Interest Payment in Medical Billing
An interest payment in medical billing refers to the additional amount paid by insurance companies to providers if claims are not processed and paid within the required time frame.
Interest Payment in Medical Billing Explained
In medical billing, some contracts and state laws require insurance companies to pay interest on claims that are not processed within a certain period. If the claim payment is delayed, the insurance company must compensate the provider by paying interest on the amount owed.
For example, if an insurance company delays payment for 60 days beyond the allowable period, they may be required to include an interest payment in the reimbursement to the provider.
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