[Fredslist] to my accounting friends in Gotham...

[Ester Horowitz]

A question was posed to me that I would love to get some feedback.

The question is whether writes offs in medical practices can be donated to a
non-profit, converted to cash, and used to purchase medical debt that is
then retired alleviating the burden to the patient and family.

Is that possible and how?

 

Why the question:  Millions of Americans are falling into the trap of
becoming the working poor because they amounted mass medical debt caused by
severe illness. T-bro and his family were certainly one.

The 1% March that occurred downtown a few years ago resulted in collecting
$75,000 in donations that was used to purchase college debt on the open
collections market.  It resulted in purchasing

$1Million in college debt that was then retired allowing students to move on
with their lives rather than having to pay it down.  The same concept was
applied to Medical debt.

 

I've been approached about working with doctor's medical debt.  The debt is
a result of the difference between what doctor's charge for services and
what 

insurance carriers and patients pay.  The difference is written off as debt
for tax purposes. We are asking the question whether the debt can be
transferred and 

converted to cash for the express purpose of purchasing patient medical debt
on the open collections market and retiring it.

 

Anyone know?

 

Warmest Regards

Ester Horowitz

516 318-8655

 

"Impossible is just a word thrown around by small men 

who find it easier to live in the world they've been given 

than to explore the power they have to change it. 

Impossible is not a fact. It's an opinion. Impossible is potential. 

Impossible is temporary. Impossible is nothing." 

-Muhammad Ali-

 

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