In dental billing, posting and reconciliation are essential steps in managing the financial aspects of a dental practice. Here's a breakdown of both:
Posting
- Posting refers to entering payments, insurance claims, and adjustments into the dental practice's management software or billing system.
- After a dental service is provided, the insurance company or patient makes a payment, and these transactions are recorded (or "posted") against the patient's account.
- Posting includes:
- Insurance payments: When insurance claims are paid, the amounts are posted to reflect how much the insurance company covered.
- Patient payments: Direct payments made by the patient for out-of-pocket expenses or copays.
- Adjustments: If there is a difference between what was billed and what the insurance paid or what the patient owes, adjustments may be made.
Reconciliation
- Reconciliation is the process of ensuring that the financial records in the dental practice’s software accurately match the payments and balances from insurance companies and patients.
- It involves comparing:
- Posted transactions with bank statements, insurance Explanation of Benefits (EOB), or remittance advices.
- Claims and payments to verify that the correct amount was received and recorded.
- Reconciliation helps identify:
- Unresolved claims or unpaid balances.
- Discrepancies between what the practice expected to receive and what was actually received.
- Errors in posting, such as overpayment or underpayment.
By performing accurate posting and reconciliation, dental practices can ensure that their financial records are accurate, reducing the chances of errors or revenue loss.
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