Amends TCA Title 56.
Tennessee SB0881 amends laws governing pharmacy benefits managers (PBMs) by removing aggregate penalty limits for violations and establishing prompt payment standards for claims processing. It affects PBMs and covered entities by enforcing timely reimbursement requirements and imposing penalties for non-compliance, including interest on unpaid claims. Key provisions include the definition of "clean claims," specific timelines for payment and notification, and regulatory oversight by the commissioner of commerce and insurance.
Tennessee SB0881 amends laws governing pharmacy benefits managers (PBMs) by removing aggregate penalty limits for violations and establishing prompt payment standards for claims processing. It affects PBMs and covered entities by enforcing timely reimbursement requirements and imposing penalties for non-compliance, including interest on unpaid claims. Key provisions include the definition of "clean claims," specific timelines for payment and notification, and regulatory oversight by the commissioner of commerce and insurance.
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