Collecting patients’ medical debt has always been an exceptionally challenging process for healthcare providers. While the bulk of medical charges are covered by insurance companies, providers—particularly smaller practices—also rely on payments from patients to keep the revenue cycle management (RCM) process going. But recent actions by the three major credit reporting agencies may make that process even more difficult.
Equifax, Experian and TransUnion have agreed to remove medical debt under $500 from Americans’ credit reports. In this Rectangle Health Executive Report, we will explore how this could impact medical debt. You’ll learn:
- How the state of medical debt is changing.
- Why providers have been struggling to make collections.
- Key processes and solutions that can make the collections process more efficient.
Many challenges lie ahead as healthcare providers enter a new paradigm for medical debt. This report provides a roadmap for providers to optimize the payment process, making it more cost-effective for them and more convenient for patients.