If the proposed rules are passed, how will they affect your practice?
The Consumer Financial Protection Bureau has proposed rules on medical debt reporting. If finalized, the rule would prohibit all medical debt from consumer credit reports (among other things).
The key provisions in the proposed rule would:
* Eliminate the special medical debt exception.
* Establish guardrails for credit reporting companies.
* Ban repossession of medical devices.
If passed, the proposed rule would require more transparency about financial resources and charity care while also simplifying patient bills. It would prohibit medical debt from consumer credit reports. Under the proposed rule, patients could decide not to pay their bill without real consequences.