Overpayments and refunds are some of the most painful things to handle in a business. You already have put in the effort to provide the service or product, take care of the paperwork and claim, and process the payment. Now you must put in additional effort to actually give money back.
Managing overpayments is a cost center that eats into your profitability. There is a lot of paperwork to review, double check, and use to decide your course of action – which could include appealing the decision. Then, there is the tracking of the overpayment recoupment once an amount is established. If you are repaying Medicare, the offset amounts are seemingly random and spread out.
Furthermore, sometimes you have to refund even if you do not get your equipment or supplies or medicine back if you are HME or Pharmacy. And you clearly can’t take a service back if you are in other areas of healthcare. So you are out the work done and the product itself plus you now must give back some or all of the money you were paid.
Overpayments, especially ones due to Medicare, are a beast to manage and end up eating up an exponential amount of resources to stay on top of.
In this presentation, we dig deeper into the challenges associated with handling these liabilities and provide a brief demonstration of the Medforce Overpayment and Refund Management App.
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