Transactions Included in Period Close
To be included in a period close, a transaction must meet three criteria:
- It must not have been closed in a prior period close.
- It must have an effective date prior to the end of the period.
- For charges, the date of service must be prior to the end of the period.
- For receipts the Payment Date must be prior to the end of the period. Note that the payment date is an editable date. It can be the date on the check, the day you received or entered a payment. In some cases you may choose to use the date a payment was deposited for the payment date. In the case of Electronic Remits (ERAs), the payment date is the date supplied by the payer when the remittance advice was created and may not match the date you received the payment.
- For patient payments (Note for Clinicient Billing Service Customers), it is the practice of the Clinicient billing staff to use the date of a check or EFT when manually entering a payment. In the case of ERAs, the date supplied by the payer on the ERA will be the payment date.
- It must have been posted to the system on or prior to the Include Post Through date. There are two ways a payment can be posted to the system:
- All insurance payments are entered on the payments tab in Insight Billing. Payments may be entered and might not be posted until a later date. A payment is posted when the billing staff actually posts the payment by pressing the “Post Payment” button to commit the EOB to the system.
- For patient payments, the payment is posted when the payment is entered via the Cash Register. You can change the payment date on a payment until a payment is posted. After a payment is posted, you cannot delete the payment. You can correct a payment and any corrections made to a payment will be counted as a “Correction to Payments,” which are accounted for separately from posted payments. Whenever you view or edit a payment, you are seeing the current state of that payment i.e., the cumulative view of the posted payment and any corrections to that payment. Note that a payment may be corrected before or after that payment is closed. In both cases the corrections will be shown as separate transactions in the “Corrections to Payments” detail.