Reconciliation of Remittances and Private/Gap Cover Accounts

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Gap cover is a reassuring safety net that provides coverage for in-hospital bills and basic medical aid cover. It steps in to cover the cost of out-of-hospital bills that your medical aid may not be able to handle. It's important to note that gap cover is not a replacement for medical aid but rather a supplement that fills the gap when your medical aid falls short.

Gap cover offers a range of benefits that vary depending on your medical scheme. These benefits can include covering the shortfall from expensive treatments like cancer, providing options for co-payments and deductibles, and even granting access to lump sums in the unfortunate event of accidental death or disability. 

When do you need gap cover?

Gap cover is like a financial booster shot for your medical scheme. It's there to help when your medical expenses exceed your standard medical aid rate. With a gap cover, you'd be able to foot the bill for the difference. But with gap cover, you're empowered to handle shortfalls in expenses related to hospitalisation due to traumatic injuries or illnesses or as a result of life-altering medical procedures such as joint replacement surgery, radiotherapy, chemotherapy, etc.

What is the reconciliation of payments?

Payment reconciliation is a lengthy financial process that entails comparing the practice's transaction records to determine whether the payments received or sent are accurate and match the details in the financial statements and accounting books. These types of checks and balances ensure everything is recorded accurately and the practice's operations run smoothly.

This process safeguards the financial integrity of the practice, verifies all transactions going in and out and reduces the risk of error.

What is the process of payment reconciliation?

• Accumulate data
• Compare transaction records
• Identify transactions that don’t align well
• Investigate financial discrepancies
• Resolve the issue
• Record changes
• Verify the changes
• Keep a record of the process
• Review these changes

How can Complete Billing Solutions, with our extensive expertise, assist you?

At Complete Billing Solutions, we establish direct communication with medical schemes and gap cover providers, ensuring your claims are accepted and swift transactions are made, with uncovered amounts fully paid. You're in good hands with us.