The Cook County Hospital System is considering selling off the rights to some money owed to it. Currently, if someone owes money to the hospital system and doesn’t pay, that bill eventually goes to collections. Those collection agencies get a percentage of what they can collect, and have terms dictated by the hospital — they collect less than 2 percent of what is owed each year. Now, the hospital system is considering selling that debt outright, which currently totals about $175 million. A hospital spokesperson said they will begin considering bills from debt purchasers next month.
Cook County Hospital System Considers Selling Rights To Money Owed To It
The Cook County Hospital System is considering selling off the rights to some money owed to it. Currently, if someone owes money to the hospital system and doesn’t pay, that bill eventually goes to collections. Those collection agencies get a percentage of what they can collect, and have terms dictated by the hospital — they collect less than 2 percent of what is owed each year. Now, the hospital system is considering selling that debt outright, which currently totals about $175 million. A hospital spokesperson said they will begin considering bills from debt purchasers next month.