About: Many organizations are surprised to learn about the costs associated with the day-to-day process of collecting payments. Studies show that the average cost of posting a single payment from a payer is $2.96 for a paper-based check, and $1.48 for an electronic payment. Processing explanation of benefit (EOB) statements – along with reconciling accounts – can cost $6 to $8 per payer payment. Similar costs are incurred when collecting the relatively small dollar amounts of patient-owed balances. These costs add up quickly. In this whitepaper, evaluate new approaches that can increase efficiency and help you keep a larger percentage of payments you earn.
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