Practice Management Alert

Clarification may mean your practice doesn't qualify as a 'creditor.' 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. Learn What Changed Previously, 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 [...]