RIP Medical Debt

aka RIP MEDICAL DEBT   |   Long Island City, NY   |  https://ripmedicaldebt.org

Mission

Our mission is to end medical debt and be a source of justice in an unjust healthcare finance system: Our unique and highly leveraged debt abolishment model combines the generosity of donors with debt industry expertise to produce a high volume of debt relief return, emitigating significant financial and mental distress for millions of people. By partnering with us, health care systems can strengthen individuals and communities by relieving dormant, uncollectible, and damaging bad debts and can identify opportunities to refine their financial assistance programs to better serve their communities. Our work brings attention to the range of negative impacts of medical debt and a deeper understaning of its causes. These efforts support progress toward a more equitable healthcare system.

Ruling year info

2016

President, CEO

Allison Sesso

Main address

28-07 Jackson Avenue 5th Floor

Long Island City, NY 11101 USA

Show more contact info

EIN

47-1442997

Subject area info

Gift distribution

Personal services

Population served info

Adults

Low-income people

NTEE code info

Gift Distribution (P58)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Medical Debt is the one of the leading causes of bankruptcy in the United States. People all over America encounter medical events or diagnoses that are far too expensive to treat for individuals with ordinary income. Even owning a medical insurance policy does not guarantee that one will not suddenly and unexpectedly owe thousands of dollars for medical care or treatment. These bills, if left unpaid, inflict catastrophic damage on credit reports, resulting in higher interest rates and reduced loan approval rates. Through RIP Medical Debt's medical debt forgiveness program, recipients of debt forgiveness can regain access to resources that make difference in their quality of life and allow them to participate more fully in their local economies.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Medical Debt Abolishment

Acquire and abolish medical debt for individuals experiencing poverty or other hardship.

Population(s) Served
Adults

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of overall donors

This metric is no longer tracked.
Totals By Year
Population(s) Served

Adults

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Average online donation

This metric is no longer tracked.
Totals By Year
Related Program

Medical Debt Abolishment

Type of Metric

Other - describing something else

Direction of Success

Holding steady

Total amount of medical debt abolished

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Related Program

Medical Debt Abolishment

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Since its founding to September 2019, RIP Medical Debt has acquired and abolished more than $919 million of oppressive medical debt, helping more than 443 thousand individuals and their families. With the help of our donors, our goal is to continue this work to relieve the terrible burden of medical debt from an ever larger number of people in the years ahead.

Using donations, RIP Medical Debt purchases large portfolios of medical debt on the secondary market or directly from patient care providers. We retire the debt forever by making it unavailable for further sale. We notify the individuals for whom debt was purchased that we have bought and forgiven the debt. We list each account number we abolish in the forgiveness notification letter, and we report the debts as paid to credit bureaus.

Since it was founded by two former collection industry executives, RIP Medical Debt has developed extensive relationships and expertise in the debt buying and collections industry, enabling us to structure and acquire large portfolios of qualified medical debt for significantly reduced rates.

Since its founding to September 2019, RIP Medical Debt has acquired and abolished more than $919 million of oppressive medical debt, helping more than 443 thousand individuals and their families. We have notified the beneficiaries of debt forgiveness and reported the debts as paid to credit bureaus.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We demonstrated a willingness to learn more by reviewing resources about feedback practice.
done We shared information about our current feedback practices.
  • Who are the people you serve with your mission?

    The beneficiaries we serve are any individuals who fit one the three following criteria. • Individuals who make less than 2 times the federal poverty level • Individuals with financial hardship - a debt that that is 5% or more of their annual income • Individuals who are insolvent (debts greater to their assets)

  • How is your organization collecting feedback from the people you serve?

    Suggestion box/email,

  • How is your organization using feedback from the people you serve?

    To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To strengthen relationships with the people we serve,

  • What significant change resulted from feedback?

    As part of our program we send letters to beneficiaries to inform them that their medical bill has been abolished and they no longer owe any money. In the past we would rarely hear back from these beneficiaries and increasing response rates was major priority. With feedback from the beneficiaries we did hear from we altered some of the language and design in these letters and since this change we have seen a marked improvement in response rates from the people we serve.

  • With whom is the organization sharing feedback?

    Our staff, Our board, Our funders,

  • How has asking for feedback from the people you serve changed your relationship?

    Asking for and getting feedback from our beneficiaries has helped us identify who the individuals are that we are serving. The inherent hurdles of our mission means that when we are purchasing and abolishing medical debt for those we serve we often don't know anything about them other than their geographic location. Getting feeback from those we serve is an important way for us in the organization to get to know these individuals better and in doing so be better informed going forward when making programatic decisions. Decisions informed by this feedback can include sourcing medical debt from underserved areas across the country or buying debt from hospitals to create a more impactful change on the lives of the people we serve and their families.

  • Which of the following feedback practices does your organization routinely carry out?

    We aim to collect feedback from as many people we serve as possible, We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response,

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback,

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2019 info

SOURCE: IRS Form 990

11.94

Average of 6.10 over 5 years

Months of cash in 2019 info

SOURCE: IRS Form 990

5.9

Average of 3.2 over 5 years

Fringe rate in 2019 info

SOURCE: IRS Form 990

6%

Average of 4% over 5 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

Source: IRS Form 990 info

RIP Medical Debt

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990

Fiscal year ending: cloud_download Download Data

RIP Medical Debt

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

Operations

The people, governance practices, and partners that make the organization tick.

President, CEO

Allison Sesso

Number of employees

Source: IRS Form 990

RIP Medical Debt

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

RIP Medical Debt

Board of directors
as of 4/11/2022
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr. William von Mueffling

Cantillon Capital Management, LLP

Term: 2017 -

Craig Antico

RIP Medical Debt

Harold "Jerry" Ashton

RIP Medical Debt

Robert Goff

William von Mueffling

Cantillon Capital Management LLC

Michele Masucci

Nixon Peabody LLP

Jose Penabad

HCG Funds

Ted Sann

RIP Medical Debt

Dr. Oxiris Barbot

Senior Fellow for Public Health and Social Justice, The JPB Foundation

Elizabeth Marincola

Senior Advisor, Science for Africa Foundation

Megan Ray

Shareholder, Greenberg Traurig

Dr. Ram Raju

CEO with NYC Health and Hospitals Corporation

Jeff Smedsrud

Healthcare.com Co-Founder and President, Insurance Services

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? No
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 02/14/2022

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Female, Not transgender (cisgender)
Sexual orientation
Decline to state
Disability status
Decline to state

Race & ethnicity

Gender identity

 

Sexual orientation

Disability

Equity strategies

Last updated: 02/23/2022

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.