Start the New Year Right: Ensuring Compliance with the New CFPB Guidelines
The deadline has passed, and the new Consumer Financial Protection Bureau (CFPB) guidelines are now in effect as of December 3, 2024. As we begin the new year, it’s essential to assess your compliance strategies to ensure that you’re fully aligned with these updated regulations. The changes require a proactive approach to validating, verifying, and […]
How TSI Helps You Stay Ahead of Regulatory Changes
Adapting to regulatory changes is challenging, but it’s a challenge that TSI is fully prepared to meet. The upcoming CFPB regulations require a proactive approach, and TSI is committed to helping our clients navigate these changes seamlessly. TSI’s Proactive Compliance Approach: Advanced Technology Integration: TSI uses AI-driven technology to ensure real-time validation and verification of […]
Medical Creditor Responsibilities – What Providers Need to Know
The CFPB Advisory Opinion not only impacts debt collectors but also places significant responsibilities on medical providers. Medical providers must provide detailed documentation to validate debts before they are sent to collections. This documentation includes payment records, signed agreements, compliance with charity care policies, and evidence of compliance with state laws. Key Documentation Requirements for […]
Avoiding Collection on Paid or Settled Medical Debts
The CFPB Advisory Opinion introduces strict requirements for avoiding collection on debts that have already been paid or settled. Pursuing such debts is not only a compliance violation but can also significantly damage consumer trust and lead to regulatory penalties. Key Strategies for Avoiding Collection on Paid or Settled Debts: Real-Time Account Updates: Collectors need […]
Ensuring Compliance with the No Surprises Act in Medical Debt Collection
The No Surprises Act is a critical component of the new CFPB Advisory Opinion, and compliance with this legislation is now mandatory for medical debt collectors. The No Surprises Act aims to protect consumers from unexpected medical bills, particularly in cases involving out-of-network services that patients did not actively choose. Collectors must ensure that the […]
Debt Substantiation Requirements – Are You Ready?
Debt substantiation is at the core of the CFPB’s new Advisory Opinion. It requires collectors to verify the accuracy of medical debts by reviewing various records, including payment histories, patient agreements, and documentation related to charity care. Debt substantiation means that before any collection activity starts, every aspect of the debt must be accurately documented […]
CFPB’s New Advisory Opinion – What It Means for Medical Debt Collectors
On October 1, 2024, the Consumer Financial Protection Bureau (CFPB) issued an Advisory Opinion on the Deceptive and Unfair Collection of Medical Debt. Though labeled as an “advisory opinion,” this new guidance is legally binding and will take effect on December 3, 2024. This guidance aims to significantly impact medical debt collection under the Fair […]
Preparing for CFPB Compliance – How TSI Assists in Meeting the New Requirements
The Consumer Financial Protection Bureau’s (CFPB) Advisory Opinion on Deceptive and Unfair Collection of Medical Debt is set to change how medical debts are collected across the industry. With these changes taking effect on December 3, 2024, compliance will be critical to avoiding penalties and maintaining strong relationships with consumers. Medical debt collectors and healthcare […]
The Expanding Role of Telehealth: Leveraging TSI to Streamline Provider Processes and Achieve Accessible and Financial Success
The rapid expansion of telehealth has revolutionized healthcare delivery, creating new opportunities and challenges for providers, particularly in behavioral health, psychiatry, and mental health services. As telehealth becomes more integral to patient care, providers are increasingly seeking ways to streamline their operations, enhance patient access, and achieve their financial goals. Leveraging TSI’s comprehensive services—including Patient […]
Are you prepared for the forthcoming tsunami of delinquencies?
LET TSI & CONVERGENT HELP YOU MANAGE THE EBBS AND FLOWS OF CONSUMER PAYMENTS Slow and non-paying accounts have been noticeably low in recent years due to corporate policies and regulations set during the pandemic, as well as an injection of income from government stimulus payments. With the stimulus and corporate leniency ending, companies are […]
