What does Relative Value Schedule mean? Read on to discover the definition & meaning of the term Relative Value Schedule - to help you better understand the language used in insurance policies.
Relative Value Schedule
A relative value schedule (RVS) is a list of procedures for a surgery and the amount for each procedure. Insurance companies will reimburse the amount or pay for it depending on the particulars of the health policy. The amount for each procedure is already predetermined by Medicare and other insurance companies that follow Medicare's model of pricing, which is based on factors such as the difficulty of the procedure and the cost of living in the area.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Relative Value Schedule. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: