With medical debt increasing rapidly in the current day and age, the Wall Street Journal has recently made the move of reporting about the uplifting possibility of more regulation on the debt collection processes in this country. Not only this but also about the activity by Congress to prevent outstanding medical bills from damaging the credit reports of innocent consumers. What’s more, healthcare providers are more than willing to work out new and innovative payment plans in order to help put a stop to debt collections, once and for all.
ACA International is one of many to join the Medical Debt Collection Task Force led by the Healthcare Financial Management Association, which aims to develop the best practices to make paying medical bills a much simpler and easier process for consumers. The CEO of ACA International, Pat Morris, says, “Many consumers are struggling with medical bills today. These best practices are a balanced step forward for all of the stakeholders involved to better resolve patient medical accounts.”
The list of the best practices includes improving patient education and communication on the matter, establishing policies for account resolution, and, most importantly, making sure healthcare bills are 100% patient-friendly. The CEO and President of the Healthcare Financial Management Association (HFMA), announced recently, “These best practices provide a much-needed blueprint for hospitals, physicians, and our partners in account resolution to coordinate their activities in ways that respect and benefit patients.” He added, “Patients want information that is timely, clear, and concise and deserve a consistent, fair process for resolving payment issues.”
It may go without saying, but the development of the Medical Debt Collection Task Force thanks to the Healthcare Financial Management Association really is a major breakthrough where medical debt is concerned. Legislation to reduce the impact that medical debt has on the credit rating of consumers is well underway, with more and more people jumping on board to support this important cause. One thing is for sure – it’s about time.