MEDICAID-PSYCHIATRIC PAYMENTS

Amends the State Prompt Payment Act. Provides that after the effective date of the amendatory Act, any bill approved for payment under the Act and pursuant to a health benefit plan under the State Employees Group Insurance Act of 1971 or submitted under Article V of the Illinois Public Aid Code, except a bill for pharmacy or nursing facility services or goods, must be paid or the payment issued to the payee in a timely manner. Provides that if payment is not issued to the payee in a timely manner, the following interest penalty shall apply to any amount approved and unpaid until final payment is made: the sum of the prime commercial rate plus 4.0% per year, applied pro rata for the amount of time the bill remains unpaid. Defines "prime commercial rate". Amends the Medical Assistance Article of the Illinois Public Aid Code. Provides that on and after January 1, 2019, psychiatrists approved by the Department of Healthcare and Family Services shall be reimbursed for psychiatric services at a rate that is no lower than 95% of the Medicare program's rates for specified codes.