HB2465 Summary

• Requires managed care plans to pay all health care claims within 30 days after receipt of a claim submitted on a CMS-1500 or UB-04 form with specified minimum information.

• Mandates that insureds, assignees, health care professionals, or facilities be notified within 30 days of any missing documentation or claim deficiencies, with detailed information on how to satisfy payment requirements.

• Requires managed care plans to reimburse any undisputed portions of a claim within 30 days of receipt.

• Allows unpaid claims to accrue interest at 9% per year from the 30th day after receipt, with late payments due within 30 days.

• Grants the Department of Insurance authority to issue cease and desist orders, fines, or other penalties against managed care plans that violate timely payment provisions.