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P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py
Pea Pec Ped Pee Pel Pen Peo Pep Per Pet

Performance bond

Common in the construction industry, the surety protects the project owner by guaranteeing that the contractor will perform his contractual obligations. If the contractor defaults, the project owner (the obligee) calls the upon surety to pay damages (the additional costs of completing the work) up to the amount of the bond. The surety (the obligee) has recourse against the contractor (the principal). The bond may incorporate a payment bond guaranteeing that the contractor will pay sub-contractors and for the contract materials. See MAINTENANCE BOND; RETENTION BOND; STREET WORKS BOND.
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A bond that guarantees the property owner (the obligee) that the contractor with the winning bid on a job will perform as promised and on time.

Performance Guarantee Bond

While awarding important contracts, the employer often takes precautionary measures to protect his interest against the possible failure of the contractor to perform the work in question. Usually the contractor is asked to deposit in cash or approved securities a certain amount based on the contract value called security deposit which is liable to be forfeited at the discretion of the employer in the event of the contractor failing to complete the work in accordance with the terms of the contract. The performance bonds issued by the Insurers are accepted by the employers in lieu of the security deposit. The Insurer guarantees to pay a stated amount in case the contractor fails to complete the contract as per terms of the contract.

Performance improvement projects

Schemes or plans that examine and seek to achieve enhancement in major areas of clinical and nonclinical services. These plans are usually based on utilization, diagnosis, and outcome information; data from surveys; and grievance and appeals processes. They measure performance at two periods of time to find out if improvement has occurred. These projects are required by the state and can be of the managed care organizations’/prepaid health plans’ (MCOs’/PHPs’) choosing or prescribed by the state.

Performance measure

1. Gauge used to assess the carrying out or execution of a process or function of any organization. 2. Quantitative or qualitative measure of the care and services delivered to enrollees (process) or the end result of that care and services (outcomes). Performance measures can be used to assess other aspects of an individual’s or organization’s performance such as access and availability of care, utilization of care, health plan stability, beneficiary characteristics, and other structural and operational aspects of health care services. Performance measures may include measures calculated by the state from encounter data or another data source, or measures submitted by the managed care organization or prepaid health plan. 3. Information that reveals how well a health plan provides a certain treatment, test, or other health care service to its members. For example, Medicare uses performance measures from National Committee for Quality Assurance’s (NCQA’s) Health Employer Data and Information Set (HEDIS) to get information on how well health plans perform in quality, how easy it is to get care, and members’ satisfaction with the health plan and its doctors.

Performance standards

Quality of care goals that a medical provider is expected to meet such as office hours per week, office visits per month, on-call days, percentage of accounts receivable collected, and surgeries performed per year. Also called performance goals.