Collections. Do you or don’t you? As a dental practitioner, you went to school to do one thing and that is to take care of people. You provide them with a service that improves the quality of their life in one way or another. In turn they pay you for this service. In a perfect world, this all works out nicely and with little issue. However, if you have been in business for any period of time you know that it isn’t always so smooth – sometimes payment just doesn’t come easily. If you haven’t already experienced this problem, know that you will. It is inevitable. Continue reading
The National Consumer Assistance Plan (NCAP) has been making big waves in the area of credit report accuracy. As a reminder, the initiative, started by the three consumer credit reporting companies – TransUnion, Experian, and Equifax – aims to ensure the most accurate credit reports possible. For more information about the NCAP, check out our previous blog post or visit their website.
One of the plan’s reforms focuses on combating the inaccuracies in credit reports that are caused by medical debt. In a study by ACA International, called “The Role of Third-Party Debt Collection in the U.S. Economy”, of the debt collected by third party agencies, 38% was medical. With such a large market in medical debt, the changes that the NCAP has instituted will prove to be significant.