Healthcare providers are required to retain their Explanation of Benefits (EOB's)for seven years, which can pose quite a challenge. Many of these statements are between one and several-hundred pages long and all need to be reviewed closely to ensure billings are accurate and your services are being paid. Managing paper EOB's can be a tedious, labor-intensive process, even managing the electronic EOB's can be challenging. With a retention period of seven years, healthcare providers need to be sure they have the right system in place to protect these documents from being lost or destroyed.
Most recently, health care providers are also seeking to improve overall operating efficiencies and eliminate rigorous paper processes. Online EOB document retention systems provide solutions to protect information, retain important documents for compliance, and help these providers overcome such operational obstacles. They can:
- Store and retain EOB's electronically in a secure data facility for their required retention period with ease.
- Organize information so it may be found quickly in an online application by searching by patient ID, name, date of service, etc.
- Save time on retrieving information for patient and audit requests.
- Protect information from being lost due to an unexpected disaster.
An electronic EOB document management system that has a records management module can capture an EOB electronically and automatically set it to be retained for its required period. This can be a huge help when it comes to the common multi-page EOB that could take several minutes to copy, flip through or even file. And because it is captured in the application, you can easily find it later when needed.
With an electronic system, health care providers can improve the way they do business and actually SAVE on costs. As the Department of Health and Human Services' regulations have strict requirements when it comes to EOB compliance, it's important to make sure your system for compliance is secure.
Never again lose, misplace or misfile an EOB! A subscription to an inexpensive online EOB document management system is the key to your operational improvement.