It’s official! Both the House and the Senate have now passed the Red Flag Program Clarification Act of 2010 in which healthcare providers, attorneys, and other entities are exempted from Red Flag Rules requirements for creditors. And now, that very legislation passed this week only awaits a signature from President Obama before becoming law.
The bill calls for changes to the FTC’s definition of “creditor.” Smaller entities such as physician practices and doctor’s offices have long debated they should be let off the hook from complying. This comes on the heels of lawsuits filed by the American Medical Association, the American Osteopathic Association, and the American Bar Association against the FTC.
This is good news for healthcare providers who find themselves struggling to survive the burdens of seemingly endless red tape, administrative costs, and lower reimbursements. Stay tuned for more good news to come in our next article!