Health providers, from large hospitals to small medical practices, need to capture and convert data from Explanation of Benefits (EOB) forms accurately and quickly, without causing a delay in the process and without adding unnecessary expense.
The statements, which are sent by health insurance companies to explain the treatments and services that are covered, are a vital part of the process, and gathering the information from them is an important – and expensive – part of providing benefits.
Outsourcing your company’s EOB processing services can be a key method for eliminating friction from the healthcare revenue cycle to reduce expenses and increase your profit margin. EOB processing offers several options that can be tailored to an individual company’s goals and requirements. Among them:
- Hard copy documents can be received by via fax, mail and or carrier.
- Processing can be prioritized according to total dollar amount prioritization.
- Exceptions procedures, such as flagging and routing options for manual review of specific EOBs, can be implemented.
- Extracted data can be automatically validated at any level, including service lines, patients, account numbers or other options.
- Data can be exported to any other applications and/or formats for back-end processing.
Capturing information from Explanation of Benefits forms is a crucial step in the process for companies offering treatments and services. By automating this process through outsourcing, the entire cycle can be streamlined, increasing efficiency and reducing costs.