1. (a) Health care providers shall earn interest on a fee or charge which is consistent with the medical policies and fee guidelines as established by the commission. In order to earn interest on fees or charges, the health care provider shall submit bills consistent with the requirements described in §134.800 of this title (relating to Health Care Provider Billing). The rate will be set quarterly and will be calculated on a per annum basis according to the Texas Workers' Compensation Act (Act), §1.04.

2. (b) The method used to calculate interest follows:

   1. (1) multiply the rate of interest by the amount in question (to create annual amount of interest);
   2. (2) divide the annual amount of interest by 365 (to create daily interest amount); then
   3. (3) multiply daily interest amount by the number of days in excess of 60 days.
3. (c) The rate of interest will be determined according to the rate established by the commission under the Act, §1.04, from the 60th day after the health care provider submits the bill to the insurance carrier until paid. The percentage of interest for each quarter may be obtained by contacting the financial division of the commission in Austin.

Source Note:The provisions of this §134.803 adopted to be effective July 11, 1991, 16 TexReg 3593.