- 150+ experienced credit balance analysts
- 30% average cost savings of managing credits
- Secondary billing opportunities
- Increase compliance
- Increase profits
- Scalable: quick ramp up, flexible deployment models
- Focus on process improvement: prevent new credit balances
HFMA calls credit balances the “stealth aircraft of hospital patient accounting.” This is because the credit balance is a liability that is hidden within the accounts receivable ledger. This liability carries with it real and serious financial and compliance risk. It is your fiduciary responsibility to manage these real risks. Industry data shows that over 55% of credit balances are a result of incorrect posting of allowances.
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.
Penalties are stiff for noncompliance. Providers that do not report and repay the overpayments are subject to penalties under the False Claims Act and could be prohibited from participating in federal healthcare programs, according to CMS.
AS Healthcare Solutions has built strong working relationships with our clients to consistently meet their needs as credit balance backlogs are prioritized and processed. Incorrect adjustments, erroneous credits, and misuse of debit codes makes this credit balance task quite challenging, requiring precision, attention to detail, and a focus on operational excellence.
AS Healthcare Solutions has maintained a team specialized in credit balances resolution since 2010. The team is comprised of highly-qualified individuals with a hospital accounting background and strong analytical skills. All AS Healthcare Solutions analysts are diligent and well trained to ensure outstanding credit balances are accurately resolved in an expeditious manner. We understand a professional and cooperative environment is the key to resolving more credit balances, many of which become ‘account corrections’ as opposed to actual ‘refunds’; hence, our operational model is highly client-centric.
Highlights of our capabilities:
- 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
- AS Healthcare Solutions provides the highest levels of security, with a SSAE 16 Type II internal-controls audit, and HIPAA compliance.
By taking charge of your credit balances, AS Healthcare Solutions can expeditiously decipher, process and post refunds and/or account corrections to consistently ensure the overall integrity of your revenue cycle.