Timely resolution of your credit balances can generate a significant net income pickup for your organization because, typically, only 15% of your credit balances result in refunds to patients/payers.
Resolving your credit balances is necessary in maintaining compliance, but it can also be a revenue opportunity. The Healthcare Financial Management Association (HFMA) estimates that a small-to-medium-size hospital generates approximately $2M in credit balances annually.
Processes and tools to reduce your risk and pick up income
Typically, 15% of credit balances are overpayments that result in refunds to the patient or payer. The remainder are usually the result of posting errors. A high percentage of these errors (up to 60%) will yield into a one-time net income pickup when corrected.
HRCS has the processes, tools, and expertise to organize, prioritize, and remediate your credit balances, allowing your resources to focus on day-to-day operations.