The process of planning, organizing, Directing and controlling the resources and activities of an organization in order to fulfill the objectives of that organization at the least possible cost.
Insurance Encyclopedia
Management and Administrative Reporting Subsystem (MARS)
One of the systems approved by the Centers for Medicare and Medicaid Services (CMS) that supports the operation of the Medicaid program. MARS is a federally mandated comprehensive reporting module of the Medicaid Management Information System (MMIS) that includes data and reports as specified by federal requirements.
Management expense (Reinsurance)
According to a contingent commission agreement, an amount taken to cover reinsurers’ overhead costs.
Management Expenses
A charge deducted in a contingent commission formula to cover the reinsurer’s overhead expenses.
Management Fee Expense (also may be known as Reinsurance Home Office Expense [RHOE], Reinsurer’s Expense, or Reinsurer’s Load)
A deduction usually expressed as a percentage of ceded premium, in a calculation of profit or contingent commission. The amount is intended to account for the reinsurer’s internal expenses.
Management Information Systems (MIS)
Computer packages designed to assist the risk manager in making decisions by organizing and analyzing data available to the risk manager.
Management of Health and Safety at Work Regulations 1999 (MSHW)
Regulations principally concerned with risk assessment, management, health surveillance, use of competent assistance and provision of information and training for employees. Employers and the selfemployed must carry must out a risk assessment and have arrangements for effective planning, organisation, control, monitoring and review of their preventative and protective measures. Employers with five employees or more must record their assessments. Regulatory breach is a criminal offence and, by an amendment, it is intended to allow civil claims against the employer.
Management Oversight and Risk Tree (MORT)
System safety technique which analyses all phases of a safety program or safety management system. Its basic tool is a chart identifying the significant elements of a safety program or safety management system.
management services organization (MSO)
Type of publicly or privately held administrative group that gives strategic, financial, and operational plans needed by physicians, clinics, and ancillary service providers for a successful managed care business enterprise. The MSO contracts with payers, hospitals, and physicians to provide services such as negotiating fee schedules, handling administrative functions, billing, and collections. An MSO may own the facilities and employ nonphysician staff to deliver care or may be a direct subsidiary of a hospital or owned by investors. Sometimes referred to as medical services organization (MSO) or physician management corporation (PMC) .
Manager
A title generally given to the person heading an insurance agency’s branch office. The manager is usually a salaried employee who also receives a bonus based on the volume of business conducted with the agency.