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Started By
Message
re: Cincinnati church wipes out $46.5 million in medical debt for 45,000 families
Posted on 2/28/20 at 5:24 pm to OBReb6
Posted on 2/28/20 at 5:24 pm to OBReb6
quote:
How can a church afford to do this? What am I missing?
They donated $465,000.00... "For every $100 donated to RIP Medical Debt, $10,000 in medical debt is wiped out, according to the New York-based organization."
0
Posted on 2/28/20 at 5:26 pm to Chuck Barris
quote:
medical debt is often sold for as little as 5% of its initial value
I figured the medical debt collection agency settled for way below the actual amount.
But really, the profit margin in medicine and medical insurance is obscene
Posted on 2/28/20 at 5:27 pm to heypaul
Money laundering.
Posted on 2/28/20 at 5:27 pm to Athos
Posted on 2/28/20 at 5:28 pm to heypaul
This was on the news here locally, as some families in northern Kentucky benefited. They said they are going to do it again.
Just goes to show you how much markup there is on medical services.
Just goes to show you how much markup there is on medical services.
Posted on 2/28/20 at 5:33 pm to Tiguar
Ah
Posted on 2/28/20 at 5:36 pm to udtiger
Yep that 1099-C will cost them an awful lot come tax time next year
Posted on 2/28/20 at 6:45 pm to heypaul
A church finally doing church things
Posted on 2/28/20 at 6:57 pm to DavidTheGnome
quote:
Yeah third world countries need you to come over and play guitar
Sounds like they're ready to unleash hell.
Posted on 2/28/20 at 7:03 pm to heypaul
$100 for $10,000 of debt? Seems shady. 1% Repayment.
Posted on 2/28/20 at 7:05 pm to heypaul
Would it be ethical if I had a bad roof and settled with the guy who put on my new roof for $150 for a $15,000 bill?
Posted on 2/28/20 at 7:27 pm to OBReb6
Basically the non-profit negotiated down the medical debt and for every $100 that the church and the members donated, the medical providers forgave $10,000 in medical debt.
Win/win. The patients don’t have it hanging around their neck and the medical providers got something plus a massive write off.
Win/win. The patients don’t have it hanging around their neck and the medical providers got something plus a massive write off.
Posted on 2/28/20 at 7:32 pm to hottub
quote:
plus a massive write off.
Posted on 2/28/20 at 7:34 pm to Lobo Apple Sauce
quote:
medical debt is often sold for as little as 5% of its initial value
makes you wonder why the frick i am even carrying medical insurance.
Posted on 2/28/20 at 7:34 pm to heypaul
I believe a church in St.Louis also did something similar, paying off 13 mil of medical debt for people.
Posted on 2/28/20 at 7:52 pm to kywildcatfanone
quote:
Just goes to show you how much markup there is on medical services.
Some of the markup is to cover people not paying their bills
Posted on 2/28/20 at 8:34 pm to Athos
quote:
Also pretty sure these were the asshats that landing a helicopter in the parking lot of a restaurant I worked at part time right near power lines.
They aren’t this altruistic. They’re hiding something.
Wow they landed a helicopter in a parking lot how horrible
Posted on 2/28/20 at 8:48 pm to heypaul
Didn't read replies, but they should have put that $ toward Burrow's contract.
Posted on 2/28/20 at 8:57 pm to heypaul
quote:
For every $100 donated to RIP Medical Debt, $10,000
How do I get a return like that on my investment?
Sounds like a Cartel money laundering operation.
But still really freaking cool of them to do.
Posted on 2/29/20 at 7:28 am to Athos
quote:
Continuing. There’s a reason there’s a reddit thread asking about its cult status.
There's a credible source. Reddit edgelords.
I don't see them doing anything like this.
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