The August 1st Red Flags start date is quickly approaching and many creditors (yes, that means you, doctors) are preparing themselves for the new regulations. For those entities that have not drawn up their Red Flags programs yet, there is still time and the Federal Trade Commission (FTC) has provided useful information on its website for low risk entities that takes minutes to complete. After filling this out, the only remaining steps are having it approved by the entity’s board of directors and implementing it.
There are entities, however, that have already begun their identity theft prevention programs and the Report on Medicare Compliance published “Surprises Arise as Hospitals Struggle with FTC’s Red Flags Rule” an article enumerating some of the obstacles that some entities have faced thus far. It is important to keep these obstacles in mind when drawing up and implementing your Red Flags program.
For more information, please call Abby Pendleton, Esq., or Jessica L. Gustafson, Esq., Adrienne Dresevic, Esq. or Carey F. Kalmowitz, Esq. at (248) 996-8510 or visit The HLP website.