What is Credit Balance Resolution in Medical Billing?
Credit balance refers to overpayments made incorrectly for medical services, a financial liability in Accounts Receivables. Resolution and refund of overpayments are mandatory for healthcare providers, and government guidelines require adequate processes for tracking charges, identifying credit balances and processing for refund.
Credit Balance – refers to overpayments received in addition to the charges for the medical services provided. Simply put, it is the excess payment made incorrectly by either the payers, the insurance company, or the patient to the healthcare organization. It is not an asset but a financial liability in the books of Accounts Receivables.
Why is Credit Balance Resolution important?
Books with high credit balances do not provide the actual financial health of the organization. It is not the "extra dollars" credited to the services. Credit Balance in medical billing is a severe threat that dramatically impacts the integrity of the entire healthcare revenue cycle and the company's goodwill. While the collection of payments is itself a time-consuming process, reconciling and refund the additional incorrect amounts is more strenuous.
Credit Balance Resolution and refund of extra payment are a mandate and not an option for companies. Governmental guidelines clearly state that adequate processes and procedures have to be laid for tracking all the charges, identifying credit balances, validating and reporting them, and timely processing of refunds of overpayments. It is the responsibility of the healthcare providers to return the overpayments within the stipulated timelines.
Credit Balance Services at BIS
Any reconciliation is a complex task involving checks in more than one transaction, identifying discrepancies and rectifying them. It leaves you exasperated. Outsourcing credit balance services to experienced professionals will help healthcare organizations utilize their resources and competence in providing high-end quality medical services to their patients.
The team handling the credit balance services at BIS has a thorough understanding of the complete credit reconciliation process. Our customized solution addresses the specific need of each client in the healthcare space. Our team is well trained to deal with your credit balances in the most effective way and aid in warding off the errors. The success of any effective credit balance reconciliation process is in its ability to prevent credit balances. Our credit balance services model helps resolve credit balances and refund overpayments and ensure reduced credit balance.
Our approach to resolving credit balance includes:
• Detailed study of the entire book of accounts
• Analysis of the patient credit balance to identify patient liability and process refunds arising from the patients' payments and understand and arrest the challenges to avoid such errors.
• Analysis of the insurance payers' credit balance and process refunds for correct discrepancies arising from them. We also raise an appeal for invalid requests.
• Check for double payments for a single claim raised.
• Check for payments from more than one insurance provider for a single claim.
• Check for duplicate payments from both patient and payer for a single claim.
Our integrated professional and timely credit balance services help in:
• Attaining a maximum level of customer satisfaction.
• Avoiding the risk of litigations and fines.
• Improving the overall financial health of the healthcare provider
Join Hands with us to handle your Credit Balances smoothly
Choosing us aids you in enhancing your revenue while creating a significant patient experience