Experts say that credit balancing is the “stealth aircraft of hospital patient accounting,” as credit balance is a liability that is hidden in the account receivable folder. Credit balancing is very important because the liability carries with it serious and real, compliance, and financial risks. It is the responsibility of your medical billing service to manage these risks for you.
Medical billing industry data shows that more than fifty-five percent of the credit balances are caused because of incorrect allowances posting. Federal Register issued rules on credit balancing in March 2016 and as per the rules,
- Healthcare providers should repay the Medicare overpayments within sixty days of finding the overpayment, but they can take up to six months to investigate and confirm suspected overpayments.
- Providers are responsible for repaying the identified overpayments that have occurred in the past 6 years.
- Refunds, claim adjustments, credit balance, etc., can be used to repay overpayments.
Erroneous credits, incorrect adjustments, and misuse of the debit codes make the task of credit balancing difficult and challenging for many medical billing services. Credit balancing needs utmost precision, attention to details and good focus on the operations and out expert medical billing technicians can guarantee this.
We at 4D Global medical billing services have strong relationships with our clients to help them meet their requirements consistently as the credit balance backlogs are processed with priority. Our staffs are highly qualified with good experience in hospital accounting and powerful analytical skills. They can ensure that the outstanding credit balances are resolved properly.
A cooperative and professional environment is necessary to resolve credit balances. Many of the credit balances may become simple ‘account corrections’ with proper evaluation when opposed to actual ‘refunds.’
Highlights of Our Credit Balancing Services
- Capability to work all assigned accounts, let it be a big one or a small one
- Analyze the various credit balancing accounts with explanation of benefits
- Inspect for patient liability and other issues that arise in credit balancing
- Find the chances of double payments and need for refunds
- Check for duplicate payments from a single account
- Highly secure
We can take charge of your credit balances to efficiently decipher, process, and post refunds, as well as perform account corrections, if needed, to ensure that your overall business revenue cycle is not affected.