Financial Glossary

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Term Definition
Effective Date The date when coverage provided by an insurance policy begins.
Encounter A face-to-face contact between a patient and a doctor who has the responsibility for assessing and treating the condition of the patient.
Explanation of Benefits (EOB) A statement from the insurance company that provides an explanation on the actions taken by the insurance company on a specific claim. The statement will explain if the insurance company paid the claim, rejected the claim or if the claim is pending.
Explanation of Medicare Benefits (EOMB) Medicare carriers are required to instruct patients or physicians as the reason why certain services were paid for and others were not. In addition, the EOMB will inform the patient on how to dispute the carrier’s decision.
Extended Care Facility An institution, or a distinct part of an institution, that provides skilled nursing care and rehabilitation services to patients who do not require full hospital care.