What does "patient balances" refer to in the billing process?

"Patient balances" specifically refers to the remaining amount a patient owes after their insurance has processed the claim. This concept is crucial in the billing process as it reflects the outstanding financial responsibility of the patient following the insurance payment. When insurance companies process claims, they typically cover a portion of the billed amount based on the patient's policy, leading to a balance that the patient must then pay.

Understanding patient balances is pivotal for medical billing professionals, as they are responsible for ensuring that patients are billed accurately for any amounts due after insurance adjustments. This can include copays, deductibles, and coinsurance that are the patient’s responsibility, which need to be collected before the account can be considered settled.