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What physician wants to give any money back to an insurance carrier? Few consumers realize that unlike other business owners, physicians don’t get to set their own prices for services rendered. Rather, they are on a “take it or leave it” reimbursement system. So, frustration runs high when a provider is informed that there has been an overpayment on an already heavily discounted service. These overpayments, result in credit balances.
There seems to be an uptick in the number of practices that are contacted by the State Department of Revenue and told that they are the target of a credit balance audit. This article, Juggling the Credit Balance Dilemma, is a good overview of why this is happening and the penalties you face if you don’t resolve credit balances. We hope you take a minute to read the article and then make sure your practice is in compliance.