Credit Balance Resolution

medical billing service company-Medphine

It’s great, I received my refund check for the over payment I made to the doctor, I completely forgot about it!”

Medphine provides a full spectrum of services that cleans the credit backlog from the ageing report so that it reflects exact profitability of the practice. We are specialized in enhancing the financial performance by efficiently managing revenue cycle of a practice with its unmatched revenue cycle management and related services.

Credit balances are a part of everyday life in a physician’s practice or hospital. Smaller credits might not affect the reports in any manner, but if not resolved lately, credit balance accounts can distort the profitability of the practice and lead to misleading reports.

Generally, credit balance arises due to incorrect adjustments, erroneous credits and improper use of procedure codes or debit codes, duplicate payments or overpayments. Failure to address credit balance accounts on a timely manner results in accumulation of huge credit balances and compliance risks, if accounts are audited.

 

What Medphine can do for you?

  • Analyze charge and payment distribution properly during payment posting
  • Inspect accounts for patient liability or adjustment issues
  • Check for duplicate payments or overpayments
  • Follow refund procedure if duplicate or overpayment is found
  • Rectify posting errors
  • Check for misapplied credits
  • Resolve all credit balance accounts

Researching and rectifying every account can be time consuming for internal staff and will hamper their day to day tasks. It will increase staff’s overhead. On the other hand, our team of highly dedicated professionals will research accounts with credit status, determine the reason behind credit balance and take appropriate measures to resolve it. This will not only be cost-effective but will also free the staff to focus on patient relations.

What are you waiting for? Take the most of our services and see how your revenue cycle flourishes. Talk to our expert and get details about what Medphine can do for your practice!