Credit Balance and
Comply with regulatory requirements.
Get accurate understanding of your financial position.
Credit balances i.e. excess money collected as compared to charges for the medical services rendered by a healthcare provider, can be significant compliance risk. Credit Balances occur due to an excess patient payment in the form a co-pay or deductible, or an over-payment from the insurance company.
We are aware that all government payers refunds should be processed within 60 days from the time of refund request date. We prioritize the requests from government payers and process the requests.
Credit Balance and Compliance Risk
Failure to process all credit balances in a timely manner can result in litigation, significant fines, and even imprisonment.
Excessive credit balances lead to an incorrect reading of the financial situation of the healthcare provider creating a false sense of healthy financials.
Shifting the focus between A/R management and backlog of credit balance drains the productive time of your team members and reduces overall productivity.
Lack of policies and governance in the management of credit balances points to ineffective internal controls and could possibly lead to situations of fraud.
Comply with regulatory guidelines | Get an accurate assessment of your financial position | Protect your brand and goodwill | Improve relationships with healthcare payers