Breaking the Cycle of Cancer’s Financial Toxicity
Cancer’s devastating impact extends far beyond the individual, affecting families, employers, and the entire healthcare system. As the leading healthcare cost for mid- and large-sized organizations in the U.S., cancer’s financial burden is growing, with more than 2 million Americans expected to receive a new diagnosis in 2024.
The Alarming Consequences of Cancer’s Financial Toxicity
A staggering 42% of people with cancer deplete their life savings within the first two years after diagnosis, with many carrying a negative balance of at least $5,000 from their cancer treatment for more than one year. This financial hardship can lead to “financial toxicity,” forcing individuals to make tradeoffs that compromise their chances of survival.
The Employer’s Role in Reducing Cancer’s Financial Burden
As providers of health insurance coverage for nearly half the country, employers and unions shoulder much of cancer’s financial burden. By encouraging cancer prevention and early detection, employers can improve health outcomes and reduce healthcare costs. In fact, detecting cancer early can lower treatment costs by an average of $156,000.
Screening: The Key to Early Detection and Cost Savings
Adherence to recommended screening guidelines could save the U.S. healthcare system $26 billion per year in avoided treatment costs. However, a staggering 65% of eligible Americans are out-of-date with recommended cancer screenings, highlighting the need for concerted efforts to remove barriers to preventive care.
Breaking Down Barriers to Cancer Screening
Logistical and societal barriers, including lack of access to healthcare, healthy foods, and education, contribute to financial toxicities and impact a person’s ability to get screened. Employers can play a crucial role in removing these barriers by providing convenient and affordable access to screening and preventive care.
Innovative Solutions to Improve Access to Care
The American Cancer Society (ACS) has partnered with Color Health to improve access to screening and preventive care through employers and unions. This program aims to increase awareness, accessibility, and affordability of cancer screening and early detection, with participating organizations witnessing a 77% increase in cancer screening adherence.
Advocacy and Innovation: The Path Forward
Advocacy efforts, such as Medicaid expansion and “smoothing” policies, can help reduce financial toxicity. Additionally, investments in innovative solutions, like TailorMed’s platform to help patients find resources to cover treatment costs, can bring the patient voice into therapy and diagnostic development.
Employers Hold the Key to Ending Cancer’s Financial Toxicity
By facilitating guideline-recommended screening and activating programs that make early detection affordable and accessible, employers can offset financial toxicities and improve outcomes for people across the country. When employers help their employees get screened, they bring us one step closer to ending cancer — and its costs — as we know it.
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