Provider strategy session: Navigating the downstream effects of CFPB's actions on medical debt
Thursday, August 15th, 2024 | 12:00 PM - 1:00 PM CT
While the Fair Debt Collection Practices Act generally applies only to third-party debt collectors — and not the original creditor — providers should take note of the Consumer Financial Protection Bureau's continued spotlight on medical debt to prepare for its potential downstream effects.
In June, the CFPB proposed rules that would not only bar future medical bills from appearing on credit reports, but they would also remove current medical debts. And within the last year, a growing number of states have enacted legislation prohibiting medical debt from being included on residents' credit reports or factored into their credit scores. But the removal of medical debt from consumer credit reports has had and will continue to have a negative influence on healthcare accounts receivable management and providers' efforts to collect patient payment. This will result in a myriad of unintended consequences ultimately restricting patient care and leading to consumer harm.
Join this presentation to learn about:
In June, the CFPB proposed rules that would not only bar future medical bills from appearing on credit reports, but they would also remove current medical debts. And within the last year, a growing number of states have enacted legislation prohibiting medical debt from being included on residents' credit reports or factored into their credit scores. But the removal of medical debt from consumer credit reports has had and will continue to have a negative influence on healthcare accounts receivable management and providers' efforts to collect patient payment. This will result in a myriad of unintended consequences ultimately restricting patient care and leading to consumer harm.
Join this presentation to learn about:
- The current rules and laws impacting the ability to report medical debt
- The CFPB's proposed rule to ban all medical debt credit reporting
- Unintended negative consequences if medical debt credit reporting is eliminated
- Next steps and predictions for a final medical debt credit reporting rule from the CFPB
- Practical considerations and what you should do now to minimize the impact of these rules on your organization’s accounts receivable management.
Presenter:
