Carve-out When the pharmacy carve-out approached is used, employers contract directly with a PBM vendor to administer their pharmacy benefits program. Literally, to remove the inner part of an object. A spin-off, split-off, and carve-out are different methods a company can use to divest certain assets, a division, or a subsidiary. Definition of carve out a niche in the Idioms Dictionary. If behavioral health is "carved out," the pediatrician will have to send a bill for the flu vaccine to the child's health insurance plan and a separate bill to the mental health benefits plan for the ADHD treatment. Like this video? What does carve out a niche expression mean? The third party vendor will assume financial risk and receive a flat fee from the company in exchange for coverage. Carve-outs occur on two levels of the medical insurance business. Learn more. Subscribe to our free daily email and get a new idiom video every day! Definitions by the largest Idiom Dictionary. Many companies, from large Fortune 500s to small and medium-sized business, are carving out pharmacy benefits — and for good reason. carve out 1. Spin-Off vs. Split-Off vs. Carve-Out: An Overview . They made canoes by carving out big logs. Carve (out): to … A pharmacy carve-out is typically used under the self-insured model. A carve-out refers to a business unit or units that are spun off, or "carved out," out of a larger company or companies. A noun or pronoun can be used between "carve" and "out." Usually these business units have existing management and customers in place, but there is a catalyst that encourages the larger company to divest. Carve-Out Meaning. A carve-out is a management strategy; the party in control of payments or a plan hires a specialist firm to administer some part or parts of a benefits program. A pharmacy carve out is when employers separate, or carve out, their prescription drug benefits from their major medical plans to contract directly with a PBM. Find another word for carve (out). Carve-out refers to the business strategy wherein a parent company decides to partially divest one of its business units by selling minority interest of the subsidiary to an outside investor or a group of investors. 2. Sometimes, self-insuring employers can isolate specific risks and use a third party vendor to cover them. Avoid Surprise Carve-Outs: Many pediatricians and parents are surprised at what some health plans carve out as "mental health." The first step in this recipe is to carve out your fruit and dispose of the seeds. Carve-outs occur at the payer level and the plan level. carve out a niche phrase. In 2015, PBMI reported 77% of smaller employers and 93% of … 7 synonyms of carve (out) from the Merriam-Webster Thesaurus, plus 33 related words, definitions, and antonyms. carve out something meaning: to create or obtain something that helps you by skillful activities: . 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