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MedFICO credit score is coming

Sun Feb 10, 2008 01:02AM | By Tony

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A little Massachusetts startup got 10 million dollars from Fair Issac Corporation. Healthcare Analytics is developing a credit scoring system for health care, which should aid hospitals in assessing a patient’s ability to pay their medical bills. Another investor is Tenet Healthcare Corp, one of the nation's largest hospital operators. According to the industry, the average hospital stay is about 5 days, while the collection period for self-pay balances runs about at least 6 months. MedFICO will help shorten the process by giving guidance on settlement terms that are equitable, appropriate, and financially manageable for each patient.

I don't know what to say. How do YOU like that? Will you be denied the treatment based on your MedFICO score? Or according the guidance on settlement terms, you can be kicked out a bit earlier because all you can manage to pay for is 4 days instead of 6? Will you get cheaper drugs and less often bed change? Who is going to oversee and regulate this - will it be covered under the FTC statutes of the FCRA or FACTA or any other Federal or State Consumer Protection statutes? Who knows, one thing for sure - your privacy will further suffer.

With $40 billion in unpaid bills every year, and some 47 million Americans not having health insurance last year, the stakes for bill collectors are high, and for Fair Issac Corporation this could be a lucrative opportunity. You can meanwhile prepare, especially if you have been hospitalized or treated as an outpatient at any hospital within the past 6 years, by getting your MIB records and sending this letter to any hospital that shows a date of service within the past 6 years.

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