What is “refund” in medical billing?

Refund in Medical Billing

A refund refers to the return of overpaid funds from a healthcare provider to an insurance company or patient.

Refund in Medical Billing Explained

In medical billing, refunds occur when an overpayment is identified, either from an insurance company or a patient. The provider returns the excess amount to the appropriate party to correct the error.

For example, a provider issues a refund to an insurance company after receiving duplicate payments for the same claim.

Discover common acronyms and abbreviations in Medical billing glossary.

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