If approved, the county — home to Chicago — will pay the funds over the next three years to RIP Medical Debt, a nonprofit that purchases and forgives medical debt for pennies on the dollar, according to the report.
The program awaits final approval from the Cook County Board of Commissioners, and local hospitals must consent to participate, but board president Toni Preckwinkle said she expects both to happen in time for a late fall rollout, according to the report.
Eligible residents will be those who have a household income less than four times the federal poverty level, or have medical debts that are 5 percent or more of their annual income, according to the Tribune.
Two hospitals owned by the county — John H. Stroger Jr. Hospital and Provident Hospital — are not eligible to participate due to American Rescue Plan Act spending restrictions, the Tribune reported.
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.