CMS will penalize insurers that don't use new system properly

Insurers that offer plans on could risk losing out on payments if they fail to properly submit policy reports via a new, automated intake system, warns a notice from the Centers for Medicare & Medicaid Services.

"Issuers that are not deemed ready for implementation in January 2016 will be paid under a partial payment withholding schedule based on the issuer's manual payment process submissions," the notice says.

But once an issuer successfully implements the automated "policy-based payment" process, it "will have each month's partial payment adjusted to reflect the full policy-based payment calculation for that month," according to CMS. Notice

Suggested Articles

The Trump administration has finalized a rule that will require private insurers to launch price transparency tools for members.

Teladoc's virtual care business is booming and the pending acquisition of Livongo will only increase the company's value proposition, executives say.

CMS announced it will offer the COVID-19 vaccine to Medicare beneficiaries at no cost to patients and issued new add-on payments for virus treatments.