Medical Debt Collection Feed Link

Medical Debt Collection

When medical receivables become aged, healthcare providers will enlist the help of the ARM industry to collect the debt. The medical, or healthcare, sector of the debt collection industry is robust, with specialty debt buyers, collection agencies and collection law firms providing service. A typical account usually involves a self-pay portion of treatment costs not covered by insurance or government programs which needs to be paid by the patient. Some medical offices also offer financing for their services and for certain elective procedures, loans which could go into default.

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CFPB Takes Action against Springstone Financial, LLC; Collectors Should Take Note

The CFPB has ordered Springstone Financial to provide $700,000 in relief to victims of deceptive credit enrollment tactics, stating that many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued from the date of the consumer’s purchase and was charged if the balance was not paid in full before the promotional period ended. Turns out this is a lesson in training, monitoring, and UDAAP violations.

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Increased Regulation is on the Horizon for Healthcare Collections

Healthcare collections account for an estimated $4-5.5 billion annually for ARM. At this level, it’s the second largest source of collection industry revenue. Given growth rates, policy that limits discharging medical debt through bankruptcy, and the highly fragmented market, ARM and RCM companies should view healthcare as a stable growth area. Until recently, the CFPB […]

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Court Order Shuts Down Med-Rev Recoveries For Failing To Abide By Terms Of Prior Agreement

New York Attorney General Eric T. Schneiderman announced today that a court order has been obtained against Med-Rev Recoveries, (Med-Rev) a consumer debt collection agency formerly located in Liverpool, NY, permanently barring it from operating as a debt collector and requiring payment of $550,000 for consumer restitution, civil penalties and costs. Med-Rev’s sole owner, John […]

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Bolder Healthcare Solutions Acquires The ROI Companies

LOUISVILLE, Ky., — Bolder Healthcare Solutions (“BHS”) is pleased to announce that it has recently acquired The ROI Companies (“ROI” or the “Company”), a leading provider of healthcare revenue cycle management (“RCM”) services. ROI will continue to be led by its founder and CEO Chris Wunder and the Company’s experienced management team. In partnership with BHS, ROI […]

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CFPB Takes Action Against Medical Debt Collector, Largely For Lack of Policies and Procedures

Yesterday, the CFPB announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. The company is ordered to provide over $5.4 million in relief to harmed consumers, and pay a $500,000 penalty. At the core is a lack of adequate policies and procedures.

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LiveVox and Adreima Discuss Patient Contact Strategies to Service High Days Sales Outstanding

Healthcare Revenue Cycle (RC) operations experts discuss adoption strategies to rising Days Sales Outstanding (DSO) and other ACA-related challenges Hear specific examples of patient contact and operations strategies used to help avoid onboarding additional staff to meet expanding patient engagement requirements Webinar takes place Thursday, June 18, 2015 at 2:00pm CT and is available to HFMA members and […]

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Medical Debt Collector and its Owner Sued by Pennsylvania Attorney General

Earlier this week, Pennsylvania Attorney General Kathleen G. Kane announced that her office filed a civil complaint against James Havassy and his firm, Hamilton Law Group, P.C., a medical debt collection company. According to the announcement, Havassy is accused of using the state statute commonly known as Relative’s Liability Procedure to coerce payments from debtors’ relatives, who were not responsible for the debt.