When your patient comes in for treatment and needs to pay for the procedure, you want to provide more than just an educated guess. You can’t pick out a random dollar amount and hope you’re in the ballpark. Going blind in charging your patients can wreak havoc on your practice’s finances and reputation. That’s where an Explanation of Benefits (EOB) in dental billing can help you keep everything organized and everyone happy. As an office manager or owner of a dental practice, you need to not only be familiar with EOBs but also know how to use them to benefit your business and patients.
What Is an Explanation of Benefits (EOB)?
An EOB is a statement from the patient’s insurance company detailing dental work that has already been done during the calendar year and how much the policy has already paid toward the patient’s care. Although a column usually appears on the page stating how much the patient payment should be, it is not a bill. This document is essential to determining the amount to charge the patient at the time of service.
Accurate Estimates for Your Patient
If you’ve ever had home improvement or landscaping work, you may have experienced the disappointment and frustration of a company that gives you one estimate and then charges you another amount later. Do you really want to put your patients through this or associate this irritation with your practice?
When you closely and correctly evaluate your patient’s EOB, you can know precisely how much their insurance company will pay, giving you the exact amount the patient still owes. Getting estimates right the first time can help you avoid awkward phone calls where you have to ask for money.
Transparency with Your Patient
Most of the time, patients don’t wish to inspect a detailed EOB—they simply want to know how much they owe out-of-pocket. However, if they would like to know the actual breakdown of their benefits to understand more clearly, you may have to translate the EOB document. At first glance, they may see just a bunch of numbers and dollar signs, but your team can explain in simpler terms what insurance does and doesn’t cover based on their plan and work the patient has already done.
Being completely transparent with your patients can reflect well on your practice, but when you go through an EOB, at minimum the patient needs to walk away comprehending how and why their out-of-pocket payment is what it is.
Ultimately, working with EOBs is an integral part of helping your patients take advantage of their insurance. Have someone on your team who understands how to capitalize on this information to help your practice thrive financially.
About Dental Support Specialties
Dental Support Specialties may offer services remotely, but we can act as one of your practice’s team members. Our experienced administrative dental professionals know how to deal with insurance companies, verify benefits, file and follow up on claims, and reach out to patients for additional payments if necessary. To learn more about ways we can help your practice, contact us online here.