Insurance Refunds

[Lindsaytcaron]

Good Morning, When I worked at my 3rd party billing company the company policy per the compliance department was that once we found a refund do a letter went out to the insurance to notify them of the overpayment and
they had a certain about of time to retract it before we kept the money. My current company states that they aren't sure of that and we refund everyone then we have to fight for our money when the insurance also retracts, can anyone
point me in a direction of actual facts regarding insurance refunds, more specifically everything not including federal as I know we have to do those. I appreciate the help.

 

[sls314]

Good Morning, When I worked at my 3rd party billing company the company policy per the compliance department was that once we found a refund do a letter went out to the insurance to notify them of the overpayment and
they had a certain about of time to retract it before we kept the money. My current company states that they aren't sure of that and we refund everyone then we have to fight for our money when the insurance also retracts, can anyone
point me in a direction of actual facts regarding insurance refunds, more specifically everything not including federal as I know we have to do those. I appreciate the help.

we found a refund do a letter went out to the insurance to notify them of the overpayment and they had a certain about of time to retract it before we kept the money

I just want to be sure I'm interpreting your summary of that company's policy correctly.

Are you saying that the company would intentionally keep money from known overpayments?

Kind of like a "you snooze, you lose" if the insurance company didn't retract the overpayment?