EOBs, also known as explanations of benefits, are necessary for medical providers. Bills come with explanations of the cost to help patients understand what procedures, medicines, and services they are paying for. In addition, it allows the hospital and insurers to keep a copy for their medical records. EOBs are very important because they provide histories of each payment. If they are lost or misprocessed in the system, there would be severe consequences. Since a significant amount of time must be allocated for the processing of these forms, many workers are manually handling these files. This activity is not only a financial burden, but uses up of employee efforts and resources. The high accuracy that must be maintained is also problematic for many employees manually handling the EOBs since there are bound to be human prone errors.
Companies and hospitals are turning to EOB processing software to help solve these issues because of the multiple benefits that it offers. With automated processing speed, there is much more efficiency when dealing with batches of EOBs. In many situations, individuals are constantly plugging in information. However, errors are made which may result in unpaid bills or lawsuits if the cost was over estimated. With EOB processing software, every bill will be precise, and efficiently made. When bills are paid, or claims are settled, the EOB processing software will automatically see if paperwork needs to be resubmitted. EOB processing software will work faster than any employee, allowing them to work on other jobs. Instead of hiring individuals specifically for EOB processing, you can purchase the software and save money on your budget. According to healthharbor.com, “knowing how to understand your EOB can solve mysteries surrounding how your doctor is billing you and if your insurance is covering all that it should.” EOBS are very important to both parties. Mistyping or misplacing any of the paperwork could be detrimental to the reputation of both sides.