Keeping medical records based on state and/or federal statutes. The federal minimum for records retention is at least 6 years after the patient is last seen. Each state has different laws but usually mandate longer than 6 years. State law has more authority than federal statutes. The American Health Information Management Association (AHIMA) recommends retaining medical records for 10 years after the date the patient was last seen regardless of whether the state regulation says 7 to 10 years. Records of children must be kept a certain amount of time after the patient becomes an adult, which can be anywhere from age 18 to 21 depending on the state law.
Insurance Encyclopedia
Recoupment
Recovery by Medicare of any Medicare debt by reducing present or future Medicare payments and applying the amount withheld to the indebtedness.
Recourse Indemnity
Indemnity to an exporter against the risk of a buyer failing to pay for plant and equipment on the ground of alleged failure or defects and to a lender against the risk of an exporter’s insolvency.
Recourse indemnity/ECGD recourse indemnity obligation insurance
A policy that responds when an ECGDbacked buyer credit loan agreement coincides with a supplier default on the connected export contract. In the absence of insurance, the ECGD’s right of recourse would cause the loss to fall on the exporter.
Recoverable to Policy Holder Funds
Measures a company’s dependence upon its reinsurers and the potential exposures to adjustments on such reinsurance. Its determined from the total coded reinsurance recoverable due for paid losses, unpaid losses, losses incurred by not reported (IBNR), unearned premiums and commissions less funds held from reinsurers expressed as a percent of policyholder surplus.
Recoveries
Amounts the insurer can recoup after paying for a loss. It may be the result of: sale of salvage; exercise of subrogation rights; or reinsurance recovery.
Recovery
An amount collected by an Insurer from a third party who was responsible for the loss in respect of which the Insurer had paid a claim. Recoveries may be made from several different sources, e.g., reinsurers, other insurers, salvage, liable third parties.
Recovery Agencies
After a claim is settled, the insurer by virtue of the Letter of Subrogation gets all the rights and remedies which are available to the assured against third parties. The main right herein is recovery of the loss amount from the carriers. To avoid complexities of law the insurer usually engage the services of Recover Agencies who often work on a NO CURE, NO PAY basis as far as recovering from trucking companies are concerned. Recoveries from an airline is usually easier. In large cases however especially with shipping companies and in case of truck hijacks recovery suits need to be filed for which the services of lawyers are utilized. Some Companies have started having their own separate recovery departments.
recovery audit contractor (RAC)
Demonstration project developed from the Medicare Prescription Drug Improvement and Modernization Act. States that participated in this project for three years (2006-2008) have been California, Florida, and New York.
Recovery of funds
Monies obtained from a successful judgment, settlement, erroneous, or conditional payment. Also called recovery of money .