Asked by Junior Anton on May 05, 2024
Verified
When processing a credit balance,if a refund is due to a patient,you must:
A) apply the funds as a credit toward future services
B) verify that you have the patient's current address
C) deduct a small processing fee (usually no more than 5 percent)
D) send the check to the patient's insurance company
Credit Balance
Occurs when the amount paid is greater than was due or the account is being paid in advance of service provided.
Processing Fee
A charge assessed for the handling, processing, or servicing of an application, transaction, or purchase.
- Build knowledge on compliance and ethical aspects in billing and collections, with emphasis on credit balance procedures and the disclosure mandates of the Truth in Lending Act and the Fair Debt Collection Practices Act.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
B
Explanation :
When processing a refund due to a patient, it is essential to verify that you have the patient's current address to ensure the refund reaches the correct recipient. Applying funds as a credit for future services, deducting a processing fee, or sending the check to the insurance company are not standard practices for handling patient refunds.
Learning Objectives
- Build knowledge on compliance and ethical aspects in billing and collections, with emphasis on credit balance procedures and the disclosure mandates of the Truth in Lending Act and the Fair Debt Collection Practices Act.