Credit Balance Manager
In recent years, record numbers of employers and their employees are opting into high deductible coverage plans that shift a significant amount of the financial onus from the payers to the insured patient. This shift has exponentially increased the need for medical groups to adjust their business processes to this shifting payment paradigm. Although it is beneficial for providers to receive their money up front, they need a more efficient way to handle the significant number of patient and insurance refunds created by the shift in financial responsibility and need to collect in advance.
Patient and insurance refunds have become an epidemic in the current healthcare industry causing healthcare providers to spend a significant amount of time and money to verify and process these refund payments. Refund workflow issues greatly contribute to the assessment by doctors, according to a 2010 MGMA survey, that, “dealing with rising operating costs” is the single most important challenge facing their practices. To confront these challenges, RevTec has created new technology that automates a significant portion of the patient and insurance refunds. Through the use of applied business logic and advanced automation the RevTec Credit Balance Manager significantly reduces the time and operating costs associated with refund processing by eliminating human intervention from the refund process.
Automated Credit Balance Manager Features:
- Automated credit balance processing
- Refund approval process workflow
- Credit balance resolution queue
- PMS/HIS system integration
- A/P system integration
- Finance credit balance audit trail
- Payer recoup/over-payment recovery auditing
- Payer recoup automated invoice transfer
- Government reporting/fund transfer