NY Physicians Applaud DFS for $80 Million in Recoveries Under Prompt Payment Law; But Call for Updates to the Law with Stricter Penalties for Insurers who Illegally Delay Payment for Patient Care
MSSNY released the following press statement from MSSNY President Dr. Parag Mehta on March 22:
“New York’s physicians are grateful to the State’s Department of Financial Services for their outstanding efforts in 2022 to significantly increase—to $80 million—the recoveries for violations of the State’s Prompt Payment law, as reported in their 2022 Annual Report Microsoft Word – 2022 CPFED Annual Report.final 3-15-23 (ny.gov). This is twice as much in recoveries for violations of this law when compared to each of the previous several years.
“However, it is outrageous that physicians, hospitals, and other care providers must continue to regularly resort to governmental intervention to be paid fairly and accurately for delivering needed patient care, particularly for those physician practices that are hanging on by a thread to continue to deliver essential patient care in their communities. Practice transactional costs are often immense. Physicians and their staff often must spend hours or days on unnecessary phone calls and e-mails to ensure they are reimbursed for the patient care these insurers are legally obligated to cover.
“The problem is that there is little incentive for health insurers to pay claims promptly…read full press release.
