InsuranceEOB

Explanation of Benefits (EOB)

A document from an insurance company explaining how a claim was processed, including what was paid, denied, and what the patient owes.

In Detail

The EOB details the billed amount, allowed amount, insurance payment, adjustments, and patient responsibility (copay, coinsurance, deductible). Understanding EOBs is essential for accurate patient billing and identifying underpayments. PRACTIS automatically reconciles EOBs with submitted claims, flagging discrepancies and underpayments for follow-up, recovering an average of $3,200/month per practice in missed revenue.

Related Search Terms

EOB physical therapyexplanation of benefits PTinsurance EOB

Related Terms

Accounts Receivable (A/R)

A/R

The total amount of money owed to a practice for services rendered but not yet collected from patients or insurance payers.

Balance Billing

The practice of billing a patient for the difference between the provider's charge and the amount paid by insurance.

Denial Management

The systematic process of identifying, analyzing, and resolving denied insurance claims to recover lost revenue.

Eligibility VerificationFunctional Limitation Reporting (FLR)
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