OK to Shred EOBs?
I have a "paperless" office. My billing person tells me that I must keep these paper EOBs (explanation of benefits) for several years. How many years do I have to keep my EOBs from various insurance companies? I would really like to shred them.
Question: I have a "paperless" office. My billing person tells me that I must keep these paper EOBs (explanation of benefits) for several years. How many years do I have to keep my EOBs from various insurance companies? I would really like to shred them.
Answer: Many practices retain EOBs for up to seven years - a nuisance, but they come in handy if a payer does a retrospective audit and demands thousands of dollars in refunds (believe me, it happens).
You might have a look at what your contracts do or do not specify on this point.
That said, there is no reason to keep the paper. A well-scanned version is just as legitimate - and easier to find later on. Just scan and store them by numerical assignment or whatever filing method works for your biller.
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
