The Second Contribution by the Company Eases Debt in Local Tri-State Communities through RIP Medical Debt
HOBOKEN, NJ, December 14, 2023 – Vytalize Health, a leading risk-bearing provider enablement platform, is proud to announce the extension of its charitable initiative to support families struggling with medical debt. Following the success of its initial donation to the nonprofit RIP Medical Debt in July, Vytalize Health’s second contribution will relieve more than $3.8 million in debt for residents of Suffolk County and Northern New Jersey, totaling $5.8 million medical loans abolished in 2023. This campaign also erases all qualifying medical debt currently available to RIP Medical Debt on Long Island.
“True healthcare transformation extends beyond treatment rooms. To achieve long-term success in value-based care, we must also tackle the complex challenges that plague our healthcare system. These donations to RIP Medical Debt are part of a strategic and compassionate initiative that will dismantle barriers that may prevent individuals in the communities we serve from seeking and receiving the care they need to stay healthy,” said Faris Ghawi, CEO and Co-Founder of Vytalize Health.
The inaugural Health Care Affordability Survey by the Commonwealth Fund, released in October, reveals that approximately half of working-age Americans face challenges covering healthcare expenses, with around one in three individuals facing some form of healthcare debt.
“Tackling medical debt aligns seamlessly with our broader goals of creating a more sustainable and value-based healthcare system. Medical debt is a symptom of a fee-for-service system that rewards sick care instead of health care. RIP Medical Debt is impacting lives and building a healthier future where proactive care unburdened by financial constraints becomes a reality, and we’re proud to support their efforts,” said Amer Alnajar, Chief Medical Officer and Co-Founder of Vytalize Health.
The financial strain caused by medical debt is forcing millions of Americans out of their homes or into bankruptcy. RIP Medical Debt is among the few ways Americans can receive immediate relief from this financial burden. To date, the national nonprofit has wiped out over $10 billion in medical loans and helped over 7 million people.
RIP Medical Debt acquires debts in large, bundled portfolios for a fraction of their face value from collection agencies and also from providers like hospitals and physicians. The nonprofit only relieves debts for qualifying individuals: those four times or below the federal poverty level or for whom a debt is 5% or more of their annual income. Debt relief is source-based and cannot be requested. Recipients of debt relief are notified with a RIP branded envelope in the mail detailing the abolishment. Beneficiaries of this effort can expect to start seeing letters.