What Is an Explanation of Benefits (EOB)

question 51

Multiple Choice

What is an Explanation of benefits (EOB) ?

• A) Statement sent to the health care provider and the patient explaining what the third party paid.
• B) Statement sent to the health care provider and the patient explaining what the patient owes.
• C) Statement sent to the health care provider explaining what the third party paid.
• D) Statement sent to the patient explaining what the patient owes.

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Definitions:

Net Present Value

A calculation used to evaluate the profitability of an investment, subtracting the present values of cash outflows from the present values of cash inflows.

Binary Variable

A variable that takes on one of exactly two possible values, typically represented or coded as 0 and 1.

Processes

A series of actions or steps taken in order to achieve a particular end, often referring to sequences in manufacturing or computation.

Solver

A computational tool used in spreadsheet programs to find optimal solutions to complex decision-making problems by changing multiple variables.