[R] Basic question - more efficient method than loop?

[GL]

I'm guessing there's a more efficient way to do the following using the index
features of R. Appreciate any thoughts....

for (i in 1:nrow(dbs1)){
    if(dbs1$Payor[i] %in% Payor.Group.Medicaid) dbs1$Payor.Group[i] =
"Medicaid"
    if(dbs1$Payor[i] %in% Payor.Group.Medicare) dbs1$Payor.Group[i] =
"Medicare"
    if(dbs1$Payor[i] %in% Payor.Group.Commercial) dbs1$Payor.Group[i] =
"Commercial"
    if(dbs1$Payor[i] %in% Payor.Group.Workers.Comp) dbs1$Payor.Group[i] =
"Workers Comp"
    if(dbs1$Payor[i] %in% Payor.Group.Self.Pay) dbs1$Payor.Group[i] = "Self
Pay"
    if(dbs1$Adm.Source[i] %in% Adm.Source.Group.Newborn)
dbs1$Adm.Source.Group[i] = "Newborn"
    if(dbs1$Adm.Source[i] %in% Adm.Source.Group.ED) dbs1$Adm.Source.Group[i]
= "ED"
    if(dbs1$Adm.Source[i] %in% Adm.Source.Group.Routine)
dbs1$Adm.Source.Group[i] = "Routine"
    if(dbs1$Adm.Source[i] %in% Adm.Source.Group.Transfer)
dbs1$Adm.Source.Group[i] = "Transfer"
    }
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