June 14, 2021
By Michael Tetreault, Editor-in-Chief
ATLANTA, GA USA – So the topic of ‘what happens to my money and when do I get it back?’ has recently come up among some of our readers. The over-payments, balancing billing, uncertainty of what is actually owed vs. what is paid by the patient to a medical clinic is a pretty common concern for most patients. If you haven’t encountered this in your practice by the weary, frustrated, confused patient, you will. Here are some helpful reference articles you and your medical team may find helpful. Additionally, we recommend you talk with your business advisor, accountant, tax preparer and attorney as these do not constitute medical advice.
Please find these articles as references to start your learning journey on the topics of “Best Practices for Medical Billing, Patient Credits and Overpayments” …
3 Times When You Absolutely Must Issue a Patient Refund
When we talk about the billing side of rehab therapy, we’re usually referring to getting money—not giving it back. However, failure to refund patients when necessary can result in some dire financial consequences—including heavy fines and other penalties. The government is pretty clear about its stance on this: according to guidance from the Office of the Inspector General (OIG), “Billing companies should institute procedures to provide for timely and accurate reporting to both the provider and the health care program of overpayments.” (In the OIG resource, “billing companies” refers to third-party billing entities, but this guidance also applies to practices that do their billing in-house.) That’s why practices must familiarize themselves with the laws surrounding patient overpayments—and when it’s appropriate to refund them. So, processing and returning overpayments (a.k.a. “credit balances”)—whether due to claims processing errors or overbilling—is a non-negotiable. To that end, here are three instances when providers absolutely must refund a patient payment:
Don’t Hold Patient Credit Balances Past 30 Days | Texas Medical Association
To keep an overpayment for personal use may be a criminal act known as “conversion of property.” You must use your best efforts to return the overpayment.
What Medical Practices Should Do With Credit Balances
Posted by Barry Shatzman on Thu, Jun, 14, 2012 @ 13:06 PM
DON’T IGNORE PATIENT CREDIT BALANCES
By Rick Nielson on September 26, 2019
Effective Ways to Deal With Patient Overpayments and Credits
How Medical Practices Should Handle Patient Credits and Overpayments
Categories: DPC News