RIP Medical Debt seeks to buy, resolve more hospital debt
The CEO of a nonprofit that helps people with medical debt wants to expand the amount of debt her organization buys, especially from hospitals
By TOM MURPHY
Published - Feb 13, 2023, 10:57 AM ET
Last Updated - Jun 22, 2023, 09:57 PM EDT
RIP Medical Debt has found a working formula to relieve medical debt for millions of people. It still has room to grow.
The New York nonprofit uses donations to buy medical debt in bulk from hospitals and debt collectors for pennies on the dollar. It mostly targets the debt of people with low incomes and then forgives the amounts.
Founded in 2014, the organization says that it has relieved more than $8.5 billion in medical debt so far.
Researchers have estimated that there is well over $100 billion in collections in the U.S.
