What Do Changes Under the No Surprises Act Mean for Healthcare Providers?
The No Surprises Act (January 2022) contained some important changes that affect how and when healthcare providers must inform patients of their financial obligations. In addition, The New Consumer Rights Law restricts what can be reported to Credit Reporting Agencies. While it’s good news for patients. What does it mean for healthcare providers? Revco Solutions examines the new regulations and their implications.
According to The American Hospital Association, the No Surprises Act provides the following safeguards for patients:
● It protects patients from being responsible for medical bills resulting from gaps in coverage for emergency services and other services provided by out-of-network providers at in-network facilities (including air ambulances).
● It only holds the patient liable for the in-network cost-sharing amount while allowing providers and insurers to negotiate reimbursement.
● It allows providers and insurers to access an independent dispute resolution process if disputes arise. It does not set a benchmark for reimbursement amounts.
● It requires providers and health plans to assist patients in accessing information regarding healthcare costs.
New Reporting Rules
In March of 2022, the three nationwide credit bureaus (Equifax, Experian, and TransUnion) jointly announced the following medical debt reporting changes.
● Paid Accounts
Under the new law, medical debts that have been paid can no longer be included on credit reports. Healthcare providers must inform credit reporting agencies when an account has been settled to remove it from the patient’s credit report.
● New Accounts
To allow consumers time to work with insurance companies and providers to settle their accounts, accounts less than one year old can not be reported to Credit Reporting Agencies. Revco Solutions has an aggressive insurance denials management strategy that can shorten the time required to resolve these accounts before they can be reported.
● Accounts Under $500
Beginning in March 2023, medical accounts under $500 can not be reported to Credit Reporting Agencies. The New Consumer Rights Law specifies that these accounts can never be reported, even if they are unpaid and left in the collection. This can add up quickly for healthcare providers! Revco Solutions provides an Early-Out Program that helps patients and providers create a payment plan that satisfies both patients and providers.
Revco Solutions Ensures Compliance
With all of the recent changes in legislation, maintaining compliance with the new regulations can be a daunting task for healthcare providers. Revco Solutions has a proven history of delivering the highest possible liquidation results while ensuring compliance with ever-changing industry requirements. We are HITRUST r2 Certified, as well as SOC2 and PCI
certified. We are affiliated with HFMA, AAHAM, and the ACA. You can trust Revco Solutions to increase your bottom line and ensure your compliance with industry regulations. Contact us to learn more about how you can navigate the changing legal landscape and relax in knowing that you are partnering with experts in the industry!