Bill > HB865

This bill requires insurance companies, nonprofit health service plans, and health maintenance organizations (collectively referred to as "insurers") that owe interest on late-paid claims to provide a "remittance advice" which is a document detailing payments. This remittance advice must clearly show and break down the specific amount of interest owed to the person or entity that originally filed the claim. This change is intended to ensure transparency and make it easier for providers to understand the interest they are owed when their claims are not paid promptly, as current law already mandates that insurers pay interest on "clean claims" (claims that are complete and accurate and can be processed without delay) that are not paid within 30 days, with escalating interest rates based on how late the payment is.