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Mnet Health News delivers the latest news and information articles for the world of healthcare.

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New Federal Agency to Examine Collections Process

On January 2, 2013 the Consumer Financial Protection Bureau (CFPB) will begin its oversight of debt collection in the United States. In connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act, under the Larger Market Participant (LMP) rule released by the CFPB on October 23, 2012, the final rule defines "consumer debt collection" markets and exclusions, explains how to determine if you are an LMP and offers an examination manual.

What should we be looking for in a collection vendor?

Having a professional collection agency as a vendor to recover bad debt is not an unusual or uncommon practice in the United States. No matter what the needs of the health care provider, whether they require traditional collection services, payment solutions, or a series of collection letters, the right collection vendor can provide an array of services that can help the provider reach their financial goals.

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