Who is payor

Sample 1. Sample 2. Sample 3. Payor shall have the meaning set forth in Section 5. Payor shall have the meaning assigned in Section 8. Examples of Payor in a sentence Premiums are to be paid by You to Us. When an individual exchanges money for goods and services, the buyer is referred to as a payer or payor and the seller that receives the funds is a payee.

John goes to a shopping center to buy a pair of shoes and get a haircut. He charges the shoes on his credit card but pays for the haircut in cash. John purchases a car from his local car dealership and makes the payment online with an bank wire transfer.

In both examples, John is the payer payor. When a commercial entity pays for a purchase or provides a payment in a transaction, the business is known as a payer or payor , while the other recipient party is known as a payee. In this transaction, Retailer R is the payer payor and Manufacturer M is the payee. John is a self-employed consultant who provides his consulting advice virtually and accepts payments online.

When sending a bank transfer, a payer needs to provide the financial institution with the details of a payee, which is the person or organization that will receive the money from the payer. Company A decides to set up recurring online payments from its bank account to automatically settle its utility bills every month.

Company A is a payer payor that sends the payment, whereas the utility company is a payee on the receiving end of that payment. A payer or payor is the party that writes and sends a check to a payee, who is the recipient party entitled to cash or deposit the received check. John had some plumbing work done at his house and wrote the plumber a check.

John is a payer payor and the plumber is a payee. When a business distributes paychecks to its employees and contractors, the business is a payer and the workers are payees. Company A is the payer and John is a payee. With a promissory note, a payer makes a written promise to a payee to pay a predetermined amount of money at a future date.

Over the next 5 years, the three bond holders receive coupon payments from the bond issuer. Top 3 examples of payees and payers payors in healthcare and insurance:. Coverage Plan Individuals and entities send payments to insurance and healthcare providers to purchase coverage plans.

Insurance and healthcare providers receive payments from individuals and entities in exchange for providing them with coverage. Insurance Claim Insurance and healthcare providers pay out approved claims to insured individuals and entities. Insured individuals and entities receive compensation payments for their insurance claims.

Patient Care Patients and insurance providers reimburse doctors and medical practices for healthcare services. Doctors and medical practices get paid for patient care by healthcare insurance providers or the patients themselves.

In taxation, a payee is the government entity that collects tax returns and payments from tax payers payors. On the other hand, the same government entity suddenly becomes a payer when it issues a refund, while the receiving individual or organization is now a payee.

Company A is a payer payor and the tax office is a payee. In this case, the tax office is a payer and Company A is a payee. What Is a Payment?

A payment from a payer or payor to a payee can take two basic forms:. From Wikipedia. Payment must be received from the payor bank before the item may be credited to the depositor's account.

The check writer is also known as the payor , signer, maker, the drawer, or the account holder. The offenses also differ in whether the payor may be prosecuted in addition to the public official. Newly available data were added to estimate the potential savings for providers and to update the estimated savings for payors and employers. This decision depends on factors such as the payors history and the amount of money owed. Such software frequently allows users to capture patient demographics, schedule appointments, maintain lists of insurance payors, perform billing tasks, and generate reports.

Hospitals, doctors, and other medical providers have traditionally disclosed their fee schedules only to insurance companies and other institutional payors, and not to individual patients. Insurance companies, as payors, negotiate health care pricing with providers on behalf of the insured. Payors may not be prosecuted under the under color of official right prong, but have no duress defense under other statutes. Cheques create float cash in the payor's account which the payor still has access to while the transition has yet to be finalized.

Once a patient is enrolled in hospice, the hospice becomes the insurance payor for that patient for any hospice-related illnesses. The settlement reduced charges historically and prospectively, bringing prices to the levels that other payors paid or will pay for the same treatment.

As an incentive for prompt payment, where a payor misses or is late making a payment twice in a calendar year, the program charges a default fee. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. What is the pronunciation of payor?