Q: Can you help me? I’m saving all my old EOBS, but I’m not sure how long I need to keep them.
Patient Financial Services Weekly Advisor, March 11, 2005
A: Most hospitals are developing document retention plans. If your hospital has one, you should consult it. If not, a safe rule of thumb is seven years to keep paper documents. This is from IRS regulations relating to audits of financials.
The best solution is to move to an optical imaging system where documents are stored permanently. Paper documents should be destroyed, not just thrown away since they contain sensitive PHI.
This question was answered by Susan Phelps, MBA/MHA, director, Revenue Cycle Management, High Point (NC) Regional Health System.
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