A startup by the name of Better has announced it will temporarily be putting all of its revenue towards relieving Americans’ medical debt. With national medical costs hitting $3.35 trillion last year, the startup’s pledge appears to be a nice bit of goodwill news for the more than 40% of Americans who are unable to pay their medical bills.
Better is about making out-of-network insurance claims easy to file. Co-founder Rachael Norman explained that once users of the app receive money from their insurance, they’re charged a 10% service fee. The money made off the 10% fee will exclusively be going into the debt relief plan, and will continue to do so until $16 million worth of medical debt for Americans has been paid off.
$16 million might seem like a huge sum for a startup to pledge, but the cost of relieving this debt is more manageable for Better than for most. The startup is able to buy up large amounts of debt for a much lower cost, meaning $16 million worth of medical bills would cost Better closer to tens of thousands of dollars.
As far as pledges go, it’s an ambitious one, even if $16 million worth of medical debt won’t equal to $16 million worth of payments. To make good on their promise, Better has also enlisted the help of RIP Medical Debt, a non-profit organization that also works to help forgive medical debt for those in serious need.
But as far as stunts go? This startup looks like it’s starting off on the right foot by doing what the American government can’t: talking about medical debt and making everyday American citizens smile.