Cascade365 Pulse: June 2024

Medical debt is uniquely different from other types of debt shouldered by American consumers. The obligation to pay is tied to a medical product or service, which is often unplanned and unbudgeted. Human need, not consumerism, drives the debt narrative.

Cascade365 recognizes the distinct nature of medical debt. We have NEVER sued a patient or threatened to sue a patient, we don’t accrue interest or assess fees, and we work with patients to understand their true ability to pay and fashion payment plans that work within their budget.

Cascade365 supports unbiased research and creative thinking around how to make medical debt less pervasive in America.?We think, however, that the CFPB’s current proposal to eradicate medical debt from credit reports could cause more harm than good.

The credit ecosystem heavily relies upon data fed to it from a multitude of sources and related to a variety of credit and debt types, including healthcare. While an unplanned medical debt may not directly reflect a consumer’s credit worthiness, if they pay said medical debt, taking away from finite financial resources, it could very well affect their ability to take on new credit and to pay other bills.?Medical debt should be considered when making credit-based decisions unless we assume that the medical debt goes unpaid (making it a true non-factor).

Removing data inputs from the credit ecosystem could lead to credit inefficiencies and losses, thereby increasing the average cost of credit. Consumers will have less incentive to pay healthcare providers which could also lead to higher healthcare costs. Healthcare providers, many of which who are already struggling under the unintended consequences of previously enacted regulations and rules, might need to require payment in advance, assess interest or fees, and increasingly file collection lawsuits to enforce payment.?

Cascade365 is a strong proponent of advocating on behalf of itself and other revenue cycle management stakeholders. We engage in this advocacy through multiple industry associations, including the Receivables Management Association International (RMAI) and ACA International, Inc. We also plan to submit a comment directly to the CFPB in response to its Notice of Proposed Rulemaking under the Fair Credit Reporting Act to implement the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V).

Cascade365 hopes that the CFPB thinks through the potential consequences of its proposed rule. Consumers, healthcare professionals, and revenue cycle companies deserve as much.

June Wellness Spotlight from Cascade365

Perhaps you have heard the statement, "it takes a village." At Cascade365 it truly does take a village to be a successful organization that cares about their external clients and their internal staff members. Through affiliations, associations and/or partnerships, Cascade365 often receives information that helps to improve work-related performance and, in this case, individual health and local investment. ?

One such partner is the Marsh McLennan Agency which provides business insurance, employee health & benefits, retirement & wealth, and private client insurance solutions to organizations.

They shared an insightful article on the many benefits of shopping at your local farmers markets for your food. Not only are you eating healthier, but you are also investing in your local economy by visiting local farmers markets.

Read the full article here!

Employee Spotlight: Jessica McFarland

My name is Jessica McFarland and I have been working in the Tempe office of Cascade365 for a little over 5 months now in my role as Administrative Assistant. I currently provide support to operations, client services and sales.

I moved to Arizona from Detroit, Michigan on Christmas day of 2023. I really enjoy cooking and traveling with my favorite dish to cook being chicken shawarma and the favorite place where I have traveled being northern Spain. I love to arrange flowers, so every day before I leave for work I can look at something beautiful which starts my day in the right frame of mind. One of my favorite hobbies is learning different languages especially Spanish, Arabic, and Urdu.

Included is a picture from when I went hiking in Spain, and of course I had to represent Michigan State University where I graduated from.

Tempe Office Celebrates Landen's Birthday

The Tempe office marked Portfolio Analyst, Landen Means’ birthday by joining in on his tradition of dressing to impress on Wednesdays with pink attire. They embraced Landen's motto of, "on Wednesdays, we wear pink" in reference to one of his favorite movies, Mean Girls. Happy Birthday, Landen!

Happy Birthday Yinze

Finance Manager, Yinze Li has experienced some wonderful moments over the past few months. First, by he and his wife welcoming a baby girl to the family to join his son, as well as celebrating his birthday in June! Please join us in wishing Yinze a very Happy Birthday!

The Cascade365?Family of Companies is a brand identity representing a family of companies focused on the responsible liquidation of accounts receivable. Headquartered in the San Francisco Bay Area, Cascade365 is a recognized leader in the accounts receivable management, revenue cycle, and specialty finance industries.?Cascade365 offers healthcare providers and consumer lenders immediate and ongoing liquidity by purchasing distressed accounts receivable outright or managing them for a fee.

LEARN MORE