Solutions Info

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The Challenge: Insurance EOB Statements

A recent insurance industry study reported that Insurance companies have an annual first-class mail volume of almost 5 billion pieces. Approximately 55% of this volume is bills and statements, including Explanation of Benefits (EOB) statements.

Not all EOB statements can be diverted online due to regulatory requirements to print and mail EOB statements to customers. However, all EOB statements can be stored and accessed for internal online use, by administration departments and call centers, in order to reduce operational costs and to improve customer service.

As well, audit requirements can result in having to print tens of thousands of EOB statements. In some cases, the auditors may ask for specific EOB statements based on time period, customer, location or other criteria. Having to print an entire batch of EOB statements and then manually extract the specific statements requested by the auditor can be cumbersome, time-consuming and costly.

The Xenos Solution

The Xenos EOB Statements Solution transforms your EOB statements from the printed format into an electronic format that can be indexed for fast, flexible retrieval and stored in an existing or a new repository.

As well, the Xenos EOB Statements Solution is scalable to extend the audience from restricted internal access to external access by business partners and customers

Benefits

• allows for the real-time dynamic retrieval and transformation of EOB statements in an online environment.
• provides for expanding the types of statements that you can transition from print and mail to electronic storage and access