Doctors are some of the hardest working professionals in the nation and provide numerous services to individuals, ranging from simple check-ups to some of the most complicated procedures. For these services, insurance companies are often required to pay doctors for their work. Unfortunately, many insurance companies can engage in deceptive practices intended to having to pay doctors for their work. This violates the Texas Prompt Payment Act of 2003 requiring insurance companies to payout within 60 days of receiving requested items and forms required for payment. Luckily, according to the website of prompt pay law firm Williams Kherkher, this law also helps medical professionals get their due compensation.
For medical professionals dealing with deceptive insurance companies, it is important to understand just how much compensation they can receive and punishments that an insurance company can receive. If an insurance company pays a claim 45 days after the deadline, they may have to pay a $100,000 fine. If they pay 49-91 days after the deadline, the fine raises to $200,000 and keeps raising the longer they take to pay out. However, the Texas Prompt Payment Act does not only cover late payments but underpayments as well. If an insurance company does not pay the full amount to a doctor for their medical services, the penalties can be similar to if they were late on their payments.
Doctors and medical professionals not only work extremely hard, but have some of the most complicated jobs in the nation. This is one of the many reasons they deserve to be fully paid for their services, despite unfair practices by insurance companies. Not being paid fully for services in the medical profession is a serious issue and should be handled as best as it possibly can be, sometimes including legal guidance.