PCC has advocated that our clients use the prompt pay laws that exist for every state in the country. We have heard, from time to time, of the “seven-cent-checks” that our clients receive. However, I was prompted by a question from Alison over at the Pediatric Coder’s Pink Sheet, and asked around. It turns out that I can’t find any PCC clients who actively pursue this interest. They can generate reports which show the age of any claims (paid off or not), so why not?
Perhaps people aren’t aware of the penalties the inscos have to pay when they don’t pay you quickly. Although this resource is two years old, it’s still pretty accurate:
Prompt Pay Statutes By State (karenzupko.com)
Typically, the payors owe you 10-20% interest on these late claims! That’s a lot of money.
So – why aren’t you all tracking these payments down? Are they too small to worry about? Do the laws not help you? Some of them are really tough (New York offers $500 daily fines!) but some of them are quite vague.