To have a seal of approval. Being accredited means that a facility or health care organization has met certain quality standards. These standards are set by private, nationally recognized groups that check on the quality of care at health care facilities and organizations. Organizations that accredit Medicare Managed Care Plans include the National Committee for Quality Assurance, The Joint Commission, and the American Accreditation HealthCare Commission/Utilization Review Accreditation Commission (URAC).
Insurance Encyclopedia
Accredited advisor in insurance
An agent or other individual who has completed the three exams administered by the Insurance Institute of America.
Accredited hospital
A facility that meets certain standards of quality. These standards are set by private, nationally recognized groups that check on the quality of care (staff and equipment) at health care facilities usually every 3 years. Accreditation can be awarded by two organizations: The Joint Commission and the American Osteopathic Association (AOA). The Joint Commission has six levels—the lowest is not accredited and the highest is accredited with commendation. AOA has several levels, the lowest level being denial of accreditation and the highest being accreditation with resurvey within 3 years. State or federal governments can recognize accreditation in lieu of, or as the basis for, licensure or other mandatory approvals.
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Official approval by The Joint Commission (TJC) that the hospital facility has met the quality and high standards after their scrutiny. TJC accredits clinics, hospitals, and other federal and military facilities. See Joint Commission, The .
Accredited Lloyd’s broker
A Lloyd’s broker.
Accredited record technician (ART)
See: Registered Health Information Technician (RHIT).
Accredited Standards Committee X12 (ASC X12)
Organization accredited by the American National Standards Institute (ANSI) for the development, maintenance, and publication of electronic data exchange national standards. Also called X12.
Accrete
1. Medicare term that means the addition of new enrollees to a health plan. 2. In managed care plans, this is an enrollment term. 3. In accounting, this term means accrue.
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The process of adding new members to a health insurance policy.
Accrual
Funds set aside for a benefit plan’s expenses by estimating data of the claims system and the plan’s prior history.
Accrual accounting
Accounting method that requires business organizations to report income in the period earned and to deduct expenses in the period incurred.
Accrual Basis
Means the revenues are recorded in the period earned (regardless of when collected) and expenses are recorded in the period incurred (regardless of when cash was paid out).