Navigating New Regulations in Healthcare Debt Collection – Insights with Syntheia Nagel

In a segment of CollectCo Connection podcast hosted by Chris Walcher features a discussion on an important subject, with Syntheia Nagel from Cedar Financial serving as the Chief Compliance Officer. With conversation between them the focus is on how the evolving scenario of healthcare debt collection influences both providers and patients. It provides perspectives on maintaining compliance while prioritizing patient wellbeing. Healthcare Debt Collection

Exploring the Effects of the Latest Regulatory Changes

Healthcare billing and medical debt regulations are evolving rapidly with new challenges but intriguing opportunities as well for compliance officers. Syntheia’s data suggests the regulations mainly focus to improve consumer safeguards by emphasizing transparency in billing practices. However, they also require healthcare providers to adjust their operations significantly to remain compliant with evolving legal standards. “New regulations, though challenging to keep up with, create positive changes for consumers,” Syntheia noted.
“It’s our responsibility to help healthcare providers understand these changes so they can navigate them smoothly.”

New Yorks’ Ban, on Reporting Medical Debt Sets a New Standard

New Yorks recent decision to prohibit healthcare providers from sharing medical debt information, with credit bureaus has sparked debate within the community. This change is causing a stir among hospitals and clinics as it marks a departure from the practice of handling medical bills. Syntheia explained that while the regulation benefits patients by reducing credit damage, it requires providers to find alternative methods for managing these accounts, often needing legal guidance to navigate compliance risks. “There’s a ripple effect,” Syntheia explained.
“Healthcare providers now need alternative strategies for managing delinquent accounts, and that often requires legal guidance to avoid compliance risks.”

Consumer Protection at the CFPB

The Consumer Financial Protection Bureau (CFPB) is working to minimize the impact of medical debt on credit ratings. According to Syntheia, CFPB efforts are causing healthcare providers to take notice of how important transparency and patient assistance are in managing billing and collection procedures. She explained,
“…the CFPB’s efforts remind us that the consumer experience is paramount.” Providers must help patients understand their bills and avoid pitfalls that could damage their credit.

Professional Organizations – Staying Informed and Connected

Compliance professionals understand the importance of staying updated in an evolving environment, like this one. Syntheia stressed how important it is to stay abreast of regulations by being a member of groups like ACA International and HFMA. Networking within these groups not only provides learning opportunities but also allows members to share insights and advocate for the industry’s needs.
“Professional organizations are where compliance officers can share insights, voice concerns, and push for improvements that ultimately benefit everyone in the field,” she said.

Putting Patients First in Debt Collection

The conversation also underscored the importance of balancing compliance with compassionate patient care. Syntheia advises healthcare providers to prioritize a patient-first approach, which means revisiting processes to focus on patient education and support. This shift doesn’t have to conflict with compliance, as it often leads to better outcomes and a more trusting patient relationship.
“Healthcare providers who embrace change and focus on the patient’s experience can navigate regulations more effectively and maintain trust,” Syntheia advised.

Becoming a Voice for Positive Change

In conclusion, Chris encouraged listeners to actively participate within their communities and organizations. Sharing firsthand insights with lawmakers and regulators can lead to more balanced regulations that benefit both consumers and providers. By getting involved, we can influence regulations that protect consumers and enable providers to function sustainably, Chris said.

Final Takeaways from Embracing Change with a Patient-Centered Approach

Healthcare providers and compliance officers must remain agile, prioritize transparency, and assist patients in understanding their medical bills in today’s regulatory environment. This discussion with Syntheia emphasizes the importance of adaptability. By following this approach, patients are not only guaranteed compliance, but also trusted and positive relationships are fostered. Learn more about Syntheia’s valuable advice on healthcare debt management and navigating the ever-changing regulatory landscape in the full episode on CollectCo Connection.

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