The health care industry, including medical billing companies, physicians, and hospitals, is required to be compliant with payment processing regulations. Yet, few participants understand the compliance necessary. As a result, the majority of the health care providers are non-compliant.
And, the advent of the Red Flag Rules, promulgated by the Federal Trade Commission set to go into effect at the end of this year, means health care providers have yet another regulatory body breathing down its neck. Failure to comply with Red Flag Rules and non-compliance with PCI-DSS payment processing standards puts medical providers and medical billing companies at risk.
Any medical provider or medical billing company that does not meet compliance standards risks fines of $3500 or more for every incident of non-compliance.In addition, medical providers and medical billing companies can be liable for losses that occur due to security breaches in payment processing and Red Flag Rules.
The Red Flag Rules and PCI-DSS regulations put medical billing companies and medical providers in a precarious position.It is vital that any company in the health care industry take the necessary steps to safeguard their business operations and protect against loss.
How are you handling compliance for your medical billing payments?