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 […]
Why Compliance is Critical to Effective Debt Collection
The crucial role compliance plays in effective debt collection and management cannot be ignored. This critical component impacts how debt collection is controlled and managed. Here are some key components for organizations to consider when dealing with debt collection. Compliance is Critical As regulatory complexity and cyber-security concerns continue to increase, organizations will likely need industry-leading […]
The Debt Collection Letter 101
When you send the debt collection letter is just as important as what you say. One of the most powerful tools to use in debt collection services is the debt collection letter. This technique is also one of the most regulated in the industry, along with phone calls to the past due client. While establishing […]
6 Little-Known Facts about Debt Collection Compliance
Debt collection is one of the most heavily regulated activities you will ever undertake. The debt collection industry is one of the most heavily regulated in the United States. That is precisely why it’s risky to undertake debt collections on your own; there are rules for when and how past due clients can be contacted, […]
Three Debt Collection Agency Myths
The facts show third-party debt collections provide a needed service for businesses of any size. How much do you really know about collection agencies and how they work? Unless you’ve partnered with a debt collection agency, there’s a good chance that you’ve been misled about how the debt collection process works and the impact it […]
