System in which an insurance plan employs new rates either monthly, quarterly, or semiannually. Individuals who apply or renew policies are affected by the rates in effect.
Tag: MEDICAL
Project manager
Supervises and administers the implementation of a data system that can support personal health records and website content.
Project officer
Appointed person who is responsible overall for a project. A departmental person is usually appointed.
Projected costs
Potential insurance claim costs that are expected for a specific group over a time period.
Projection error
Degree of variation between estimated and actual amounts.
Projection factor
Mathematical calculation applied to insurance claim costs so that adjustments can be made for possible increases in the costs from one time period to another.
Prolonged physician services
Extended preservices or postservices given to a patient by a doctor that go beyond the usual time allotted in either inpatient or outpatient settings.
Prolonged services
Services that go beyond the usual time allotted in either inpatient or outpatient settings.
Prompt
1. List of items displayed on a CRT from which the typist can choose the function to be performed. Also known as menu. 2. In liability insurance cases, prompt or promptly means payment within 120 days after the earlier of the date a claim is filed with an insurer or a lien is filed against a potential liability settlement. It can also mean the date the service was furnished or, in the case of inpatient hospital services, the date of discharge. 3. In no-fault insurance and workers’ compensation cases, prompt or promptly means payment within 120 days after receiving the insurance claim.
Prompt payment laws
State statutes designed to govern actions of insurers and third-party payers to pay insurance claims in a timely manner; also outlines actions collectors can take against insurance companies if statutes are not followed.