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Term Definition
LCD (Local coverage determination)

One of two types of reimbursement determinations made by Medicare that provides guidance on national reimbursement coverage. Typically applies to payments for outpatient services. LCDs are decisions made by one of 28 Medicare contractors and apply only to the contractors’ area of coverage.


An inventor may use his/her own language and definitions in a patent application, thus becoming a lexicographer.


One option in getting a technology to market by transferring the rights to the technology from the innovator to a licensee in exchange for ongoing royalties and/or other payments.

Liquidity event

The transaction that enables an investor to receive cash in exchange for its equity stake in a company. Also referred to as exit events.

LLC (Limited Liability Company)

A type of corporation that establishes a board and limits liability to the owners of the company.

Longitudinal data

Data collected in studies that take place over several years, often decades or more.

Loss leader

An item sold at a lower cost (often below the cost to the manufacturer) in order to stimulate additional sales of profitable items.

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