Payer

/ˈpeɪər/

Meaning & Definition

noun

A person, organization, or entity that pays money owed or due.

The payer is responsible for all medical expenses incurred during the treatment.

A party responsible for making payments in a contract or agreement.

In our agreement, the company acts as the payer for the services rendered.

An individual who pays taxes or insurance premiums.

As a taxpayer, every payer has the right to know how their money is being spent.

Derived from the verb 'pay', with the suffix '-er' indicating a person who performs the action.

payer of last resort

A payer that covers costs when no other funding sources are available.

payer mix

The composition of different types of payers a healthcare facility deals with.

pay

To give money in exchange for goods or services.

payment

The act of paying money owed.

payee

A person or entity that receives a payment.

Big spender

He’s known as a big spender because he’s always the payer when we go out.

Cash cow

This client is a cash cow; they’re a reliable payer for our services.