AUSTIN, Texas - May 5, 2020 - Momentum Factor, an Austin-based technology firm, has purchased $1.8 million worth of medical debt currently in collections via a national charitable debt relief organization, RIP Medical Debt. Over the next few weeks, hundreds of Austin-area families will receive notices in the mail that their debt has been abolished.
"A family oppressed by medical debt is not only dealing with financial issues, but health issues as well," said Momentum Factor CEO Jonathan Gilliam. "With the COVID-19 outbreak spreading across the country this will only get worse. Our goal was to clear as much existing debt for Austin-area residents as we could."
Beneficiaries will soon receive yellow envelopes in the mail stamped with "Your Medical Debt has Been Forgiven Through a Charitable Donation from an Austin-area Donor", along with a letter and information on the recipient's outstanding medical debt(s) that have been relieved by Momentum Factor's effort.
Through its donation, the company was able to pay off $1,805,032 in Austin and Travis County for residents in need.
Nearly one-fifth of all Travis County residents owe medical debt that is in collections. "Medical debt is especially vicious as people are already hurting, quite often literally, when the debt collectors come after them. Add in the pandemic-induced healthcare crisis and for many families it's truly a catastrophe," Gilliam continued."We felt this was the most direct way to help."
RIP Medical Debt purchases the most burdensome medical debt available in large, bundled portfolios. Unfortunately at this time, neither Momentum Factor nor RIP can relieve specific individual medical debts.
Momentum Factor is a leading digital risk management and brand protection firm specializing in online compliance monitoring and global online reputation management services and technologies. Visit www.momofactor.com to learn more.
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. Founded in 2014 by two former collections industry executives, Craig Antico & Jerry Ashton, RIP rose to national prominence on an episode of Last Week Tonight with John Oliver that has been viewed almost 10 million times, where RIP facilitated the erasure of $15M in medical debt for only $60,000. Visit www.ripmedicaldebt.org
Media Contact
Amber Johnson
amber.johnson@momofactor.com
