Payments > Insurance Payments

Saving EOBs

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Zeecy:
I hope this is the right place to post this question.  I have done some searches through the forums & I'm not sure I have found the correct (& maybe legal) answer.

I do billing for my husband's practice, so my question comes not only as a biller but I guess as a provider too.  Is there a specific amount of time I am required to hold on to EOBs?  We bill electronically so when we receive EOBs, whatever payments we have are posted to the system, & denials are documented in the system on the claims as well.  I seem to have bumped into the number 7 several times in my searches but I'm not sure if that's EOB related or just related to patient records used to create claims.  (Source documents?)  So I guess I'm trying to find out if I'm going to need an addition on my home just to store EOBs & how many years worth I will need to hold onto before shredding.

Thank you!

Pay_My_Claims:
some consider it a part of the patients medical record, i don't, but I would check with your states law on record keeping and follow that. We keep at hand 2 years accessible, but the others are kept up to 7 years i believe in storage. With the new electronic records systems on file now, you won't have to add on an addition, just have electronic access to the record. Our EOB's are eventually going to be scanned in. The ones we get via mail. The rest are done electronic and they are on file forever.

DMK:
I do my husband's billing too!

We keep all documents for all active files.  If the patient hasn't been seen in 7 years, the file is shredded.  I've recently read that Medicare is now requiring that a file be kept for 10 years.  Ugh!  That's a lot of paper, and I'm not quite ready to trust a computer enough to scan it all in, they change too quickly, and until the new EHR programs for Chiropractic are approved by Medicare, I won't keep EHR's.

Pay_My_Claims:
LOL, progress progress

dekenn:
Wow.. :o  I thought you guys were all billing companies.... I do my husband's billing also!  I thought I was the only one..I had no experience at all when he started his practice, (12 years ago now!) but do feel like I "kind of" know what I'm doing. :-\.
I actually have kept all the eob's so far... not sure when I'll start shredding.... :)

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