Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
In simpler terms, contractual allowance is the amount that a healthcare provider writes off as a result of negotiated agreements with insurance companies or government payers. It is the difference between the provider's standard charge for a service and the lower amount that the payer has agreed to reimburse.
Maximum contract allowance: The total on which Delta Dental bases its portion of the fee. Note: If you go to an out-of-network dentist, this amount may be lower than the accepted fee. Amount applied to deductible: How much of your deductible you have fulfilled with the given procedure(s).
The contracted rate is the total amount (including cost sharing) that a group health plan or health insurance issuer has contractually agreed to pay a participating provider, facility, or provider of air ambulance services for covered items and services, whether directly or indirectly, including through a third-party ...
Contracted Rate means the determined expense or reimbursement amount for a network provider's services, treatments, or supplies, as decided by an agreement between the provider and a health benefit plan issuer.
A contract allowable is the maximum amount an insurance company will pay a provider for a specific service, predefined in their contract. This impacts the provider's reimbursement, as any charges above this amount may either be billed to the patient or written off.
Definition. Limits of contracts refer to a number of exceptions in contract law to the rule that courts should fully enforce voluntary agreements between capable parties.
The Contract Amount represents the financial compensation that the contractor will receive from the project owner for completing the specified work according to the project plans, specifications, and conditions stipulated in the contract.
Total severance pay is limited to 52 weeks of pay. If an employee is reemployed before exhausting the 52 weeks, and becomes eligible for severance pay again, the severance fund will be recomputed based on creditable service and current age and paid out for the period of the 52 weeks remaining to the employee.
In this instance, “CO” stands for “Contractual Obligation.” These contractual obligations stem from the valid contract between healthcare providers and insurers. A contract between these two entities can have a binding agreement between both parties on what services and prices they'll cover.
What percentage do most medical billing companies charge? Most medical billing companies typically charge a percentage of the total collections received on behalf of a practice. This percentage usually ranges from 5% to 10%, depending on factors such as the complexity of services and the volume of claims processed.
The basic standard for minimum necessary uses requires that covered entities make reasonable efforts to limit access to protected health information to those in the workforce that need access based on their roles in the covered entity.
One of the defining characteristics of the modern NBA is the maximum contract, commonly referred to as “the max,” or a “max contract.” In the simplest terms, a max contract is the most money a player can earn according to the CBA.
A guaranteed maximum price (GMP) contract is a document that allows customers to reimburse contractors for materials and labor and pay a fixed fee up to a maximum amount. If you're considering using such a contract, it can be helpful to learn more about it and review its benefits.
Contractual limitations on damages are agreements whereby the parties limit or exclude the availability of damages that would otherwise be available under statutory law.
The maximum amount a plan will pay for a covered health care service. May also be called “eligible expense,” “payment allowance,” or “negotiated rate.” If your provider charges more than the plan's allowed amount, you may have to pay the difference. ( See.
The Contract Amount means the total amount for which the Contractor has tendered to execute the contract work. Sample 1. The Contract Amount means the amount of money to be charged in respect of the individual contract for time and materials only and is specified in the Client Agreement.
Whether you're new to Original Medicare or have been enrolled for some time, understanding the limitations of your coverage is important as you navigate decisions about your healthcare. One of the main reasons why Original Medicare doesn't cover 100% of your medical bills is because it operates on a cost-sharing model.
A maximum-term contract is similar to a fixed-term contract in that it also specifies an end date for employment, however it also allows the parties to terminate the contract prior to the specified end date.
Average contract value (ACV) is a crucial financial metric that helps you measure the average revenue each deal or contract brings in. It's a straightforward, but powerful tool that gives you insight into the financial value of your sales efforts. Calculating your average contract value is simple.
There is no Federal Law that limits the length of the contract term. Any limit would be imposed by state or perhaps local law. Most jurisdictions do not have any such laws, and in fact I don't know of any jurisdiction where there is a statutory limit on the length of the term for a contract.
“The aim of a limitation of liability clause is to limit the amount of compensation that can be claimed when a breach of contract occurs. They can also be used to restrict the types of losses for which compensation is payable, and so are a useful damage limitation tool”, Nicholas Guinness.
In other cases, the provider will bill you for the difference between the allowed amount and the original charges. This is called balance billing and it can cost you a lot. If you choose to see an out-of-network provider, you're likely aware that your costs will be higher than they'd be with an in-network provider.
A contractual allowance is the amount of discount from standard charges that is allowed by a particular payer for that service. For example, a hospital may charge $5,000 for an appendectomy, but based on terms of its negotiated United managed care contract, the amount United will pay is $3,000.