MISSISSIPPI BILL SPEEDS UP PHARMACY REIMBURSEMENT
The passing of Mississippi House Bill 542 was met withpraise from the National Community PharmacistsAssociation. The law includes provisions to guaranteeprompt payment of health insurance claims to pharmacistsby pharmacy benefit managers (PBMs). The legislation,which goes into effect on June 30, 2006, amends theMississippi Pharmacy Practice Act. It will require thatPBMs do the following:
- File financial statements with the state insurancedepartment
- Use a nationally recognized reference in pricing calculationswhen reimbursing pharmacies and updatethat reference no less than every 3 business days
- Pay clean claims that are filed electronically within 15days (paper claims no later than 35 days)
The Board of Pharmacy will monitor PBMs for compliancewith the law and has the power to subject them toadministrative penalties for noncompliance.