Nexa Collect

OCTOBER 21, 2021

Medical practices are facing an uncertain future – at least financially. This article will discuss some actionable steps that medical practices are taking to minimize operational costs in the pursuit of fiscal stability. Why Do Medical Practices Need To Cut Costs? Shifting Billing Online.

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Nexa Collect

JULY 2, 2020

With a quick search, you will find tons of information online about patient accounts receivable (AR), medical billing, and unpaid medical debt as it pertains to hospitals, doctor’s offices, and all other manner of specialty and medical facility. What kind of problems are these? . What causes these debts? .

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Sawin & Shea

MAY 12, 2021

As medical costs continue to soar in the U.S., up to 62% of bankruptcies now include significant medical debt. A health event like an accident, disease, or surgery can bury someone in a mountain of medical bills. If you’re considering bankruptcy to deal with medical debt , here are some important things you should know.

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Troutman Sanders

MARCH 22, 2022

On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the removal of nearly 70% of medical collection debt records from credit reports.

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American Profit Recovery

FEBRUARY 9, 2021

If your practice has been looking through a list of medical collection agencies in search of just the right fit, we want you to take a moment to read some of the tips that our experts here have come up with. Everyone who owes an outstanding bill has their own personal situation and circumstances.

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Sawin & Shea

NOVEMBER 1, 2023

Rising healthcare costs are continually leaving thousands of Americans drowning in medical debt. In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021.

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Sawin & Shea

MAY 5, 2021

Anyone on social media is bound to have seen numerous posts or crowdfunding pleas from friends or friends of friends who are faced with insurmountable medical debts. Sadly, medical debt is a huge problem in our country, affecting 41% of working-age Americans. What Options Exist for Medical Debt?

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Sawin & Shea

AUGUST 31, 2022

Unfortunately, medical debt is no exception. Lack of necessary medical care. There are several ways that medical debt can affect your health, and many of them are the same ways that any financial insecurity can affect your health. How Sawin & Shea, LLC can help. Stress-driven behaviors.

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Nerd Wallet

AUGUST 31, 2022

Bankruptcy, often considered a last financial resort, is a legal process that can help alleviate outstanding debts for individuals and businesses. Reasons to file for bankruptcy can include divorce, job loss, exorbitant medical bills or credit card debt. There are several types of bankruptcy — six, as a matter of fact.

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American Profit Recovery

MARCH 10, 2021

If you are running any type of healthcare facility or medical practice, we know how hard you have worked to cultivate new patients. It can take years to build a thriving practice and along with the best medical care, the way you do that is to provide a warm and welcoming environment at every phase of the patient experience.

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American Profit Recovery

MARCH 1, 2023

Having that first phone call with a debt collection professional can lay the groundwork for having one less thing to worry about and eventually paying off your financial obligations. One way collection agencies can help you the consumer is to get a better understanding of your other financial obligations.

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Collection Industry News

OCTOBER 22, 2023

A California Dermatologist recently filed a class action lawsuit against the three major credit reporting agencies (CRAs), alleging the CRAs’ decision to stop reporting medical debt below $500.00 has caused him and other medical professionals nationwide irreparable financial harm. on credit reports.

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UK debt collections

FEBRUARY 17, 2023

University Hospital Kerry is owed over half a million euros (€500,000) in unpaid medical fees it has been reported. The fees still due from patients for medical treatments given last year. They said a patient will initially receive an invoice from the hospital, charging for the medical services.

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Payment Savvy

DECEMBER 7, 2023

This article’s aim is to explain the use of HSA funds for prescription medications, offering clarity and guidance on how you can utilize this financial resource effectively. It allows users to save money, tax-free, to be used specifically for qualified medical expenses. This definition firmly includes prescription medications.

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Credit Corp

JUNE 2, 2021

If you think you’re immune to damage from a collection account on your credit report because you pay your bills on time, think again. Medical bills that you don’t know about could be hurting your credit—and the odds are not in your favor. In fact, the Consumer Financial Protection Bureau reports that around 31.6%

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PDC Flow

APRIL 27, 2021

The patient experience in healthcare billing is an essential (often overlooked) part of the healthcare revenue cycle. Every medical organization understands that patients need to feel involved in their care during medical services but don’t always extend that importance when it’s time for patients to pay.

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American Profit Recovery

MARCH 2, 2021

For most consumers, being behind on their financial obligations is stressful, to say the least. Our goal is to get to know them as best we can to help them resolve their issue. Take for example somebody who may be in medical collections with us. They do so because they want to help. It’s up to us to hear them out.

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Roths Child Law

DECEMBER 17, 2021

For many people, the victory lap after beating cancer gets cut short when financial reality comes calling. The same facilities that just helped you fight a deadly disease could soon start applying intense pressure because they want their money for those treatments. Those costs quickly add up to an insurmountable amount of medical debt.

