied to patient’s deductible MedTrak is set up to accept 5 adjustment codes for each line item. Codes are not case sensitive. Each payment posting screen only displays four line items on one screen Adjustment Codes Screen
  17. Page Up and Page Down buttons act just like Submit Payment button to move screen up/down Figure 26-13 Payment Posting screen showing Blue Cross payment(first screen) Figure 26-14 Payment Posting screen showing the Blue Cross payment(second screen) Figure 26-15 Payment Posting screen showing the invoice balance(third screen) Do This! Pg. 333 & 334 Adjustment Codes Screen
  18. Figure 26-16 Batch Payments screen showing both payments Figure 26-17 Payment Batches screen showing payment batch Do This! Pg. 336 Adjustment Codes Screen
  19. You will need to print and turn in your patient statement Do This! Pg. 336 Printing The Patient Statement For Mr. Baker