AN ACT to amend Tennessee Code Annotated, Title 56, relative to pharmacy benefits managers.
Impact
If enacted, HB 1244 will directly affect the regulations governing pharmacy benefits managers, modifying statutes to ensure compliance with timely payment protocols. It aims to rectify issues that have been raised regarding delayed reimbursements for health service providers, which can impact both service access for patients and financial viability for pharmacies. The bill's implementation is expected to improve the operational standards of PBMs, benefiting pharmacists and healthcare providers by ensuring faster reimbursements.
Summary
House Bill 1244 amends existing Tennessee law concerning pharmacy benefits managers (PBMs) by introducing regulations aimed at ensuring timely reimbursements of health insurance claims. The bill specifies that PBMs must adhere to prompt pay standards, reinforcing the requirement that payments to pharmacists be made in a timely manner. This legislative action is anticipated to enhance the framework governing PBMs, making it more stringent in terms of financial accountability and consumer protection.
Sentiment
The sentiment surrounding HB 1244 appears to be generally supportive, particularly among pharmacists and health service providers who advocate for more accountability from PBMs. These stakeholders believe that the legislation addresses significant gaps in existing regulations. Conversely, there are concerns expressed by some administrative bodies regarding the implications of increased regulatory oversight on the operations of PBMs, with fears that it could lead to increased costs or administrative burdens that could be passed on to consumers.
Contention
Notable points of contention in discussions around HB 1244 include the balance between necessary regulation and the operational flexibility of pharmacy benefits managers. Proponents argue that the enhancements to reimbursement timelines are essential for protecting pharmacies and improving health service delivery, while opponents caution that overly stringent regulations could stifle innovation and competition within the healthcare sector. This ongoing debate highlights tensions between ensuring consumer protections and maintaining a free-market approach to healthcare management.
AN ACT to amend Tennessee Code Annotated, Title 4; Title 8; Title 10; Title 53; Title 56; Title 63; Title 68 and Title 71, relative to pharmacy benefits.
AN ACT to amend Tennessee Code Annotated, Title 4; Title 8; Title 10; Title 53; Title 56; Title 63; Title 68 and Title 71, relative to pharmacy benefits.
AN ACT to amend Tennessee Code Annotated, Title 4; Title 10, Chapter 7, Part 5; Title 38; Title 53; Title 56; Title 63 and Title 71, relative to pharmacy benefits managers.
AN ACT to amend Tennessee Code Annotated, Title 4; Title 10, Chapter 7, Part 5; Title 38; Title 53; Title 56; Title 63 and Title 71, relative to pharmacy benefits managers.