By law, providers must refund overpayments within what specified timeframe?

Providers are legally required to refund overpayments within 60 days of identifying the overpayment. This requirement is in place to ensure that payments made by either patients or insurers are accurate and that any excess payments are returned in a timely manner. The 60-day timeframe is part of federal regulations aimed at enhancing accountability in healthcare billing practices, thus helping to prevent fraud and ensuring that resources are used appropriately within the healthcare system.

This timeframe is critical for compliance because it encourages providers to conduct regular audits and maintain transparency in their billing processes. It also stands as a protection for payers and patients, as timely refunds help maintain trust and financial integrity in healthcare services. Understanding this timeline is essential for healthcare providers to ensure they are meeting their legal and ethical obligations.