Refunds & Prepayments-Refunds & Prepayments Webinar Recording

Video Transcription

Video Summary

Carol Ittig, a pediatric orthopedic practice administrator, presents a comprehensive guide on managing refunds and prepayments to maintain financial hygiene in medical practices. She highlights the critical importance of understanding state unclaimed property laws and insurance prompt pay laws to avoid costly audits and penalties, illustrated through a detailed case study from her practice. Carol emphasizes proactive financial workflows that include thorough insurance verification, prior authorization, copay and deductible collection, and diligent management of overpayments. Her team uses customized reports and technology tools such as Athena Practice and Summit’s Good Faith Estimator to accurately collect payments before or at the point of service, reducing the need for refunds and improving cash flow. She also discusses the complexities of handling patient and insurance overpayments, including legal requirements to refund patient credits within specific timeframes and strategies to manage insurance claims and denials accurately. Carol advocates for leveraging efficient electronic refund platforms like Choice Disbursement to reduce administrative costs and streamline patient reimbursements. The session underscores the connection between diligent prepayment/refund management and improved revenue cycle performance, patient experience, and regulatory compliance, concluding with practical advice and Q&A interactions addressing common challenges in orthopedic and other specialty practices.

Keywords

pediatric orthopedic practice

refund management

prepayment management

state unclaimed property laws

insurance prompt pay laws

financial workflows

insurance verification

electronic refund platforms

revenue cycle performance