MISSISSIPPI BILL SPEEDS UP PHARMACY REIMBURSEMENT

The passing of Mississippi House Bill 542 was met with praise from the National Community Pharmacists Association. The law includes provisions to guarantee prompt payment of health insurance claims to pharmacists by pharmacy benefit managers (PBMs). The legislation, which goes into effect on June 30, 2006, amends the Mississippi Pharmacy Practice Act. It will require that PBMs do the following:

• File financial statements with the state insurance department
• Use a nationally recognized reference in pricing calculations when reimbursing pharmacies and update that reference no less than every 3 business days
• Pay clean claims that are filed electronically within 15 days (paper claims no later than 35 days)

The Board of Pharmacy will monitor PBMs for compliance with the law and has the power to subject them to administrative penalties for noncompliance.