Healthcare data analytics company makes charitable donation to combat the rising medical debt crisis
ATLANTA--(BUSINESS WIRE)--Cotiviti, a leader in data-driven healthcare solutions, has made a $25,000 donation to RIP Medical Debt (RIP), a New York-based 501(C)(3) charity, which will be used to buy and forgive $2.5 million of medical debt owed by individuals across the country. Cotiviti’s donation will provide financial relief for those burdened by oppressive medical bills, an issue that impacts one in five people living in the U.S.
“Medical debt destroys the financial stability of millions of Americans each year, and many are forced to choose between avoiding care or incurring medical debt they are unable to pay,” said Emad Rizk, M.D., chairman, president, and CEO of Cotiviti. “At Cotiviti, we are committed to improving the economics of healthcare, and we know firsthand that the high price of care is a complex issue that cannot be fixed overnight. Lessening these medical debt burdens can have a huge impact on patients and the entire industry, and we are honored to work with RIP to help give individuals and families the ability to seek the continued medical care they need and help them back towards financial stability.”
Cotiviti’s corporate social responsibility is reflected in the company’s Cotiviti Cares program. Cotiviti Cares focuses its charitable efforts to serve a common purpose: strengthening communities by supporting education, health, and human services. In addition to donating to charities and nonprofits such as RIP, Cotiviti employees volunteer for a multitude of causes that align with the company’s core mission of improving the affordability and effectiveness of healthcare.
“When we first started this organization we had a goal of relieving $1 billion of medical debt, and we just accomplished that goal this month,” said RIP co-founders Craig Antico and Jerry Ashton. “We have been able to abolish debt for over 500,000 U.S. families thanks to generous donors like Cotiviti. While this is an enormous accomplishment, there are still millions of other Americans facing overwhelming medical debt and we are proud to have Cotiviti as a partner to help those in need.”
RIP is a nonprofit organization that buys large portfolios of debt from medical providers and sellers on the debt market at a fraction of the value. RIP uses donors’ funds, such as Cotiviti’s contribution, to wipe out medical debt for vulnerable populations, specifically individuals at two times or below the poverty line or those whose debt makes up 5 percent or more of their earnings. Once paid, consumers are notified via a yellow branded RIP letter in the mail that their account(s) have been acquired and their debts forgiven. RIP unfortunately cannot relieve the debts of specific Americans since the nonprofit buys qualifying debts bundled in large portfolios. For resources around medical debt, visit this page on the RIP website.
Cotiviti is a leading solutions and analytics company that is reshaping the economics of healthcare, helping its clients uncover new opportunities to unlock value. Cotiviti’s solutions are a critical foundation for healthcare payers in their mission to lower healthcare costs and improve quality through higher performing payment accuracy, quality improvement, risk adjustment, and network performance management programs. The company also supports the retail industry with data management and recovery audit services that improve business outcomes. For more information, visit www.cotiviti.com.
RIP Medical Debt is a nonprofit organization that allows generous donors and organizations to erase the debt of Americans whose lives have been destroyed by unjust medical debt. The organization was founded in 2014 by two former collections industry executives, Craig Antico and Jerry Ashton. To learn more and get involved, visit www.ripmedicaldebt.org.
Christine Scarlett, Cotiviti