Inside ARM looks at the latest RIP Medical Debt partnership:
There has been a lot of news lately about RIP Medical Debt, and momentum it has gained in the effort to buy and forgive … yes … medical debt for struggling consumers. This latest activity involves NBC4, the local broadcaster in the Washington, DC market, which is reportedly making a $15,000 donation to RIP, which will forgive $1.5 million in debt. NBC7 in San Diego made a similar announcement. Both stations are part of the parent, NBC and Telemundo Owned Television Stations Group, which today announced a donation of $150,000.
As reported by NBC4, the individuals whose debt is forgiven is randomly determined based on eligibility criteria. They say there is no mechanism to apply to have their debt forgiven.
So for now, it’s a little like the folks who mysteriously give $100 bills to strangers on the street or in stores at the holiday times. It seems to always be totally unexpected, but extremely appreciated.
And this is an important facet of the approach:
Legitimate collectors will tell you that they would applaud this effort. As a strategy, especially when working on behalf of non-profit hospital clients, it is important for collectors to help identify patients who do not have the ability to pay outstanding medical bills. Collectors who are able to communicate with patients and/or their responsible parties prefer to focus their efforts on situations where there appears to be an ability to afford to pay. If there is an organization with an ability to resolve “unpayable” medical bills it would seem to be — all the better for everyone involved – the patients, the healthcare providers, and the collectors.
Full disclosure: RIP Medical Debt is also a sponsor of Medical Debt Hub.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.