The EOB is a document from insurance companies that describes in detail the benefits paid on behalf of the patient for a service or visit. The EOB will explain the contracted amount paid and the financial responsibility of the patient. The EOB will also provide a brief explanation regarding denied charges.
Proper financial management is at the heart of a successful practice. It is vital to understand operation and financial decisions to improve the cash flow of your medical practice while consistently providing quality healthcare. There are many financial and reimbursement models available and you will need to identify the one that is right for your practice. Hire an accountant to oversee reimbursements, compensations, and payouts for the practice—ensuring the checks and balances of the business. Running an effective and efficient practice focuses on both patient care and on creating a viable and profitable medical practice.
For more on the financial management of your practice, download the ACR Business Side of Rheumatology manual at www.rheumatology.org/publications. For additional information on practice management, contact Cindy Gutierrez, senior specialist of practice management, at [email protected] or (404) 633-3777, ext. 310.