Medical Debt Collection Guidelines Unveiled

From the desk of San Francisco Lead Attorney Alison Cordova:

According to Forbes.com, the two largest organizations behind medical debt collection — Healthcare Financial Management Association (HFMA) and the Association of Credit and Collection Professionals (ACA) — issued a “best practices” for collecting on medical debt. Forbes claims this move was to appease lawmakers and regulators who are working hard to restrict medical debt collection.

In June, a preview of the medical debt collection guidelines was unveiled: http://www.insidepatientfinance.com/best-practices/hfma-aca-international-unveil-peak-at-medical-debt-collection-guidelines/

A few of the suggested best practices:

1) Allowing patients 120 days to pay a medical bill before reporting delinquent debt to a credit bureau.

2) Removing paid medical debt from credit reports within 45 days.

Forbes.com also warned: “healthcare providers are stepping up efforts in other ways to collect what they are owed. The fact is that more patients than ever are not paying their medical bills and that trend is expected to grow…Healthcare providers will be collecting what is owed them, and will continue to use debt collection agencies to pursue patients for what is owed. Their financial survival depends upon it.”

Read the full article here: http://www.forbes.com/sites/insidepatientfinance/2013/07/03/hospitals-and-debt-collectors-race-to-head-off-medical-bill-collection-laws-regs/

If you are struggling under the burden of medical debts, call of debt settlement attorney who can negotiate a settlement with your medical providers or debt collectors, cutting your medical bills down to a fraction of what is claimed due.