Typically, credit balance arises when there adjustments, credits are posted and improper use of procedure codes or debit codes, duplicate payments or overpayments. When we do not address credit balance accounts on a timely manner, this will accumulate huge credit balances and compliance risks which do not show exact Practice Profitability and thus bring financial risk, when associated with government payers, may also bring compliance risks.
Researching and correcting posting errors, duplicate payments, overpayments, and misapplied credits are not only time consuming and challenging but also expensive that requires precision and attention to detail.
Many facilities often prioritize working unresolved credit balances based on dollar value, working high dollar credits first. In many cases, due to the volume of new credits created each month, the volume of accounts requiring a review increases over time creating as well of accounts with small dollar credits. Often this trend turns into a “special project” and taxes already stressed resources.
Synergy offers a spectrum of services designed to settle accounts that have a credit balance. Services are customized to fit into existing workflows. Our team of highly qualified staff will emulate directly into legacy billing systems, research accounts in a credit status, determine the root cause of the credit and take appropriate corrective and preventive action to resolve the credit balance.