Sorting out what’s news and what’s noise can be challenging, but insideARM’s weekly recap can help. Our weekly recap of top stories will give you the news we found most interesting last week and – more importantly- why we think it’s relevant. Last week, we brought you news about a new bar to medical debt reporting in Oregon, insights into best practices for handling deceased accounts, and a discussion about coerced debt and how your organization should consider treating these claims.
On Tuesday, we published news from Orrick about three new financial services laws in Oregon, including one that prohibits the reporting of medical debt to credit bureaus. Notably, a violation of the new law will be considered an “unlawful practice” under Oregon’s Unlawful Trade Practices Act. This law is the latest example of medical debt being scrutinized by states. For obvious reasons, organizations that collect medical debt should be aware of these changes, but this doesn’t mean organizations that do not collect medical debt can tune out. This law and the others like it, signal what can happen when states decide to restrict debt collection by a predetermined criteria. It’s medical debt today, but could be something else tomorrow.
On Wednesday, we provided you with insights from Phillips & Cohen Associates about managing deceased accounts. Even if your organization doesn’t collect this type of debt, you may encounter it from time to time. As with all debt collection, responses and communication methods can impact your brand and your client’s brand. So even if this isn’t a vertical your organization specializes in, insights into expectations and realities of collecting deceased accounts can help you better serve your clients and protect your organization.
On Thursday, we brought you information from insideARM’s Research Assistant group and ARM Compliance Business Solution about a relatively new concept: Coerced debt. Coerced debt laws have popped up in several states, and the nuances of these laws matter. This article breaks down the nuance, why it matters, and what your organization can do about it. This is an important read to ensure your organization is prepared to handle increasing claims of coerced debt.
Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!
