Revenue cycle management company FinThrive provides financial and economic stability data to RIP Medical Debt, a nonprofit that has to date abolished more than $10 billion in medical debt for 6.5 million families nationwide.
The partnership begins with data supply, where outstanding medical debt data is selected and shared through a secure file transfer protocol, according to an Aug. 30 FinThrive news release. Results are then reported and new populations are cycled for analysis.
In the second phase of the process, social determinants of health risk attribute data is applied for patients who fall at or below 400 percent of the federal poverty line, according to the release. RIP Medical Debt works directly with collection agencies, health systems and physician groups to identify these patients and then purchase the debt for relief.
"The partnership between FinThrive and RIP Medical Debt highlights the transformative impact the right data at the right time can have on a person's livelihood," FinThrive Chief Innovation Officer John Yount said in the release. "This data expands SDoH initiatives by focusing on data-driven equity. Allowing providers to earn revenue from dormant bad debt accounts without subjecting patients to aggressive collections actions is a true win-win."