We are excited to announce the launch of our new “Penalty and Interest” calculator, designed specifically for medical-legal claims not paid within 60 days.
According to the California Code of Regulations Section 9794(b) and Labor Code (LAB) Section 4622(a)(1), medical-legal bills not paid within 60 calendar days are subject to penalties and interest. This regulation ensures that QME providers are compensated fairly and promptly for their services.
Here’s what the regulation states:
“If payment is not made within 60 days after the claims administrator receives the bill, the payment due to the medical provider shall be increased by 10 percent, and interest at the rate of 7 percent per annum shall be paid.”
Understanding and calculating these penalties and interest manually can be time-consuming and prone to errors. That’s where Simplexam steps in to simplify the process.
How Does Simplexam’s “Penalty and Interest” Calculator Work?
Our calculator is designed to take the guesswork out of determining what you’re owed on past-due reports. Here’s how it works:
- Input your data to calculate P&I
- Generate an objection letter outlining demand for P&I
- Upload letter to bill as a custom document
- Resubmit bill electronically with demand letter AND mail/fax/email adjuster with the letter
