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Federal Inquiry into High-cost Credit Cards and Loans Pushed on Patients for Medical Expenses

The Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) on July 7, 2023, launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that are offered to patients to pay for routine medical care, and which drive up health care costs and medical debt. The three agencies are seeking information about the prevalence of these products, and the individual patient experience with these programs. The CFPB will use the public responses as it reviews avenues to address how patients are harmed by these programs.

You can learn more below:

CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs | Consumer Financial Protection Bureau

About AblePay

SDAHO Enterprises specifically chose our endorsed partner AblePay because they are the “antithesis” to these medical credit card programs and interest charges with how they address the affordability gap by helping patients either save up to 13% on medical bills or extend terms with 0% interest. For more information about the AblePay program please contact Shelly Soupir, SVP, Provider Sales at shelly.soupir@ablepayhealth.com or (402) 651-2103.

The SDAHO Enterprises Endorsed Business Partner program was established to provide innovative and cost-effective solutions for our member hospitals and long-term care facilities across the healthcare continuum. The business partners selected are expected to meet high-quality standards and offer products or services which are designed to assist healthcare facilities avoid costs, recover revenue, reduce operating and capital expenses, improve management and quality, increase productivity, and develop staff resources.

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