The proposed bill seeks to amend existing laws governing pharmacy benefits managers (PBMs) in Arkansas, introducing the "Pharmacy and Pharmacist Timely Reconciliation and Payment of Pharmacist Services Act." This legislation emphasizes the necessity for timely processing and payment of pharmacy claims, mandating that electronic claims be paid within 7 to 14 days and paper claims within 30 days of receipt. It also establishes penalties for late payments, including a 12% monthly penalty for delays beyond the specified timeframes. Key amendments include new definitions related to audits, clean claims, and pharmacy benefits management services, as well as the inclusion of the Arkansas Medicaid Program under the Pharmacy Audit Bill of Rights.

Additionally, the bill outlines the responsibilities of PBMs and pharmaceutical manufacturers in processing prescription drug claims, allowing for electronic remittance of payments. It clarifies that individuals or organizations can pursue claims against pharmacies, providers, or PBMs not covered by the bill and prohibits retaliation against those exercising their rights. Furthermore, pharmaceutical manufacturers using vendors or PBMs to process manufacturer coupons must hold an active wholesale distributor permit and comply with timely payment requirements. If a clean claim is not resolved within the specified timeframes, manufacturers are required to pay a 12% interest penalty per month directly to the affected pharmacy or pharmacist, starting the day after the payment due date.

Statutes affected:
HB 1620: 17-92-1201, 23-92-503(8), 23-92-503
Act 350: 17-92-1201, 23-92-503(8), 23-92-503