OSP Labs Payment Posting is a custom-developed automation solution for healthcare organizations, medical practices, and hospitals to manage the critical payment posting function within the Revenue Cycle Management (RCM) workflow. As a custom software developer, OSP Labs builds this solution to integrate seamlessly with a client's existing Electronic Health Record (EHR) and medical billing systems.
Key Benefits & Value Proposition
The primary value of the solution is end-to-end automation, which replaces manual, repetitive tasks to significantly reduce errors and accelerate the payment posting process from hours to minutes. This ensures accurate financial records, optimizes cash flow, and enables early detection of claim denials.
Main Features and Capabilities
The custom software is designed to include state-of-the-art automation features:
- Automated ERA/ERN Retrieval and Posting: Simplifies the process of automatically fetching and posting Electronic Remittance Advice (ERA) or Electronic Remittance Notices (ERN) to the relevant platform.
- Multiple Payment Posting: Efficiently handles high-volume payment postings without manual intervention.
- Payments Analysis: Provides comprehensive financial tracking and data-driven insights for revenue recognition.
- Denial Posting: Facilitates the early detection and management of claim denials.
- EHR/Billing System Integration: Offers live visibility and seamless financial data exchange with existing systems, adhering to standards like HL7 and FHIR.
- Account Reconciliation: Reconciles payments against claims, manages adjustments, and accurately updates patient account balances.
Target Users and Use Cases
The solution is targeted at healthcare providers, medical practices, hospitals, and multi-specialty physician groups, particularly those with high-volume payment transactions who are looking to optimize RCM, reduce administrative overhead, and ensure strict compliance with healthcare billing regulations.
