What is explanation of benefit in SAP FS-CM - Claims Management?

SAP Term: explanation of benefit

• Component: FS-CM

• Component Name: Claims Management

• Description: Document provided by the carrier to the invoicer or insured, detailing any differences between invoice amounts and payment amounts. Typically sent at the same time as the payment.

Smart SAP Assistant

• Key Concepts: 
  SAP FS-CM Claims Management is a software solution that helps organizations manage their benefit claims. It provides a comprehensive set of tools to help organizations track, process, and analyze benefit claims. The Explanation of Benefit (EOB) is a document that is generated by the system to provide an explanation of the benefits that have been paid out to a claimant. It includes details such as the amount of the claim, the date it was paid, and any other relevant information. 
  
  How to Use It: 
  The Explanation of Benefit (EOB) document is generated by the system when a claim is processed. It can be accessed from the Claims Management module in SAP FS-CM. The document can be printed or emailed to the claimant for their records. 
  
  Tips & Tricks: 
  It is important to ensure that all relevant information is included in the EOB document. This includes details such as the amount of the claim, the date it was paid, and any other relevant information. Additionally, it is important to ensure that all EOB documents are stored securely and are only accessible by authorized personnel. 
  
  Related Information: 
  The Explanation of Benefit (EOB) document is just one part of the Claims Management process in SAP FS-CM. Other features include claim tracking, payment processing, and analytics tools. Additionally, there are other software solutions available that can help organizations manage their benefit claims more effectively.