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Troutman Sanders

APRIL 15, 2022

On April 11, the White House published a fact sheet, outlining the Biden administration’s actions to lessen the burden of medical debt and increase consumer protection. For many watching legislative and regulatory developments in medical debt, this announcement may not have been a surprise. At the end of March, the U.S.

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Consumer Credit Creditworthiness Debt collector Education 52

Roths Child Law

NOVEMBER 9, 2022

There are many reasons for bankruptcy that the person who’s filing couldn’t help. . Understanding some of the reasons why people need to turn to bankruptcy may help them to decide if they need to file. It could also help them to feel better about needing to file. . Medical expenses are a major contributing factor.

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Troutman Sanders

OCTOBER 9, 2023

On October 5, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. For more information, click here.

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Collection Industry News

OCTOBER 25, 2021

Advocates and lawmakers are pushing hospitals to provide help for patients to pay their bills. Swamped with medical bills? The hospital that treated you may be able to help. Whether you learn about this before those bills wind up in debt collections is another matter. People never read the whole bill.

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Roths Child Law

MAY 1, 2023

When many people run into financial troubles, they turn to bankruptcy. Bankruptcy is a process that helps businesses and consumers eliminate many or all of their debts so that they can move forward with a clean financial slate. Either way, that's a financial hit most people can't afford. Cars break down.

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Credit Management Company

MAY 17, 2022

According to a 2022 Consumer Financial Protection Bureau report, 58% of all third-party debt collection is made up of medical debt. Effective financial communication and patient financial education starts before the medical procedure begins. Ultimately, medical debt management is a complicated topic.

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American Profit Recovery

SEPTEMBER 8, 2023

Financial difficulties hinder collecting debt Your customer may have had a great job with a great salary, or they may have had a thriving business. But at some point, that could change and now they are facing financial hardship. But the fact is regular communication helps consumers meet their financial obligations.

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Nexa Collect

JULY 19, 2020

In order to help medical practices and businesses monitor and control that credit risk, we have compiled this list of best practices for the management of accounts receivables: 1. In addition, it helps your business automate the accounts receivable process, especially when you tend to use the same payment terms for all your customers.

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True Accord

JULY 8, 2021

Generally, when talking about artificial intelligence (AI) in regards to medical collections, we hear about how it has automated the once-painstaking process of medical coding for billing. But why stop there? But first: why is it necessary—and even urgent—to improve healthcare revenue management?

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Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

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FFGN COLLECT NY

JANUARY 6, 2023

We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Putting an end to the use of wage garnishments (income executions) in New York to collect medical judgments. Decreasing the legal rate of interest on consumer claims from 9% to 2%.

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Sawin & Shea

AUGUST 2, 2023

Financial crises can devastate self-esteem and family relationships and hamper a person’s ability to cope with life in general. But by far, the burden of unpaid medical bills is one of the biggest factors in bankruptcy filings. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Troutman Sanders

JUNE 29, 2022

The Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs released its annual report , detailing over 17,000 complaints filed by servicemembers, veterans, and their families in 2021. Credit Reporting and Medical Billing Issues.

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Roths Child Law

MARCH 15, 2023

Even making the minimum monthly payment on certain accounts could be prohibitive when people owe tens of thousands of dollars on credit card debt and have a multi-hundred-dollar car payment each month in addition to their mortgage and utility bills.

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American Profit Recovery

MAY 31, 2022

Many businesses have tried various tactics and strategies using internal resources, but there comes a time when you need to seek outside help for collections. It could be an oversight, it could be a misunderstanding such as in medical debt collections, or in some cases, it can be an outright refusal to pay the bill.

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Credit Corp

JULY 20, 2021

Being aware of your financial situation will help you better manage it. Medical Debt. Medical debt can come suddenly and unexpectedly, or build up over time. Medical expenses can add up quickly and become unmanageable, which is part of why medical debt is so prevalent today. How to Avoid Medical Debt.

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Credit Corp

APRIL 3, 2023

This lack of savings may put these consumers at significant risk and unable to navigate even a small financial emergency. In This Piece How Much Should I Save for Medical Expenses? How Much Should I Save for Medical Expenses? According to a recent study, 100 million Americans are struggling to pay off their medical debt.

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Nexa Collect

JULY 10, 2021

For those health care practitioners who want to reap the benefits of automating their account receivable (AR) processes, we offer here a few tips on how to make this transition from paper invoices and bills to streamlined digital AR functions and operations. For a medical practice, HIPAA remains the overarching law.

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Credit Corp

JULY 25, 2023

Medical Bills: Many healthcare providers accept credit card payments for medical expenses, allowing you to pay off medical bills over time. Let’s explore both sides to help you make an informed decision. It simplifies your monthly payments and can help you stay organized.

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