MedBusiness Analyzer is a program that analyzes and reports findings based on the Explanation of Benefits (EOBs) received by physicians from carriers (insurance companies). The Explanations of Benefit (EOB) is the document that is sent back to the physician from the insurance company upon receipt of a claim. The EOB may or may not be accompanied by a check for payment to the provider for the medical services rendered and typically shows all the detail of the payment or denial of the payment. Analysis of the EOBs is the only way to accurately determine the level of effectiveness of the claims processing department of a practice.
A typical EOB analysis is done on 500 EOBs. The EOBs can be from the past or from future reciepts and have to be collected and copied by MedBusiness to be processed by Physician's Financial Corporation (PFC). Once the EOBs are processed, an extensive report is generated for the practice and MedBusiness gives a presentation to the administrators and doctors in the practice with a complete explanation of the findings. It is in that meeting that suggestions are made by MedBusiness for improvement in claims processing productivity.