Overpayment Policy-Commercial Insurance Carriers
Most insurance companies have twelve months from the date of “Payment” to request refunds or make recoupments, unless the commercial contract specifies otherwise or unless the organization has been found to have fraudulently bill for services. United Physician Services recommends that the Organization review their contractual terms.
For the twelve month period that the insurance carrier has to request a refund, United Physician Services recommends that a separate bank account be opened to save that money until requested. United Physician Services would not recommend that the organization use the potential overpayments as part of the business’s day to day operating funds.
*This is an example policy and can be modified.
**It is recommended by United Physician Services that all the organization policies and procedures be readily available (real time) to all employees within the working facility.