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Determining the precise amount owed by a patient can prove to be a difficult task, leading to cases of overpayment. In fact, 89% of healthcare providers issue refunds to patients.1 However, while issuing refunds may be inevitable, the process doesn’t need to be frustrating.

With industry best practices, it is possible for providers to improve refund processes, enhance the patient experience, and effectively manage payments.

For example, 79% of providers currently issue refunds via paper checks2 while electronic refunds are faster and cost less. By offering and promoting electronic payment methods, healthcare providers can issue refunds more quickly and improve the patient experience.

The 6 best practices in this tip sheet will help your practice:

  • Decrease staff time spent on issuing refunds
  • Refund patients more quickly
  • Save costs on paper checks
  • Avoid refunds in the first place

Follow these guidelines to ensure effective refund processes, enhance the patient experience, and overall financial management.

1-2 InstaMed Provider Healthcare Payments Survey 2022