Indiana Code 22-3-7.2-6. Payment or denial of claims; interest
(1) If the claim is filed electronically, not more than thirty (30) days after the date the claim is received by the payor.
Terms Used In Indiana Code 22-3-7.2-6
- clean claim: means a claim submitted by a medical service provider for payment under IC 22-3-2 through IC 22-3-7 that has no defect, impropriety, or particular circumstance requiring special treatment preventing payment. See Indiana Code 22-3-7.2-1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- medical service provider: means a person or an entity that provides services or products to an employee under IC 22-3-2 through IC 22-3-7. See Indiana Code 22-3-7.2-4
- payor: means an employer or an employer's insurance carrier that is liable for a claim for a service or product under IC 22-3-2 through IC 22-3-7. See Indiana Code 22-3-7.2-2
(b) If:
(1) a payor fails to pay or deny a clean claim in the time required under subsection (a); and
(2) the payor subsequently pays the claim;
the payor shall pay the medical service provider that submitted the claim interest on the amount of the payor’s pecuniary liability under IC 22-3-2 through IC 22-3-7 for the claim paid under this section.
(c) Interest paid under subsection (b):
(1) accrues beginning:
(A) thirty-one (31) days after the date the claim is received under subsection (a)(1); or
(B) forty-six (46) days after the date the claim is received under subsection (a)(2); and
(2) stops accruing on the date the claim is paid.
(d) In paying interest under subsection (b), a payor shall use the same interest rate as provided in IC 12-15-21-3(7)(A).
As added by P.L.160-2022, SEC.10.