More Timely Payment for Pharmacists!
Starting on October 16, pharmacies will be receiving payment more quickly. A provision in HB 1, the budget bill passed in July 2009, requires third party payers to pay claims for health care services to a provider electronically when the third party payer receives the claim electronically. This provision will become effective on October 16, 2010. You should be receiving communication from the third party payers you contract with requesting information that will allow them to pay you by electronic funds transfer (EFT). This is a great thing for your pharmacy; the money will be directly deposited into your account so there is no more waiting for paper check to come in the mail and making sure it is deposited in a timely manner.
The following link is to a letter from the Ohio Department of Insurance containing more detailed information regarding recent changes in Ohio law governing electronic payment by third party payers: ODI Prompt Pay Guidance Letter