Medical Debt Collections

Industry News: CFPB Addresses Medical Collections

December 12th, 2014

As part of a wide-ranging report this week, the Consumer Financial Protection Bureau (CFPB) addressed an issue that is relevant to many people and many companies: medical debt.

From health care providers to collection agencies to concerned consumers, the rising levels of medical debt are important and need to be discussed. What emerges is the understanding that consumers and companies need to work together to address these issues rather than taking any sort of adversarial approach to the situation.

More Bad Debt Coming For Those With Employer Health Insurance

April 11th, 2014

As the Affordable Care Act slowly becomes implemented and some of the uncertainty around its dates and deadlines starts to clear up, the healthcare industry is gaining a better understanding of the impact it will have. Specifically, they are starting to see the effect the Act will have on their accounts receivable and their amount of bad debt.

Financial Challenges, Healthcare Reform Top List of Concerns for Hospitals

February 19th, 2014

An annual survey conducted by the American College of Healthcare Executives at the beginning of the year revealed top concerns for hospital CEOs. Not surprisingly, financial challenges topped the list, continuing a trend that has been consistent for the last 10 years. It is interesting, though, to consider the wrinkles to that challenge in the year 2014 and how they rank.

The top five challenges, as identified by hospital executives, were:

Bad Debt will increase for many with insurance under the Affordable Care Act

January 10th, 2014

The Kaiser Family Foundation released a study this week that looked at the issue of "Medical Debt among People with Health Insurance." In addition to looking at some of the factors for bad debt among the insured in recent years, it looks ahead to what trends might emerge with the implementation of the Affordable Care Act in 2014 and beyond.

Report: Hospitals' Uncompensated Care Costs Continue to Rise

January 6th, 2014

The American Hospitals Association issued a report on Monday that indicated the continuation of a troubling trend for hospitals and medical centers.

Uncompensated care costs continue to rise. In 2012 they rose to $45.9 billion, an 11.7 percent increase from the $41.1 billion figure in 2011 (source: ACA International).

How will the Affordable Care Act affect the amount of bad debt for hospitals and medical centers?

January 3rd, 2014

How will the Affordable Care Act affect hospitals' accounts receivable? Will it result in more bad debt?

These are just two key questions among the mass uncertainty about the Affordable Care Act. In the midst of the contentious debates, the grandstanding, name calling, finger pointing, and other tactics familiar to the world of politics, serious and pressing questions about this law have been looming.

MEDICAL DEBT COLLECTIONS INCREASINGLY OUTSOURCED TO AGENCIES

AUGUST 28, 2013
Debt Collection Industry

Debt Collection Agencies
The healthcare community can be a complicated place when it comes to billing, payments, and patient accounts. To help reduce the load on their staff and to increase revenue, healthcare facilities around the country have increasingly been relying on debt collection agencies to pursue their medical debt.

MEDICAL BILLING TECHNIQUES AFFECT PAYMENT AND COLLECTIONS

AUGUST 19, 2013
Medical Debt Collections

Healthcare Bills
A new survey performed by TransUnion Healthcare suggests that positive billing experiences may influence how satisfied patients are with their care and how often they make timely payments. Factors like ease-of-use, clearly explained payment options and accurate estimation of out-of-pocket expenses all influence payment and satisfaction rates.

GOVERNMENT AND MEDICAL DEBT ON THE RISE

July 26, 2013

According to the CFPB, as of July 17th, financial institution debt “no longer represents the largest focus of debt collection activity”. Corey Stone, the assistant director of the CFPB’s Office of Deposits, Cash, Collections and Reporting Markets, stated that healthcare providers now represent the largest group of collection agencies customers, as well as agencies’ largest amount of recoveries in terms of dollars.

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