Name of a Medicare reimbursement model.
Insurance Encyclopedia
Payable
Unpaid, but not necessarily overdue, financial account or bill.
Payback
A method of reinsurance rating under which the price is based on how frequently a limits loss might occur over a period of time based on historical or projection indications. Thus, if the indicated or projected loss would occur only once in five years, the price would be set (without regard to expenses and profit margins) to be equal to the limit divided by five and the contract would thus be said to have a “five year payback.” Inverse calculation with Rate on Line.
Payback period
The length of time it takes for an investment to make the original amount invested. For example, if a $500 investment generates a return of $100 every year, the payback period of that investment is five years.
Payee
MEDICAL,USA: 1. Individual to whom benefits are payable under a supplementary insurance contract. 2. Individual named on a draft or check as the receiver of the amount shown; also known as bearer.
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A person receiving money.
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The person receiving money.
Payee Clause
A clause in an Insurance contract providing for payment of loss to a person or class of persons.
Payee number
In workers’ compensation cases, an identification number that is given to each medical provider that submits bills for services provided to the injured or ill worker.
Payer
1. Organization or entity that pays for the patient’s health care services and medical treatments (e.g., self-insured employer, managed care plan, federal government, commercial insurance company). Sometimes called payer, indirect payer, insurance company, or insurer. 2. Individual responsible for payment of the amount as shown on the face of a check.
payer ID
See: NPLANID.
payer identification (PAYERID) number
See: PAYERID number.