Credit Balance Facts – What You Don’t Know Can Hurt You!

Posted in GeBBS Healthcare Solutions, Inc.

While credit balances are unavoidable, identified overpayments should be retained for as short a time as possible. Risks associated with unresolved credit balances include: Medicare/Medicaid penalties, class action litigation, misstated revenues, lost payment opportunities and wasted time and resources.

There are several common causes of credit balances: insurer overpayments or duplicate payments, coordination of benefit conflicts, incorrect payment rates in billing systems, insurer refusal to accept provider-identified overpayment, incorrect upfront collections (coinsurance/deductibles), charge corrections, unintentional, erroneous over billing, and uncashed refund checks.

To assist facilities with dealing with credit balances, the Office of Inspector General (OIG) has made general recommendations in its compliance Program Guidance for Third Party Billing Companies:

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A Pain Tylenol Will Not Relieve!

Posted in GeBBS Healthcare Solutions, Inc.

Inefficient revenue cycle management (RCM) and outdated RCM technologies are causing almost unbearable pain for many medical practices. These RM inefficiencies are resulting in extreme financial hardships, to the point that in a recent survey conducted by Black Book, a technology and services market research and opinion company, 87 percent of practice managers believe their revenue …

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