Navigation Links
TransUnion Revenue Manager Addresses 'Red Flags Regulations'
Date:11/6/2008

CHICAGO, Nov. 6 /PRNewswire/ -- As financial institutions and other creditors prepare for the Federal Trade Commission's Red Flags Regulations, requiring, among other things, the implementation of an identity theft prevention program, TransUnion has enhanced its identity verification and authentication tools in its Revenue Manager solution to assist hospitals in complying with these guidelines.

The Red Flags Regulations, issued in October 2007 as the "final rule" to the FACT Act, Section 114, defines a "Red Flag" as a pattern, practice or activity that indicates the possible risk of identity theft. The regulations include 26 illustrative examples of Red Flags associated with potential identity theft. Examples include:

-- A consumer reporting agency provides notice of a credit freeze in response to a request for a consumer report

-- A consumer reporting agency provides a notice of address discrepancy

-- Personal information provided is inconsistent when compared against external information sources used by financial institution or creditor

"Identity theft is a serious issue, especially when it concerns the healthcare industry because such crimes not only have financial implications, but they can potentially cause safety concerns for patients," said Rod Bazzani, executive vice president of healthcare for TransUnion. "While TransUnion Revenue Manager already can assist hospitals with many aspects of the regulations, we have further enhanced our solution to alert our customers of these red flags even more prominently."

Identity theft has already had a great impact on the healthcare industry. According to the FTC, an estimated three percent of identity theft victims had their personal information used to obtain medical services by another person - impacting approximately 250,000 U.S. patients in 2005 and translating to $468 million in medical identity crimes per year.

To illustrate the gravity of the situation, TransUnion looked at high risk fraud alert files for one of its Revenue Manager customers located in a suburb of a large Midwestern city. In the first nine months of 2008, 391 fraud alert matches were discovered at the hospital. The transgressions ranged from a "Social Security number not being issued by the Social Security Administration" to an "address reported being used in true name fraud or credit fraud" situation.

"The need for identity theft solutions is obvious when hospitals - not just large metro hospitals, but also smaller suburban facilities - are faced with medical fraud situations almost on a daily basis," added Bazzani.

The effective date for the Red Flags Regulations was November 1, 2008; however, the Federal Trade Commission, one of the agencies charged with enforcement has recently announced that it will delay its enforcement efforts until May 1, 2009 to allow financial institutions and creditors more time to develop identity theft prevention programs. More information on the Red Flags Regulations may be found in a TransUnion white paper entitled, "Red Flag Regulations: Exploring the Impact of New Identity Theft Prevention Regulations for Healthcare Providers" at the following Web site: transunionhealthcare.com.

About TransUnion

As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs more than 3,600 employees in more than 25 countries on five continents. http://www.transunion.com/healthcare


'/>"/>
SOURCE TransUnion
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. TransUnion and Benchmark Revenue Management Partner to Deliver Comprehensive Revenue Cycle Offering
2. TransUnions Enhanced Revenue Manager(SM) Improves Patient Financial Assistance, Assessments and Hospital Productivity
3. The United States Patent and Trademark Office Grants TransUnion Patent for Healthcare Financing Method
4. Leukemia Survivor Reaches Landmark Settlement With TransUnion in ID Theft Case
5. TransUnion Addresses Ohio Attorney Generals Concerns Surrounding Non-Profit Tax-Exempt Status
6. Columbus Regional Hospital Selects TransUnions Healthcare Revenue Cycle Platform to Improve Its Emergency Departments Registration Process and Reduce Bad Debt
7. EMH Regional Medical Center Selects TransUnions Healthcare Revenue Cycle Platform to Help Reduce Its Bad Debt
8. Medifast Diversified Business Model Drives Strong Revenue and Earnings Growth for the Third Quarter of 2008
9. Volcano Reports 40 Percent Growth in Quarterly Revenues
10. drugstore.com inc. Reports Solid Revenue Growth and Record Gross Margins in the Third Quarter of 2008
11. VirtualScopics Reports Record Third Quarter 2008 Revenue and Gross Profit
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/21/2017)... ... July 21, 2017 , ... Hospital M&A activity slowed in the second quarter ... hospital acquisitions rose to 23 in the second quarter, up 15% from the 20 ... 20 announced deals in the year-ago second quarter. Only four of the transactions disclosed ...
(Date:7/21/2017)... ... July 21, 2017 , ... The Margarian Law Firm has ... contents of its ginger ale for allegedly containing no ginger. Dr. Pepper produces the ... Group, Inc., plaintiff Gegham Margaryan alleges Canada Dry Ginger Ale claims on its bottle ...
(Date:7/21/2017)... ... July 21, 2017 , ... ... $5,000 grant from the C. R. Bard Foundation, Inc. to support ... Hills , a service available through the nonprofit home care agency. Using evidence-based ...
(Date:7/21/2017)... (PRWEB) , ... July 21, 2017 , ... “Kids aren't ... how to tie their shoes,” says Suzanne Tucker, Founder of St. Louis-based positive education ... Toolkit, which launches on Kickstarter on Monday, July 21st. , The kit uses ...
(Date:7/21/2017)... Fresno, CA (PRWEB) , ... July 21, 2017 , ... ... Ms. “Tu” Tuantu Doan Vu, PA-C. Beginning July 17, 2017, Ms. Vu will join ... than 27 years of experience in dermatology, skin cancer , and more. She ...
Breaking Medicine News(10 mins):
(Date:7/11/2017)... Md. , July 11, 2017  The global ... estimated revenues of approximately $394.1 million in 2016.  Although ... trend of solid growth, in particular as a result ... clinical practice, and the recent introduction of a significant ... need for less-invasive testing of tumor biomarkers to guide ...
(Date:7/11/2017)... -- Dr. Echenberg, founder of Echenberg Institute, is announcing a new safe and ... painful intercourse and other painful pelvic pain conditions such as pelvic floor ... ... ... -based start-up company, VuVatech LLC, fills a void in the women,s ...
(Date:7/10/2017)... 10, 2017  US medical equipment and supply demand ... to Medical Equipment & Supplies: United States ... Reports. Continued increases in demand for medical services – ... population and supported by gains in disposable personal income ... New product introductions will also drive sales as providers ...
Breaking Medicine Technology: