Ryne Kajewski, Account Representative
From small practices to large offices with multiple locations, the question that comes up most often when it pertains to financial policies is interest charges. Almost daily, we are asked about why we can or cannot collect on interest charges. Once you look into the letter of the law, you can understand why. It’s a fine line and it can be confusing.
A new credit scoring model by FICO ensures that medical collection accounts have a lower impact on FICO scores. FICO states this new scoring model is more predictive of a consumer’s likelihood to repay debt than previous models. The new scoring model also bypasses paid collection agency accounts.
In a recent court of appeals case Crawford v LVNF Funding, LLC, the Eleventh Circuit became the first federal circuit court to rule that filing a proof of claim on a time barred debt (past the statute of limitations), in a bankruptcy case, is a violation of the Fair Debt Collection Practices Act (FDCPA).
It is no surprise that identity theft is growing. We have all heard the stories of chain stores being hacked into and millions of consumers’ credit card information being taken as hackers are now targeting businesses to obtain a mass amount of information at one time. What we are seeing now, is a growth of medical identity theft.
A taskforce headed by ACA International and HFMA released recommendations of best practices for managing and resolving patient medical accounts.
The taskforce was put together to identify current methods of resolving the patient’s responsibility of medical bills, and then provide a guideline for educating patients about the account resolution process and any available assistance programs. This comes as a precautionary step to anticipated new laws and regulations on those who collect medical debt.
Through an enormous effort by the Wisconsin Collectors Association, A.B. 523 is quickly moving one step closer to law.
The bill would help restore the interest rate on judgments issued in small claims court to 12%. In 2011, the 12% interest rate was changed to 1% plus the prime rate set by the Federal Reserve Board. Since then, the lower interest rate has been affecting collections on small claims judgments.
With the arrival of increasing regulation in all industries we service, the need to educate, assess and focus on compliance on all levels at Finance System of Green Bay, Inc. is critical. Webinars, trade shows and industry association training aids were all resources used, in the past, to help educate our staff. Until recently, Finance System of Green Bay, Inc. had been researching to find the best, daily, resource available to fulfill this need.
After a lengthy process, Finance System of Green Bay, Inc.has fully integrated Eterna software into its collection software.
Knowing how and when to help secure payment for your business is essential. Previously, we have shown how businesses can protect their company with personal guarantees on their commercial accounts. Today, we talk about how health care provider liens can be an option for health care providers.
Let’s first explain what a health care provider lien is.
Recently, The Consumer Financial Protection Bureau (CFPB) issued a guidance bulletin stating it will start to apply many of the Fair Debt Collection Practices Act (FDCPA) provisions to companies that fall within its jurisdiction. These are companies that provide consumer financial products and/or services and collect their own debts.
How would you like about a 3% reduction in the cost of outpatient care? A study, done by the University of Michigan, proves that the use of electronic health records can do just that.