Lori Posted Wed 22nd of April, 2015 19:44:42 PM
What is Medicare's prompt payment laws? And does it specify "days" or "business days"?
SuperCoder Answered Thu 23rd of April, 2015 04:13:54 AM
Each state requires private insurers to pay all clean claims within a certain time frame. If the insurer does not pay the claim in a timely manner, then the payer is subject to paying interest on the charges owed to the practice (or directly to the beneficiary). Most time frames range from 15 to 45 working days, with 30 days about the average. State prompt pay laws do not apply to federal insurers, because the Federal Government dictates that clean claims must be paid in 30 days for Medicare Part B. If a state wants a prompt pay rule that's longer or shorter, they certainly can do that with reference to other payer services, but Medicare rules are federal and span across the country.
Lori Posted Thu 23rd of April, 2015 11:37:48 AM
So Medicare Part B is 30 days. Is that 30 working days? or just 30 days?
SuperCoder Answered Fri 24th of April, 2015 03:50:41 AM
Yes, that is correct; Federal Government dictates that clean claims must be paid in 30 days for Medicare Part B. It is not mentioned as working 30 days, so consider as just 30 days.