Statistic used to evaluate utilization management performance for inpatient, outpatient, partial hospitalization, and so on. Providers in a managed care environment need this information. The formula is to take the gross charges incurred by a specific group for a specific time period and divide it by the average number of members in that group during the same period and then multiply the result by 1000.
Insurance Encyclopedia
Gross claims
Claims under contracts of insurance underwritten by the members of a syndicate plus internal and external claims settlement expenses less salvage or other recoveries, but before the deduction of reinsurance recoveries.
Gross Claims Incurred
Claims incurred without deduction for payment of reinsurers.
Gross conversion factor
Dollar amount that is obtained when converting a provider’s fee schedule that is not based on the resource-based relative value scale (RBRVS) to one that is using only the current fee schedule. Because income is related to the fee for each service and to the frequency performed, this gives only a rough conversion factor. For a more accurate conversion factor formula, see frequency-adjusted conversion factor (FACF) .
Gross cost
Total price of an insurance program for a certain time period such as 1 year before dividends and rate credits are considered.
Gross costs per 1000
Statistic used to evaluate utilization management performance for inpatient, outpatient, partial hospitalization, and so on. The formula is to take the gross costs incurred for services received by a specific group for a certain time period and divide it by the average number of covered members in that group during the same period, and multiply the result by 1000. Providers in a managed care environment need this information because it is imperative to keep gross costs per 1000 below collections per 1000.
gross domestic product (GDP)
Total current dollar value of all goods and services produced in the United States during a specific period, usually 1 year, regardless of who supplies the labor or property. GDP differs from the gross national product (GNP) by excluding net income that residents earn abroad. It is the primary indicator of the status of the economy. Formerly called gross national product (GNP) .
Gross Earned Premiums
Premiums received by or due to an insurer, without deduction of the cost of any Reinsurance, but adjusted to take account of the difference between the unexpired risk reserves at the beginning and end respectively of the period concerned.
Gross Earnings
Revenue from operating sources, before deduction of the expenses incurred in gaining such revenue.
Gross earnings (Property Insurance)
An amount calculated by deducting the cost of goods sold from the total sales.