"Explanation of Benefits (EOB)"
An Explanation of Benefits (EOB) is a statement detailing the medical benefits account activity of an individual or family. After services are received by a covered individual from a doctor, specialist, hospital or other facility an EOB is sent to the individual explaining the services provided and the charges paid and owed.
In most cases, the EOB is only sent when the covered individual is required to make additional payments beyond what the insurance provider paid.
EOB documents are traditionally complicated and difficult to understand. Properly redesigning these documents using electronic document composition software greatly improves comprehension and reduces billing inquiries.
Other Terms
- Another term sharing the EOB acronym is End of Business