June 26, 2014 — Chiro Collect, powered by I.C. System, recently released a whitepaper on increasing collection regulations, which is forcing a change in the methods chiropractic practices can use in collecting past due accounts. The whitepaper aims to help chiropractors learn how recent industry regulations are directly impacting their existing collection process and how they can prosper in this new environment.
The paper, “Why More Regulations Means Fewer Complaints, Higher Profits for Chiropractors,” is aided with statistics and advice from the Consumer Financial Protection Bureau (CFPB)’s 2013 annual report on the Fair Debt Collection Practices Act (FDCPA).
Since 2011, the time of the CFPB’s establishment, it has sought to preserve and protect consumers’ financial information.
“As we continue to emerge from the devastating fiscal crisis of 2007-2008, we find that debt collection constitutes one of today’s most important consumer financial concerns,” Richard Cordray, CFPB director, said. “Currently, about 30 million consumers, nearly one out of every 10 Americans, are subject to debt collection activities, for amounts that average about $1,500 apiece.”
Additional white papers to help your chiropractic debt collection needs can be found on Chiro Collect.com. All white papers are free to download.
Source: I.C. System