The "Pharmacy and Pharmacist Timely Reconciliation and Payment of Pharmacist Services Act" aims to improve the regulation of pharmacy benefits managers (PBMs) in Arkansas by establishing strict timelines for the processing and payment of pharmacy claims. The bill mandates that electronic claims be paid within 7 to 14 days and paper claims within 30 days of receipt, with penalties for late payments set at 12% monthly for delays beyond these timeframes. This legislation emphasizes the importance of timely payments to Arkansas-licensed pharmacies and pharmacists, which is expected to enhance patient care and ensure a stable cash flow for these providers.

In addition to setting payment timelines, the bill amends existing laws, including the Arkansas Pharmacy Audit Bill of Rights and the Arkansas Pharmacy Benefits Manager Licensure Act, to introduce new definitions and requirements related to audits and claims processing. It clarifies the definition of a "clean claim" and outlines the responsibilities of PBMs in notifying pharmacies of any deficiencies in submitted claims. The bill also expands protections for pharmacies during audits conducted under the Arkansas Medicaid Program and introduces provisions regarding pharmaceutical manufacturers' responsibilities in processing prescription drug claims, including penalties for late payments. Overall, the legislation seeks to create a more efficient and equitable system for managing pharmacy claims and payments in Arkansas.

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