Credit balances are a part of everyday life in a physician’s practice or hospital. Smaller credits might not affect the reports in any manner, but if these are not reconciled timely, accumulated credit balances may distort the profitability of the practice and lead to misleading reports.
Generally, credit balances are caused due to incorrect adjustments, improper use of transaction codes, overpayments. Failure to address credit balances on a timely manner results in accumulation of huge credit balances and lead to compliance risks and attract audits from insurance and financial institutions.
The Apex Pros has dedicated resources trained in the payment posting team to research and rectify every account by periodically running credit balance reports to achieve properly accounted month end financials.