FinThrive and RIP Medical Debt Use the Power of Data to Launch Patients Toward Financial Freedom by Relieving $10B in Medical Debt
FinThrive provides financial and economic stability data for RIP Medical Debt, to qualify patients for their debt relief program
FinThrive, Inc., a healthcare revenue management software-as-a-service (SaaS) provider, contributes valuable financial and economic stability data to RIP Medical Debt, a national nonprofit that has abolished over $10 billion of burdensome debt for more than 6.5 million families to date. This partnership will play a pivotal role in eliminating the nation’s growing medical healthcare debt, which has reached $195 billion according to the Survey of Income and Program Participation (SIPP).
“Providing over $10 billion in relief for individuals and families who suffer under the weight of unpayable medical bills is a major milestone for our organization,” said Allison Sesso, President and CEO of RIP Medical Debt. “We are confident that our relationship with FinThrive will continue to advance our ability to provide reprieve to those who need it most. This partnership represents RIP Medical Debt’s commitment to our mission—abolishing financially burdensome medical debt.”
The partnership begins with data supply, where outstanding medical debt data is selected and shared via Secure File Transfer Protocol (SFTP). Results are then reported, and new populations are cycled for analysis. The second phase of the process involves applying Social Determinants of Health (SDoH) Risk Attribute data for patients who fall at or below 400% of the Federal Poverty Line (FPL). RIP Medical Debt works directly with collection agencies and/or health systems and physician groups to identify these patients, and then buy the debt for debt relief. As a result, the patient is liberated from the financial and emotional burden that debt holds on their life.
“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,” said John Yount, Chief Innovation Officer of FinThrive. “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.”
Medical debt is an issue that currently affects the majority of Americans. Health Systems Tracker reports that 23 million people owe at least $250 in medical debt. This number is grossly increased for people with disabilities or poor health. FinThrive’s precise data helps RIP Medical Debt expand relief efforts with the ability to identify quickly and accurately those in need. This collaboration generates a financial reprieve for millions of Americans.
FinThrive helps healthcare organizations increase revenue, reduce costs, expand cash collections, and ensure regulatory compliance across the entire revenue cycle continuum. Providing one of healthcare’s most comprehensive revenue cycle management SaaS platforms, FinThrive’s holistic approach to revenue management offers patient access, charge integrity, claims management, contract management, machine learning & robotic process automation, data & analytics, and education solutions. More than 3,200 healthcare providers are using FinThrive today. For more information, visit finthrive.com.
About RIP Medical Debt
RIP Medical Debt (RIP) is a national 501(c)(3) nonprofit that was founded in 2014 by two former debt collectors. To date, RIP has acquired—and abolished—over $10 billion of burdensome medical debt, helping more than 6.5 million families and addressing a major social determinant of health. RIP purchases debts for a fraction of face value in bundled portfolios and partners with individuals, faith-based organizations, government, foundations and corporations to empower donors by converting every dollar contributed into $100 of medical debt relief on average.
RIP partners with hospitals, health systems and physician groups to acquire medical debt for abolishment. To learn more, visit: https://ripmedicaldebt.org
VP, Strategic Communications, FinThrive
VP, Communications, RIP Medical Debt