A company that outsources its Explanation of Benefits (EOB) services can eliminate friction from the healthcare revenue cycle to speed cash flow, increase efficiency, reduce costs and allow its employees to focus on the core competencies of the business.
However, there are some important options to keep in mind when choosing an EOB provider. A provider should offer these services:
- Hard copy documents received by fax, email or carrier
- Prioritized processing according to total dollar amount
- Exception procedures, such as flagging and routing options for manual review of certain EOBs
- Automatic data extraction at any level you choose, including service lines, patients or account numbers
- Reconciliation to amount by batch or check
- Customized reports
- Exporting of data to any other applications and/or formats for back-end processing
- Electronic EOBs delivered through a web-based system
- Full records storage, including short-term, long-term and archival, with destruction options available
Outsourcing EOB can lead eliminate friction from the healthcare revenue cycle and speed cash flow, but it’s important to choose a provider that utilizes advance technology, highly trained operators, state-of-the-art HIPAA-compliant processing facilities and exceptional image quality.