February 16, 2011
New updates have been made to the Interest Calculation Tool!
The Interest Calculation Tool, featured in the Toolkits section of www.msprc.info, provides accurate interest calculation to the nearest penny and now has additional features to assist you in reimbursing Medicare. When you use this tool, you will notice there are now 3 additional tabs. These new tabs include:
- Interest Periods tab
The Interest Periods tab gives you the ability to enter a specific demand date and calculate the exact day interest will be assessed each month thereafter for that demand.
- Demands before October 2004 tab
Demands that were issued prior to October 1, 2004 are handled slightly differently. This tab allows you to perform appropriate interest calculations that are tailored to these specific demands.
- How Interest is Calculated tab
Want to know how interest is calculated? This tab provides education on MSPRC's interest calculation process. This includes how the accrual of interest is calculated from day 1 of the demand letter date, the 60-day grace period to pay that amount, and how interest is assessed on the demand amount if the demand is not paid within the grace period. This tab also provides the actual formula for interest calculation to give you a better understanding of the process.
Visit msprc.info today to utilize these new features!