Changes to Credit Reporting in the Healthcare Industry

The most expensive car ride someone may take in their life is an ambulance ride, which racks up to a whopping average of 1,200 dollars. Most individuals probably cannot or will not pay that bill outright, meaning it will serve as a form of debt to them.

So, how is credit debt any different from more “voluntary” types of debt and how does it impact patient credit scores?

On today’s episode, Host Gabrielle Bejarano speaks with Michelle Dove, Chief Corporate Counsel and Chief Compliance Officer at IC System, to talk about recent and upcoming changes in credit reporting in the healthcare sector and how this will impact patients.

Bejarano and Dove also discussed…

  1. How paid healthcare debt will no longer be credit-reported
  2. Medical account reporting time frame changes and the impact on patients and the industry
  3. The pending change in the debt threshold for credit reporting

Dove elaborated on how the current and upcoming changes will impact patients. “There are positives—the patient gets more time, but I think the negative is it takes away one method of communicating with the patient to help them understand their account,” she stated.

Dove is Chief Compliance Officer and General Counsel at IC Systems and ensures documentation complies with federal, state, and local laws. She has previous experience as an attorney at Bassford Remele, Dorsey & Whitney LLP, and Rider Bennet, LLP. Dove has a B.A. in Political Science and Psychology from the University of Michigan and earned her J.D. from the University of Minnesota Law School.

Follow us on social media for the latest updates in B2B!

Latest

Thanksgiving holiday weekend
Thanksgiving Holiday Weekend Proved the Omnichannel Customer Has Fully Matured
December 2, 2022

Now widely reported, last weekend’s Black Friday and Cyber Monday sales were record-breaking on all accounts. Nearly 200 million customers hit physical retail stores over the Thanksgiving holiday weekend according to NRF, a feat all of its own and a validation of the brick & mortar store in an age of omnichannel sales strategy. […]

Read More
travel and hospitality
Consumers Seek More Value from Travel and Hospitality
December 2, 2022

A recent report from PwC suggests that revenue for hotels will continue to go up over the coming months. This is great news for hoteliers who survived the 2020 pandemic and are looking to recoup costs. What’s more, studies also suggest that customers are happy to pay for these increased prices, even at inflated rates. […]

Read More
Colorado healthcare incentives
Are Colorado’s Crafty Healthcare Incentives an Effective Strategy to Lower State Care Costs?
December 2, 2022

Colorado has some of the most expensive healthcare in the U.S., which already spends more than any other country on administering healthcare. Some studies place it in the top half of most expensive states for care in the U.S., while others place it in the top 10. In 2018, for example, Colorado’s average price per […]

Read More