House Passes Bipartisan Legislation to Ease Unnecessary Regulations on Small Businesses
“It is obvious that physicians and dentists are not financial institutions and therefore do not present the same level of risk as financial institutions in cases of identity theft. The definition of creditor under the Red Flags Rule is overly broad and encompasses far too many businesses that should not be included. Many providers are considered creditors because they don’t require full payment at the time of service—instead they bill the insurance company first, and then they bill the patient the remainder of the bill. This system should not be treated the same as a loan with a bank,” said Congressman Simpson. “Health care is expensive enough; we don’t need to create needless regulations that will only increase costs even more.”