In the context of URAC, what is a "peer review"?

A "peer review" is defined as an evaluation conducted by professionals who have similar expertise or are in the same field. This process is crucial for maintaining quality standards in healthcare and ensuring that the assessment of practices, clinical decisions, and overall service delivery is objective and based on shared knowledge and experience. Peer reviews are fundamental in identifying best practices, improving patient outcomes, and fostering professional development among providers by providing constructive feedback from colleagues who understand the nuances of the field.

The other options focus on aspects that are not directly related to peer evaluations. For instance, assessing patient satisfaction pertains more to consumer feedback rather than professional assessment. Reviewing financial records and comparing service costs involve financial management and administrative oversight, which do not include the clinical or professional judgment characteristic of peer reviews.