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Consumer Finance Protection Bureau puts RCM companies on notice over debt collection practices
Becker's Healthcare October 1, 2024
The Consumer Financial Protection Bureau issued an advisory opinion on Oct. 1 warning debt collectors — including third-party revenue cycle management companies — that they are violating federal law when they collect on inaccurate or invalid medical debts.
The CFPB has received complaints from people receiving collection notices for debts they do not owe, that are already paid, or that should have been covered by insurance or hospital financial assistance programs, according to an Oct. 1 news release.
The bureau notes that hospitals and other providers are increasingly outsourcing medical billing and collection activities to third parties, such as RCM firms, which may have legal obligations under the Fair Debt Collection Practices Act....
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