Medical debt is sold very cheap because it is difficult to collect on. Mr. Antico told STAT a dollar of debt can be bought for less than a cent. “It only takes $14.45 million to abolish $1 billion in debt,” he said.
Mr. Antico and Jerry Ashton, RIP Medical Debt cofounder, previously worked in the debt collection industry. However, after talking to protestors from the Occupy Wall Street movement in New York, they decided to change their focus to forgiving debt rather than collecting on it.
Mr. Antico and Mr. Ashton initially bought debt with their own money, but their company now accepts donations to buy and forgive debt.
RIP Medical Debt forgives debt only for those with an annual income that is less than twice the federal poverty level. The company is currently raising funds to pay the debts of veterans and has plans to target other groups for debt forgiveness in the future.
More articles on healthcare finance:
4 Louisiana hospitals land in bankruptcy
John Oliver forgives $15M in medical debt
Budget crisis continues to short Illinois hospitals of millions
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
