January 4, 2022
Update to the Interest Paid on Clean Non-PIP Claims Not Paid Timely
According to the Medicare Claims Processing Manual, (Pub 100-04, Ch. 1., §80.2.2), interest is paid on clean claims, not paid under the periodic interim payment (PIP) method, if payment is not made within 30 days after the date of receipt. The interest rate is determined by the Treasury Department on a 6-month basis, effective every January and July 1. Effective, January 1, 2022, the interest amount is 1.625%.
For additional information about when interest is paid on a claim, and how to calculate the interest, refer to the Medicare Claims Processing Manual, (Pub 100-04, Ch. 1., §80.2.2) on the Centers for Medicare & Medicaid Services (CMS) website. Current and past interest rate amounts can be viewed on the Treasury Department website.