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The healthcare industry is facing an alarming rise in medical debt, with private equity firms playing an increasingly dominant role. What they’re doing: Private equity firms are packaging RCM services, combining debt collection, medical financing, and patient management under a single umbrella.
These debts can be unpaid hospital bills, doctor’s office fees, or any other expenses related to healthcare that a patient has not paid. There are also state laws that can affect the process of medical debt collection. You should prioritize paying off your medical debts to avoid credit damage.
The California state Senate has followed the Assembly in passing AB1020, a bill that would restrict hospitals from selling certain patient debts, require collectors to certify that patients have been screened for public programs and financial assistance before filing a collection lawsuit, and extend the period before a debt could be placed with a collection (..)
SIMM is a full service nationally licensed ARM company providing collection solutions to the student lending, consumer lending, credit/retail card, healthcare, auto finance, credit union and debtbuying industries.
SIMM is a full service nationally licensed ARM and BPO company providing collection solutions and customer engagement to the student lending, consumer lending, credit/retail card, healthcare, auto finance, credit union and debtbuying industries.
State Activities: On October 26, the Maryland Office of the Commissioner of Financial Regulation will host a free online information session for Maryland consumer debt collection agencies. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.
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