Prompt Payment Interest Rate – July 2013 Update

The Prompt Payment rule ensures that federal agencies pay vendors in a timely manner. Prompt Payment assesses late interest penalties against agencies that pay vendors after a payment due date. The Treasury Department released the new Prompt Payment Interest Rate of 1.75% effective July 1, 2013. Claim Processing Timeliness (CPT) Interest Rate is updated on January 1 and July 1 every year.

Source: https://www.noridianmedicare.com/cgi-bin/coranto/viewnews.cgi?id=EFZklyFpkVgDpaoqNQ&tmpl=part_b_viewnews&style=part_ab_viewnews