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Neurology & Pain Management Coding Alert

Red Flag Rules:

Close Call: Late Ruling States Your Practice Might Not Qualify as a 'Creditor'

Published on Thu Feb 17, 2011

Congressional vote changes wording, eliminates medical practices from definition.In a vote that came right down to the wire on the Jan. 1 Red Flags Rule deadline, Congress voted to change the wording of who is considered a "creditor" in the government's eyes. Fortunately, medical practices no longer appear to fit the definition, which means that the Jan. 1 deadline to comply with the Red Flags Rule may not affect you.Check What ChangedPreviously, the Red Flags Rule defined a creditor as any entity that bills a customer after rendering services. The Federal Trade Commission's (FTC's) Web site noted earlier this year that creditors included "many doctor's offices, hospitals, and other health care providers." As creditors, medical practices had to comply with the FTC's Red Flags Rule, which required creditors to develop programs to address identity theft prevention techniques, as well as tools to detect and deal with potential identity theft incidents.New [...]
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