What does payment posting usually involve?

Payment posting typically involves the verification of payment against the contract. This process is crucial for ensuring that the amounts paid by patients or insurance companies align with what was agreed upon in the provider's contract. Verification of payment confirms that the correct amount has been received and allows for the identification of any discrepancies that may require follow-up.

This step ensures that the organization maintains accurate financial records and can properly reconcile accounts, which is essential for effective revenue cycle management. By focusing on contract verification, healthcare providers can ensure they are being compensated accurately for the services rendered, which ultimately impacts their financial health and operational efficiency.

The other options, while related to revenue cycle processes, do not define payment posting directly. For instance, manually entering each claim would be more related to claims processing rather than payment posting. Re-assessing a patient’s eligibility pertains to verifying if a patient qualifies for services covered under their insurance, and compiling claims for future submission relates more to the earlier stages of the billing process rather than the posting of payments already received.