News Brief: Prompt-pay law added in Ohio
The state of Ohio has added a new bill to the nation’s growing number of laws aimed at making sure medical insurers reimburse hospitals in a timely manner.
A new state Senate bill gives the Ohio Department of Insurance additional authority to ensure that insurance companies comply with Ohio’s prompt-payment laws.
The new law establishes a 30-day time frame for processing and paying claims submitted by health care providers, requires insurers to pay 18% interest to providers for claims not paid in a timely manner and gives the Department of Insurance authority to issue fines for late payment.
It also provides a system to aid insurers and providers with the exchange of information necessary to process a claim, and sets a two-year period after which claims are considered final and not subject to take-back practices. More information is available at www.ohanet.org.
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