- Industry News
- Access and Reimbursement
- Law & Malpractice
- Coding & Documentation
- Practice Management
- Finance
- Technology
- Patient Engagement & Communications
- Billing & Collections
- Staffing & Salary
Retaining Paperwork
We are attempting to reduce the amount of paper we have on hand until we are EMR-ready. What are the regulations for retaining encounter forms and originals of EOBs?
Question: We are attempting to reduce the amount of paper we have on hand until we are EMR-ready. What are the regulations for retaining encounter forms and originals of EOBs?
Answer: Regarding encounter forms, the IRS requires that the encounter form or other "originating document," such as a charge ticket from which a charge was generated, be retained for the audit period. The IRS can examine a tax return and make adjustments within three years from the date of its filing. This period increases to six years if the return contains a very large understatement of income. The period may be indefinite if fraud is suspected. Therefore, some malpractice carriers recommend retaining accounts receivable documents, bank statements, cancelled checks, and encounter forms for seven years.
Generally, practices retain EOBs for three to seven years.
You certainly should check with your malpractice carrier or attorney in case they have an opinion, too.
Keep in mind that you can scan them, usually, for easier storage.
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.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
