Passengers who get a ‘lift’ in someone else’s vehicle and make a contribution towards the running costs. See CAR SHARING.
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Paymaster Robbery Insurance
Insurance against loss by robbery of payroll while in charge of a custodian.
Paymaster robbery insurance (Criminal)
Insurance that covers the loss of money intended for payroll due to a robbery perpetuated by the appointed custodian.
Payment (pmt)
1. Costs incurred for processing of data. 2. See reimbursement. 3. In Medicare fraud, deliberately applying for duplicate payment (e.g., to bill both Medicare and the beneficiary for the same service or to bill both Medicare and another insurance company to attempt to get paid twice). 4. Under the Health Insurance Portability and Accountability Act (HIPAA), use and disclosure of protected health information (PHI) is permissible for treatment, payment, and health care operations (TPO).
payment at time of service (PTOS)
Collecting the amount or balance due directly from the patient at the conclusion of the patient’s office visit.
Payment Bond
A guarantee of the faithful performance of a construction contract and the payment of all material and labour bills incidental thereto. A bond covering payment of labour and materials only is a Payment Bond and a bond covering faithful performance only is known as a Performance Bond. Refer “Guarantee, Performance Bond.”
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Sometimes also called a labor and materials bond, this bond guarantees that bills owed by the contractor will be paid as they come due. The agreement may be incorporated into the performance bond.
Payment bond (Surety)
A bond guaranteeing that a contractor will provide and pay for the labor and materials used on a project. This is done to save the property owner from being liable for the contractor’s failure to payment.
payment error prevention program (PEPP)
Program to assist in the reduction of Medicare prospective payment system (PPS) inpatient hospital reimbursement mistakes.
Payment floor
Minimum number of days that must pass before a Medicare administrative contractor can pay an insurance claim. Payment for manual claims is within 4 to 12 weeks and as little as 7 days when transmitted electronically. Prompt payment guidelines for clean claims transmitted by participating providers may be paid faster than for those submitted by nonparticipating providers.
Payment in full
Under Medicare guidelines, the amount that the provider must accept because of a contract or amount the provider voluntarily accepts as reimbursement in full from the insurer, meaning the patient’s obligation has been met.