Standardized method used to transform written descriptions of procedures and professional services into numeric designations (code numbers).
Insurance Encyclopedia
Procedure review
Review of diagnostic and therapeutic procedures to determine appropriateness.
Proceeds
1. Face value of an insurance policy or annuity and any additions payable at maturity or death. 2. Under Medicare Secondary Payer guidelines, money obtained as a result of a transaction that is in the possession of the party to whom it was intended.
Proceeds (Life Insurance)
A term that usually refers to the face value of a policy, but can mean any amount to be paid out by a policy.
Proceeds of policy scheme
Money purchase scheme that purchases an insurance policy for each member. The proceeds of the policy buys the member’s pension.
Process
Goal-directed, interrelated series of actions, events, mechanisms, or steps.
Process improvement
Methodology used to make changes for the better to a procedure through the use of continuous quality enhancement and cost and productivity improvement standards or goals. Also referred to as process management.
Process indicator
Gauge that measures a goal-directed, interrelated series of actions, events, mechanisms, or steps.
Process management
See: process improvement.
Process Rating
The steps used to determine a premium rate for a particular group based on the amount of risk that group presents.