Ace the 2025 CPB Certification Exam – Bill Your Way to Success!

The abbreviation "EO" refers to the Explanation of Benefits. This document is a statement provided by health insurers that outlines the services that were billed, what the insurance company is paying, and what the patient’s financial responsibility is (such as co-pays, co-insurance, or deductibles).

The Explanation of Benefits is crucial for billers, as it outlines the payment process and ensures the provider receives appropriate reimbursement while also informing the patient about their coverage and any remaining costs. It plays a significant role in the billing process because it clarifies the relationship between the insured patient and the insurance provider, making it an essential document for both parties involved.

Other entities such as Electronic Health Record, Exclusive Provider Organization, and Electronic Medical Record refer to different aspects of health care administration and documentation, but they do not pertain to the financial reporting aspect that the Explanation of Benefits covers.