What does "EOB" stand for?

"EOB" stands for "Explanation of Benefits." This term is widely used in the healthcare and insurance fields to refer to a document that insurance companies send to policyholders after a claim has been processed. The EOB provides detailed information about the medical services received, the total cost of those services, what the insurance has covered, and what the patient will need to pay out of pocket. This helps patients understand their financial responsibilities regarding their healthcare expenses.

In the context of pharmacy billing and reimbursement, an EOB is crucial for both the pharmacy and the patient, as it clarifies how much of the medication cost is covered by insurance and how much is the patient's share. By understanding the EOB, pharmacists can assist patients in navigating their billing and reimbursement processes more effectively.