Recently our CEO, David Frederiksen, sat down with Chris Conte of News Channel 5, Nashville’s CBS affiliate, to discuss the growing issue of medical debt and its impact on patients. (link below) The interview was part of a week-long series titled “Medical Debt Rescue.”
News 5 partnered with RIP Medical Debt and leveraged a $15,000 donation to wipe out $1.8 million in medical debt for 604 Middle Tennesseans. The series shined a light on the impact medical debt has on average Americans as well as the lopsided secondary debt market where patient debt is bought and sold for pennies on the dollar.
Medical debt is an issue affecting a growing number of American families. With a 3.8 billion dollar annual price tag, it’s difficult to find someone who hasn’t struggled with or knows someone struggling to pay an unexpected medical expense. Today, most Americans, including those with employer-based insurance are finding themselves in high deductible healthcare plans (HDHPs) that shift more of the financial responsibility directly to the patient.
The financial relationship between employers, insurance companies, and healthcare providers has changed dramatically. As a result, the financial relationship between healthcare providers and their patients has also changed, leaving thousands of patients with an unexpected medical expense when they are most vulnerable.