Various regulatory changes within the credit reporting industry will soon begin to have an effect on your practice's receivables. Even if your practice does not report delinquent patient accounts, understanding them and ensuring compliance is key to maintaining recovery.
You just received a phone call from an upset patient because their overdue balance with your practice is affecting their credit, and they are trying to get a loan for new car. It is the mission of your healthcare organization to establish lasting relationships with your patients while providing the highest quality patient care, so you begin to wonder whether credit bureau reporting past due balances is really the right choice for your practice.
A big change is coming for debt collections. FICO has announced that its newest scoring model, FICO 9, will disregard paid collection agency accounts and will place a lower weight on medical debt. Under the new score, those consumers with only medical debt on their records are expected to see an average score increase of about 25 points.