What is the definition of payor?
Payor is used interchangeably with “payer”. The person making the payment, satisfying the claim, or settling a financial obligation. For example, the person writing a check is the payor, or an employer paying their worker is the payor. [Last updated in August of 2020 by the Wex Definitions Team]
What does payor information mean?
Payor, often spelled payer, is defined as the person paying. An example of a payor is the person who takes care of all the household bills. noun. 2. (Healthcare, medical insurance) The maker of a payment.
What is principal and payor?
When money is transferred between two parties for the exchange of goods or services, the two parties involved are the payee and payor. The payor is the person who pays the money to the payee. In some situations, such as when writing a check to yourself, the payee and payor can be the same person.
What is the difference between payer and payor?
As nouns the difference between payor and payer is that payor is (healthcare|medical insurance) the maker of a payment while payer is one who pays; specifically, the person by whom a bill or note has been, or should be, paid.
What is payer and payee?
A payee is a party in an exchange of goods or services who receives payment. The payer receives goods or services in return. The name of the payee is included in the bill of exchange and it usually refers to a natural person or an entity such as a business, trust, or custodian.
What does payor mean in health insurance?
Payer
Who is a Payer? A payer, or sometimes payor, is a company that pays for an administered medical service. An insurance company is the most common type of payer. A payer is responsible for processing patient eligibility, enrollment, claims, and payment.
What does payor mean in insurance?
A payer, or sometimes payor, is a company that pays for an administered medical service. An insurance company is the most common type of payer. A payer is responsible for processing patient eligibility, enrollment, claims, and payment.
What is a payer in healthcare?
The payer to a health care provider is the organization that negotiates or sets rates for provider services, collects revenue through premium payments or tax dollars, processes provider claims for service, and pays provider claims using collected premium or tax revenues.
What is another way to say taxpayer?
What is another word for taxpayer?
| resident | citizen |
|---|---|
| residentiary | suburbanite |
| voter | national |
| freeman | subject |
| townie | towny |
Who is called payer?
In the case of a promissory note, through which one party promises to pay another party a predetermined sum, the party receiving the payment is known as the payee. The party making the payment is known as the payer.