When filing an Application for Adjustment of Claim for Provider Fee, SF18487, it is the obligation of the provider to serve the application on the payer. The Board does not serve the application on the Employer/Insurance Carrier/ Third Party Administrator.
In 2022, Public Law 160 added legislation about payment of claims (IC 22-3-7.2).
IC 22-3-7.2-6(b)(2) states that the payor shall pay the medical service provider that submitted the clean claim interest on the delinquent amount of the payor's pecuniary liability under IC 22-3-2 through IC 22-3-7 for the claim paid under this section. Interest accrues beginning thirty-one (31) days after the date an electronically filed claim is received or forty-six (46) days after the date a paper claim is received. When paying interest under subsection (b), a payor shall use the same interest rate as provided in IC 12-15-21-3(7)(A).
Under the Medicaid Rules outlined in IC 12-15-21-3(7)(A), interest is calculated at a rate that is the percentage rounded to the nearest whole number that equals the average investment yield on state general fund money for the state's previous fiscal year, excluding pension fund investments, as published in the Auditor of State's Comprehensive Annual Financial Report. The interest stops accruing on the date the claim is paid (IC 22-3-7.2-6(c)(2)) and parties should utilize simple interest to calculate the amount owed.
The current ACFR can be found here. The rate of interest for 2024 will be 2% annually; .02 daily ( .02/365).