I don't know of any law that requires you to send a statement with a credit balance; this could be state driven. It would be easier to just refund the patient in a reasonable time frame. I can tell you that Medicare typically requires you to refund the patient within 30 days. Other carriers may specify this same process within their contracts with the provider.
Excerpt from Medicares IOM Manual...
The physicians services refund requirement provision, found in Â§1842(l) of the Act as amended by the Omnibus Budget Reconciliation Act (OBRA) of 1986, requires timely refunds for certain services. When a reduction in payment, not a full denial, occurs, the physician must refund to the beneficiary any amounts collected which exceed the Medicare payment for the less extensive item or service. These refund requirements apply to both participating and non-participating physicians.
Physicians must make prompt refunds unless they could not have been expected to know that Medicare would not provide coverage or they notified the beneficiary in advance by issuing the ABN. Refunds are considered prompt when made within 30 days of notice of denial from Medicare or within 15 days after a determination on an appeal if an appeal is made.
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