Capio is the nation’s premier purchaser of non-performing healthcare accounts. Our mission, at its core, is to aid individuals burdened by medical debt in achieving financial wellness. We offer healthcare organizations innovative solutions that not only bolster their revenue cycle but also ensure patients receive the utmost care from our seasoned, healthcare-focused team. Having successfully partnered with over 900 esteemed healthcare providers nationwide, our commitment to excellence in consumer service remains unwavering.
We often provide support for our clients as a thought leader weighing in on critical legislative events and regulatory proposals that impact our agency as well as the entire healthcare industry. We recently submitted formal response to the initial query on the CFPB’s plan for rulemaking on October 30th, 2023. As we engage with the CFPB, we bring forth our extensive experience to highlight key considerations:
- The Intricacies of Healthcare Economics: The industry’s complexity and the lifesaving nature of its services often leave patients with substantial bills, leading to varied levels of medical debt. Our primary principle is affordability, which has resulted in less than 0.05% of our consumers filing CFPB complaints and our maintaining a 99% billing accuracy rate.
- Commitment to Zero Complaints and Flawless Billing Accuracy: While proud of our achievements, our goal is absolute perfection in billing accuracy and consumer satisfaction.
- Innovative and Collaborative Efforts: Our partnership with Georgetown University’s Business for Impact and the adoption of BuoyFi technology demonstrate our dedication to finding transparent and innovative solutions. These initiatives not only enhance our service offerings but also contribute valuable insights for policy optimization.
- We understand the CFPB’s concerns about medical debt and its impact on consumer creditworthiness. However, it is crucial to consider the balance between regulatory measures and the realities of healthcare economics. We believe that informed, collaborative approaches can lead to policies that benefit all stakeholders—providers, patients, and the industry at large.
At Capio, we remain actively involved in shaping policies that reflect the realities of our industry and the needs of those we serve. We appreciate your continued partnership and support as we navigate these regulatory landscapes together.
Capio’s Proposed Alternatives:
- Positive Reporting: We advocate for a system where healthcare providers and debt holders are required to report positive payment behaviors as a prerequisite to reporting any non-payment or late payments. This approach, known as “positive reporting,” can significantly enhance consumer credit ratings, reflecting their responsible payment habits.
- Proactive Consumer Protections: Our proposal includes several measures to protect consumers.
- No Interest or Fees: Ensuring that medical debtors are never charged additional interest or fees.
- Litigation Avoidance: Committing to never seek collection from consumers through legal means.
- Access to Provider Records: Allowing full access to healthcare providers’ records to adequately research disputes and questions.
- Charity Policy Adherence: Establishing a “charity” policy based on national standards, ensuring that a consumer is never required to pay more than a minimal percentage of their annual income.
- Reasonable Payment Plans: Limiting payment plans or payback periods to no more than 24 months.
These proposals are designed not only to protect consumers but also to maintain their good credit standing. They offer a balanced approach that benefits the millions who diligently pay their medical bills, including those who may not afford the full original invoice but are willing to engage and agree to affordable payment terms.
We believe these measures will foster a more equitable environment, benefiting all stakeholders in the healthcare receivables sector. As we continue to navigate these regulatory changes, your support and collaboration are invaluable.