Explanation of Benefits (EOB) is a crucial step in the payment process, but it’s also one that has many potential pitfalls. Rather than struggle with the costs and complexities of EOB, your organization should consider outsourcing EOB processing to a reliable, experienced provider. That will allow you to streamline your company’s healthcare revenue cycle, eliminating friction and improving cash flow.
Here are some of the benefits that come as a result of outsourcing your EOB processing:
- Faster EOB processing, which allows for greater profitability
- The ability to route EOBs electronically, based on business rules, which can minimize exceptions and lead to greater efficiencies
- Guaranteed levels of quality and reduced turnaround times
- HIPAA compliance
- Full redundancy and disaster recovery
- Customer service provided by an experienced staff
- Flexibility to customize the outsourcing provider’s system to fit your organization’s needs
- Acknowledgements and reconciliation of payment remittance files
- Competitive advantage and improved customer relations
A reliable EOB provider will offer a service that combines a commitment to evolving technology, highly trained operators, state-of-the-art, HIPAA-compliant processing facilities and image quality that is the highest quality in the industry. What’s more, that provider will be able to automate the processing of EOBs in any format, from any insurer, regardless of the length.