Daily Digest – May 20. CFPB Updates Progress on Debt Collection Rule; Where Hospitals Can Stop Revenue “Leaks”

The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. 

CFPB UPDATES DEBT COLLECTION RULEMAKING, PROVIDES NO TIMELINE

  • The Consumer Financial Protection Bureau provided no timeline in its latest update on its “major current initiatives,” posted to its website late Wednesday night. With regard to where the agency is in the rulemaking process on debt collection, it said it is analyzing responses from consumers about their experiences with debt collection and is “engaged in qualitative testing to determine what information would be useful for consumers to have about debt collection and how that information should be provided to them.”

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HOSPITALS “SPRINGING” LEAKS IN REVENUE CYCLE MANAGEMENT

  • The amount of bad debt in hospitals is growing by as much as 30% annually, thanks to higher deductible insurance plans, and rising healthcare costs, and hospitals are springing “leaks,” according to a newly published report. The higher costs of collecting debt and too few hospitals require payment prior to administering care are causing problems, according to the report.

COLLECTION AGENCY READIES OFFICE TO COLLECT FOR S.D. GOV’T

  • CGI is planning to open an office in July that will collect money owed to the state government of South Dakota. CGI was one of two agencies that sought the contract, and will take 20% of the fees it recovers as its commission. Individuals who owe at least $1,000 to the state will have their files referred to the office manned by CGI.

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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. 

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