Describe the impact of the Truth in Lending Act on collections policies for patient accounts.

Describe at least two successful collection techniques for patient accounts.

• Describe types of adjustments made to patient accounts, including a nonsufficient funds (NSF) check and collection agency transactions.

REPLY #1Hi class,The Truth in Lending Act has an impact on patient account collections policies in that if a patient makes more than four payments toward their amount, the healthcare institution is required to give them with disclosure agreement obligations. This agreement contains details such as the annual percentage rate, monthly interest rate, the total cost to the borrower, the due dates for payments, and the amount and timing of any late payment penalties. Additionally, this guarantees that patients are given accurate and lucid information regarding their financing choices.Patients can be informed about the status of their debt in two effective ways: collection phone calls and collection mailings. Payment arrangements and proactive patient education about their payments are two strategies to increase your chances of collecting money from a patient.When payments are received and the amount of the patient’s bill changes, adjustments are used to credit or debit an account, which must be noted on the patient’s ledger. A check that was rejected because there wasn’t enough money in the patient’s account is known as a nonsufficient funds check. After that, the patient would be required to pay both the full amount owed and a returned check fee. Transactions with collection agencies are utilized when a bill is not paid for a long time. The healthcare provider gives the collection agency the unpaid account, and the agency then makes an attempt to get the patient to pay the provider’s debt.

REPLY #2 1. You are protected from unreliable and dishonest credit invoicing and credit card practices by the Truth in Lending Act (TILA). It mandates that lenders give you information on loan costs so you can shop around for specific sorts of loans.2. One would be to improve communication with patients. Another would be to accept multiple forms of payments. 3. You must make the necessary account adjustments if a patient’s check does not clear because there are insufficient funds (NSF). The office checking account deducts the first amount for NSF payments. The amount of the check is then added back to the patient’s balance by posting a negative payment to the patient’s account.