What is an Extended Business Office and How Can it Help My Business?

What is an EBO or Extended Business Office? Businesses seeking payment solutions often run into this option and wonder what it means.

An EBO is just that, an extension of your business office. If you work with an EBO, that team will develop processes to meet your business goals. Plus, they will also provide a more effective debt collection solution customized to your business style. This could involve creating an updated privacy policy and/or medical coding to better keep track of customer debt. An extended business office provides revenue cycle best practices in areas ranging from ongoing billing and collections to denial management.

Why Do You Need an EBO?

As reimbursement becomes more complex, hospitals face unique challenges. Changing healthcare coverage and regulatory requirements have increased the administrative burden of collections on both facilities and providers. Capital Recovery Corporation (CRC) and other EBOs bridge the gap between healthcare practices and the expertise and technology that is needed to drive results. Each year, hospitals lose a percentage of their yearly net revenue due to inefficient processes and procedures within the revenue cycle. The diversity of patients, processes, collection systems, and payors’ capabilities challenge healthcare facilities’ ability to meet income, cost margins, and revenue expectations.

EBOs usually have advanced technology and vast healthcare experience, which can help your system recover claims and improve revenue cycles.

Extended Business Office Services

The services offered by EBOs vary by company, but they may include:

• Pre-registration and patient access eligibility
• Pre-service financial counseling for newly insured patients
• Benefit determination
• Managed care enrollment
• Patient statement production
• Highly trained professional staff serving as an extension of hospital staff
• Comprehensive performance reporting and data
• Billing and Accounts Receivable Management
• Denial Management and Master File Support
• Insurance claim billing/rebilling
• Payment monitoring with a 24/7 client log in
• Insurance claim follow-up
• Secondary insurance claim filing
• Insurance claim status codes allow our clients to know where we are in the recovery process
• Insurance claim appeals and audits of short-pays
• Pre-collection letter series using your letterhead as a soft collection approach
• Collection process if requested that allows for a more aggressive recovery method

Benefits of Extended Business Office Systems

Many companies who work with EBOs witness immediate net revenue improvements, plus a reduction in operating expenses.

• Cash flow improvement
• Overhead reduction
• Labor concerns lowered
• Decreased bad-debt expenses
• Full transparency for the patient

The Best EBO

Capital Recovery Corporation is a premier third-party debt collection agency. We support clients by aligning with their existing healthcare revenue cycle management policies and workflows. We can maintain key revenue and operating metrics and improve upon gaps in the system. With an outside eye, CRC’s business office solutions can identify these holes or root causes of payment delays. Learn more about our EBO options here.

Are you unsure if it’s time to hire a debt collection agency? Read more about medical billing debt in our blog. Learn how to spot warning signs and more.

Contact CRC today with any questions and concerns, or to get started on extended business office services.