Credit Balances: Issue Turned Opportunity
Credit balances are not fun. They are a liability on your healthcare organization’s balance sheet, and no one wants to spend resources dealing with them. Crowe Horwath LLP has built a platform that quickly identifies credits that can be removed as a liability and taken back to miscellaneous income, giving a fast pickup to your bottom line and reducing the time that your organization’s employees spend working on credits.
Many hospitals, healthcare systems, and other providers use Crowe to outsource the entire process of managing credits and filing unclaimed property with the appropriate states. Additionally, some organizations take our best practices and adopt them within the organizations’ current structures.
Ease the frustration of resolving credit balances and streamline a labor-intensive process with Crowe® Credit Balance Management. This program:
- Conducts an initial sweep of credits, quickly identifying ones that are exempt and can be removed
- Can take a daily feed from your patient accounting system to group together credit balance accounts with similarities and assign these accounts to your staff or Crowe for review and resolution
- Creates trending and operational reports to give visual insight into underlying account patterns and similarities
- Helps define and manage the workflow of your revenue cycle department with the ability to route credit balance accounts to staff on a daily basis
- Measures, tracks, and analyzes staff performance in resolving credit balances
- Allows you to quickly view the aging of credit balance accounts to help prioritize staff assignments
- Identifies areas for improvement or further analysis
- Handles your unclaimed property filings
Crowe Credit Balance Management can help your organization reduce time spent on credit balances while accurately filing unclaimed property with each state.