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September 24, 2017 10:24 PM
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MFS Prompt Pay –

 

  • Enables you to receive your payor claims payments within 30 days of the date of service or compensates you for late payments
  • Compensates you regardless of the reason for the late payment
  • Provides compensation that is in addition to any state-mandated interest you receive from the payor
  • Allows compensation regardless of status as a “clean claim” under state law

 

 

How does MFS Prompt Pay work?

 

MFS Prompt Pay commits that Providers will receive an electronic payment via MFS Gateway representing payor claim reimbursement within 30 days of the date of service.  For any payor claim reimbursement that does not meet this time criteria – regardless of the reason, MFS Prompt Pay will compensate the Provider.  MFS Prompt Pay compensation for late claims is due regardless of the size of the claim, the reason for the delay or the status of the claim as a “clean claim” under state law.

 

How do I receive my MFS Prompt Pay compensation?

 

MFS Prompt Pay makes quarterly compensation payments to the Provider for any late claims during the preceding quarter.  Each payment is accompanied by a detailed summary of claims underlying the compensation payment.

 

How is my MFS Prompt Pay compensation calculated?

 

MFS Prompt Pay late payment compensation is measured from the date of service – not from the date of receipt by the payor – to the date that payment is received via MFS Gateway.  Compensation payments are based on a rate of 5.1% per annum.

 
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