You wouldn’t jump out of an airplane without a parachute, so why jump into a relationship with a third-party debt collector without doing your due diligence?
As with creditors, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) are now holding healthcare providers accountable for the actions and behaviors of their collection agencies. But because they are not likely to be forthright with all the details, you need a powerful ally to help you answer four basic questions about the agencies with whom you’re partnering to collect past due debt.
Experian Health’s Compliance Manager solution can tell you whether these agencies are properly licensed, if they are involved in any lawsuits, how many consumer complaints have been filed against them, and how their compliance compares with that of other collection agencies.
Not only can Compliance Manager help you minimize litigation risk associated with questionable agency practices, it can also monitor and provide robust reporting and dashboards showing agency compliance, and measure agency compliance risk using a patent-pending compliance risk score. Compliance Manager can even let you know if you have litigious debtors lurking in your collections inventory.
Compliance Manager provides you and your patients with peace of mind—knowing that you have tools in place to monitor collection agencies and prevent them from posing a reputation risk to your organization. With Compliance Manager, you also have the power of Experian Health’s unmatched data and analytics, as well as the support of a dedicated team of compliance consultants.
Increasing regulatory oversight puts hospital collections under the microscope.
With Stan Salwei, Director of Revenue Cycle at Altru Health System.