IL HB5285

Amends the State Prompt Payment Act to require bills under the State Employees Group Insurance Act and Illinois Public Aid Code (excluding pharmacy and nursing facility services) to be paid in a timely manner, with interest penalties of prime commercial rate plus 4.0% per year applied pro rata for unpaid amounts.

Establishes that "prime commercial rate" means the Wall Street Journal Prime Rate as published from time to time for calculating late payment interest penalties.

Requires the Department of Healthcare and Family Services to reimburse psychiatrists at no lower than 95% of Medicare rates for specified evaluation and management codes (99213, 99214, 99215, 90792, 90833, 90834) effective January 1, 2019.

Notes that Medicaid psychiatrist reimbursements have remained unchanged since 1996 and that reimbursement rates for psychiatrists are lower than rates for primary care providers and medical/surgical specialists for identical service codes.