(a) Managed care contracts entered into by the department under the act adding this section shall include all of the following:
(1) Contractor requirements concerning eligibility and coverage verification.
(2) Utilization controls.
(3) Claims processing.
(b) The contract requirements shall include all of the following:
(1) Standards for prompt response to provider requests for information.
(2) Twenty-four hour response to emergency service authorization requests.
(3) Use of commonly accepted billing forms.