Church raises enough to wipe out $21M in medical debt

Spokane Valley, Wash.-based Valley Real Life’s annual holiday fundraiser had raised about $210,000 as of the morning of Dec. 29, which the church told the Spokesman-Review is enough to forgive $21 million in medical debt for qualifying individuals in the Pacific Northwest.

Advertisement

Valley Real Life partnered with nonprofit RIP Medical Debt for the campaign, which launched over Thanksgiving weekend and will accept donations into mid-January. 

RIP Medical Debt uses donations to purchase and forgive debt portfolios for pennies on the dollar. The nonprofit can transform a $1 donation into $100 of forgiven medical debt on average, according to the Spokesman-Review.

Individuals who qualify to have their medical debt wiped out must have debts greater than their assets, be experiencing financial hardship with out-of-pocket expenses 5 percent or more of their annual income, or earn less than two times the federal poverty level. 

The campaign mails yellow envelopes informing those chosen by the program that their debt has been forgiven, the Spokesman-Review reported.

More articles on healthcare finance:
10 hospitals that outsourced RCM functions in 2020
New Jersey may impose per-bed fees on nonprofit hospitals
Trump signs COVID-19 relief, spending bill

 

 

At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.