"Red Flag" Rule

December 8, 2010

Today the House of Representatives passed an exemption for physicians to the anti-identity theft requirements commonly known as the "Red Flags" rule.  The exemption measure is titled the Red Flag Program Clarification Act of 2010, and passed the Senate on November 30th.  The bill now goes to the White House for signature. 

 

The Federal Trade Commission has previously taken the stand that medical professionals must comply with the Fair Credit Reporting Act, which calls for written safeguards and risk-management processes related to preventing, identifying and mitigating identity theft.  Currently, these provisions apply to "creditors", such as banks and other entities that lend money.  The AMA has fought long and hard for the bill passed today, which exempts physicians from being defined as a "creditor" and therefore being required to comply with the Act. 

 

One of our strengths at MedFocus is helping clients stay current and compliant with the many changes in medical coding, medical billing and revenue cycle management today.

Contact us to find out more about how we can help you run your practice more easily and maximize your financial success.

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