Hoboken-based Vytalize Health, a leading risk-bearing provider enablement platform, on Thursday announced the extension of its charitable initiative to support families struggling with medical debt.
Following the success of its initial donation to the nonprofit RIP Medical Debt in July, Vytalize Health’s second contribution will relieve more than $3.8 million in debt for residents of northern New Jersey and Suffolk County, New York, totaling $5.8 million medical loans abolished in 2023.
This campaign also erases all qualifying medical debt currently available to RIP Medical Debt on Long Island.
“True health care transformation extends beyond treatment rooms. To achieve long-term success in value-based care, we must also tackle the complex challenges that plague our health care system. These donations to RIP Medical Debt are part of a strategic and compassionate initiative that will dismantle barriers that may prevent individuals in the communities we serve from seeking and receiving the care they need to stay healthy,” Faris Ghawi, co-founder and CEO of Vytalize Health, said.
The inaugural Health Care Affordability Survey by the Commonwealth Fund, released in October, reveals that approximately half of working-age Americans face challenges covering health care expenses, with around 1 in 3 individuals facing some form of health care debt.
“Tackling medical debt aligns seamlessly with our broader goals of creating a more sustainable and value-based health care system. Medical debt is a symptom of a fee-for-service system that rewards sick care instead of health care. RIP Medical Debt is impacting lives and building a healthier future where proactive care unburdened by financial constraints becomes a reality, and we’re proud to support their efforts,” Amer Alnajar, co-founder and chief medical officer of Vytalize Health, said.
The financial strain caused by medical debt is forcing millions of Americans out of their homes or into bankruptcy. RIP Medical Debt is among the few ways Americans can receive immediate relief from this financial burden. To date, the national nonprofit has wiped out over $10 billion in medical loans and helped over 7 million people.