1. Amount of space taken by a body as stated in cubic units. 2. Number of services, procedures, or tests performed. 3. Number of patients seen in a medical office or hospital facility. 4. Number of patients in a diagnosis-related group (DRG) during a certain period of time.
Tag: RAW
Volume and intensity of services
In the Medicare program, quantity of medical services per beneficiary, taking into account the number and complexity of the services provided.
Volume behavioral offset
Change factor in the volume of services that occurs in reaction to a change in fees. It is used in the annual setting of the Medicare volume performance standard (VPS), resulting in higher annual payments than would otherwise be expected.
Volume discount
Reduction in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
Volume loading
Increase in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
volume performance standard (VPS)
Method for updating and adjusting fees based on annual increase in actual expenditures compared with previously determined VPS rates of increase. It is the desired growth rate for spending on Medicare fvPart B physician services that is set each year by Congress.
Volume risk
The effect of demand for a product or service on revenue. Energy sector sales fall during warm winters regardless of price. Heating fuels are bought because it is cold not because prices are low. Weather derivatives are used as a hedge against the volume risk.
Volume Weight
Used when calculating air freight when the size of the carton is greater than the average weight calculated by multiplying the length times the width times the height and dividing by 166.
Voluntary agreement
Contracts between the Centers for Medicare and Medicaid Services (CMS) and various insurers and employers to exchange Medicare information and group health plan eligibility information for the purpose of coordinating health benefit payments.
Voluntary assumption of responsibility test
Following Henderson v. Merrett Syndicates Ltd (1994), this test has been accepted as the correct basis of liability where issues of a duty of care and economic loss arise as they do in professional negligence cases. The giving of advice and providing a service call of a duty of care when the party concerned assumes or undertakes a responsibility to another. In this case the managing agents at Lloyd’s owed a duty of care to names who had suffered disastrous financial losses following the negligent management of the syndicates.