Managing credit balances and refunds is critical to the RCM Cycle. It is a compliance issue and may involve penalties if not done appropriately. Many healthcare providers prefer to opt for credit balance and refund solutions from an expert company as this minimizes their risk and let them be hassle-free to focus on their operational excellence and practice. Knack Global has comprehensive expertise in the Revenue Cycle Management and has been consistently delivering leading-edge solutions optimizing each step of the RCM workflow.
Our expertise in understanding the cause and effect of each process on the entire revenue generation and cash flow system has enabled us to look at each process more critically. As a customer-centric company, we offer you each service on a standalone basis.
Credit balance and Refund management is one such service that has a powerful impact on your functionality as a healthcare provider. We offer a professional analysis of your credit balances and processing refunds appropriately. We try to minimize inaccurate posting and prevent new credit balances from soaring high. Proficient analytics help us to give insights on how to optimize other RCM steps to lower the credit balance.
Credit Balance is a significant risk in the revenue cycle as excess money is received which needs to be promptly refunded. It may occur due to overpayments, deductibles, and co-pays.
- If not dealt professionally, credit balance may lead to litigations and fines.
- It can also disrupt how we view our Accounts Receiveables.
- It also poses a risk on how we manage our AR balances and may lead to loss of opportunity costs in trying to resolve those issues.
- It may also be detrimental to your image as a trusted healthcare provider
How to resolve Credit Balances
Knack Global views credit balance and refund processing as a high priority task and we deploy various strategies to make it efficient.
- Patient Credit Balance: We look at patient accounts individually and initiate refunds to ensure there is zero balance with the account.
- Credit Balance with Payers: Refund must be processed within 60 days of the request. We validate each request and initiate action accordingly.
Benefits of Knack Global Credit Balance and Refunds Process Services
- We let you follow the guidelines appropriately
- Safeguard your image with payers and insurance companies
- Minimize the risk of litigation and fine
- Give you meaningful insights on the trends of such instances and how to minimize it with optimization of your entire RCM cycle.
Our Approach for Effective Credit Balance and Refund Services
The crux of the RCM cycle is to enhance the revenue and minimize the Accounts receivables and credit balances disrupt this very motive. We have a more careful approach toward improving this area of your workflow.
- You can rely on our existing capabilities of the entire RCM flow. Once you invest resources to collect payments and still spend more time in refunding can be taxing on your operational excellence. Knack Global aims at the quick resolution of the issues and avoids repeated instances.
- We understand how your business functions and delayed refunds can impact your customer relationships. We have devised proven strategies and implemented practices to enhance customer satisfaction.
- Continual improvement is central to our services. We look into patterns and identify the gaps and devise an action plan to resolve them.
- We have best-in-class technology to help you seamlessly execute your workflow. We provide you with reports and analytics that help you gauge your practice. It fosters better productivity and solutions to your business.
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