Increasing healthcare costs and data confidentiality issues holding you back from delivering exceptional patient care? Are you missing your primary goal of improving patient care and managing emergencies?
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Credit Balance & Overpayment
When either a patient or an insurance company overpays, it is important to have a system and process in place that correctly and timely refunds the appropriate entities.
We understand overpayment occurs due to many reasons. Technatio Solutions has a mechanism placed to catch these overpayments, present them in an orderly fashion to our credit balances team for processing.
Technatio Solutions experts know how to manage these processes as part of its comprehensive billing solution and keep the entire revenue cycle flowing smoothly
One of the most significant risks in the healthcare revenue cycle is Credit Balance – the excess money received compared to the medical services rendered charges. While there are many reasons for credit balance situations to occur, over-payments from payers and excessive payments could be from deductibles, and co-pays are the primary reasons for credit balance. The healthcare provider must refund such amounts to the appropriate party – payer or patient.
Compliance Risks from Credit Balances
Litigation and Fines:
Failure to refund credit balances promptly could result in Litigation and significant fines or even imprisonment.
Inaccurate understanding of the A/R situation:
An excessive credit balance can provide an inflated view of the practice's financial health and lead to erroneous financial decisions.
Impact on the productivity of A/R team members:
Deployment of additional resources or shifting resources from the A/R team to resolve credit balance reduces team productivity.
Loss of Credibility:
Litigation creates negative publicity that reduces patient flow to the practice.