Credit Balance Resolution
We at Virtual Oplossing Healthcare calls credit balances the “stealth aircraft of hospital patient accounting.” This is on the grounds that the credit balance is a risk that is covered up inside the receivable record. This obligation conveys with it genuine monetary and consistency hazard. It is your trustee’s duty to deal with these genuine dangers. Industry information shows that more than 55% of credit adjusts are an after effect of inaccurate posting of stipends. We provide credit balance resolution to our clients.
Federal Register published rules that went into effect in mid-March 2016 that:
- Providers must repay Medicare overpayments within 60 days of identifying the overpayment, although they can take up to six months to investigate suspected overpayments.
- Providers must repay identified overpayments occurring within the past six years.
- Repayments can be made by refunds, claims adjustments, a credit balance, or another appropriate process.
Punishments are firm for resistance! Suppliers that don’t report and reimburse the excessive charges are dependent upon punishments under the False Claims Act and could be restricted from taking part in government medical care programs, as per CMS.
Virtual Oplossing Healthcare has assembled solid working associations with our customers to reliably address their issues as credit balance excesses are focused on and handled. Mistaken changes, incorrect credits, and abuse of charge codes make this credit balance task very testing, requiring exactness, scrupulousness, and attention to functional greatness.
Virtual Oplossing Healthcare has kept a group spent significant time on credit adjusts goal since 2010. The group is involved exceptionally qualified people with a medical clinic bookkeeping foundation and solid logical abilities. All Virtual Oplossing Healthcare examiners are tenacious and all around prepared to guarantee remarkable credit adjusts are precisely settled in a speedy way. We comprehend an expert and agreeable climate is the way to settling more credit adjusts, large numbers of which become ‘account amendments’ rather than genuine ‘discounts’; subsequently, our functional model is profoundly customer-driven.
What we are capable of?
- Analyze accounts along with EOBs
- Work all assigned accounts – big and small-balances
- Resolve all accounts – inspect for patient liability or other adjustment issues
Determine if double payments were made – if so, refund as required:
- By patient and insurance carrier
- By two insurance carriers (both acting as Primary)
- Check for duplicate payments made for the same account
- Many credit balance analysts have earned or are earning the designation of Certified Patient Account Technician (CPAT) from AAHAM
- Virtual Oplossing Healthcare provides the highest levels of security, with an SSAE 16 Type II internal-controls audit, and HIPAA compliance.
We at Virtual Oplossing Healthcare take the charge of your credit balances. We can expeditiously decipher, process, and post refunds and/or account corrections to consistently ensure the overall integrity of your revenue cycle.