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Essay / Research Paper Abstract
This 4-page paper discusses the concept of Incurred but Not Reported (IBNR) and why it's a problem for managed care and medical institutions. The paper discusses some solutions for the IBNR problem as well. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTibnran.rtf
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Unformatted sample text from the term paper:
examine carefully what IBNR is, why its a problem (especially for institutions), and a couple of potential solutions. Before continuing, well examine
what IBNR is about. In its simplest form, IBNR concerns losses that occur over a specified period of time that havent been reported to the insurer (Rupps Insurance & Risk
Management Glossary). These losses are calculated typically as a percentage of claims paid and claims outstanding, and end up reported in an insurers annual report (Rupps Insurance & Risk Management
Glossary). Meanwhile, those involved in reinsurance end up establishing IBNR reserves as part of their rating plans under whats known as a facultative reinsurance treaty (Rupps Insurance & Risk Management
Glossary). More specifically, for medical services, IBNR involves financial accounting of all services performed, but that have not been invoiced or recorded
(Pohly). This also refers to estimates of costs for medical services provided (in which claims have not been filed), as well as claims reflecting services that have already been delivered,
yet not reimbursed as yet (Pohly). In other words - these can be considered "bills in the pipeline" (Pohly). The services have been performed (i.e., the resources expended), but the
payment has yet to be received. Given this, IBNR can end up being a problem for hospitals and/or health care organizations. For
one thing, it puts these institutions in the position of having to adjudicate claims (which can be horribly time consuming) (Pohly). In other situation, their failure to account for potential
claims could lead to bad decision-making (Pohly). Finally, there can sometimes be doubt that claims would be paid (or even reimbursed) depending on the parameters insisted on by the insurer.
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