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January 26, 2024

Fran Ciardullo's Alert Cited in Yahoo! News Article on Elimination of Medical Debt for NYC Residents

Fran Ciardullo, special counsel, had her “NYS Governor Hochul Signs Legislation Prohibiting Hospital, Health Care Professionals, and Ambulance Companies From Reporting Medical Debt to Credit Agencies” alert quoted in the Yahoo! News article “NYC Wiping Out Billions in Medical Debt for 500K Residents.” 

Over the next three years, New York City officials, in collaboration with not-for-profit RIP Medical Debt, will invest over $18 million to eliminate $2 billion in medical debt for 500,000 New York City residents. The article states:

The new initiative comes a month after New York Gov. Kathy Hochul signed a bill prohibiting hospitals and other healthcare providers from disclosing medical debt to credit bureaus. Barclay Damon LLP reported that the goal of the law was to lessen the financial burden illness and injury can cause an individual.

According to Barclay Damon, a 2023 Urban Institute study revealed that 740,000 New Yorkers have medical debt included on their credit records. People of color are twice as likely to have medical debt reported to a credit agency, and low-income people are three times more likely.

Click here to read the full article.

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