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Podcast: CU 2.0 Episode 276

Posted by Melanie Kim | Nov 20, 2023 4:42:00 PM

The U.S. is facing a medical debt crisis, with 41% of adults owing money for healthcare. Many feel hopeless about ever paying it off. However, a Colorado-based company, Epic River, has an innovative solution.

Epic River partners with credit unions to take on unpaid medical bills from hospitals. Surprisingly, the credit union takes on zero risk, even without checking borrowers' credit scores. If a debt seems unlikely to be repaid, it's returned to the hospital.

This model seems too good to be true, but it works. The credit union's default rate is only 7%, meaning 93% of debtors are making payments. This success is partly because many debtors have good credit scores and want to avoid damaging their financial standing.

This unique approach to medical debt relief offers hope for both healthcare providers and patients. To learn more, listen to the CU 2.0 podcast episode featuring Epic River's CEO and the Chief Lending Officer of Clarity Credit Union. It's a financial innovation you won't want to miss!

 

Press Release Article

CU 2.0 Podcast Episode 276 on Helping Members Pay Off Their Medical Debt 
 

Topics: Medical Lending, Medical Loan Financing, Patient Financing, Health Care Loans, Healthcare Finance Online, Credit Unions, Podcast Feature

Written by Melanie Kim

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