Easing the Load: The Heavy Burden of Financial Toxicity on Cancer Patients

Ben H.

Hatched by Ben H.

Nov 06, 2023

3 min read

0

Easing the Load: The Heavy Burden of Financial Toxicity on Cancer Patients

The financial toxicity associated with cancer drug costs is widely recognized today. Approximately one-third of all Medicare's cancer-related expenditures go to cancer drugs. As new groundbreaking, yet expensive, cancer drugs emerge, we all know the financial burden on patients is likely to grow. The high cost of cancer care is a challenge for almost every cancer patient.

Similarly, Medicare patients can face vastly different out-of-pocket expenses depending on their elected benefit coverage and how it is billed. With the right guidance, costly infusion therapies can be billed in the most advantageous and patient-friendly way possible, saving patients thousands in out-of-pocket costs. This highlights the importance of providing comprehensive financial support to cancer patients, as approximately 40% of the patients we work with have required assistance in this area. Unfortunately, without such support, many patients will skip their cancer treatments, miss appointments, cut back on nutritious food, lose their homes, or even get evicted from their apartments.

It is crucial to recognize that financial toxicity does not only cause immense additional stress at an already difficult time, but it can also have a direct impact on outcomes. Poor health and reduced quality of life often persist even after treatment ends when patients are burdened with overwhelming financial expenses. Therefore, addressing the issue of financial toxicity is not only important for the well-being of patients but also for improving overall treatment outcomes.

Fortunately, many stakeholders are working hard to address the issue of financial toxicity on a system level. For example, CMS is actively working to reduce drug cost disparities and address gaps in health equity through initiatives like CMMI's Enhancing Oncology Model. Additionally, providers in value-based arrangements are striving to reduce overall costs, which will ultimately help reduce the financial toxicity patients experience.

In light of this, it is essential for healthcare organizations to prioritize the implementation of strategies aimed at alleviating the burden of financial toxicity on cancer patients. One such strategy is to ensure that patients have access to comprehensive financial counseling and assistance programs. These programs can help patients navigate the complex landscape of healthcare billing and insurance coverage, ensuring they receive the maximum financial support available to them.

Another important aspect to consider is the adoption of value-based care models. By shifting the focus from fee-for-service to outcomes-based reimbursement, healthcare providers can work towards reducing the overall costs of cancer care. This not only benefits patients by minimizing their financial burden but also incentivizes providers to deliver high-quality care while keeping costs in check.

Lastly, healthcare organizations should actively engage with community resources and non-profit organizations that offer financial assistance to cancer patients. By forging partnerships and collaborations, healthcare providers can ensure that their patients have access to a wide range of financial support options. This can include grants, scholarships, and assistance with housing, transportation, and other essential needs.

In conclusion, the heavy burden of financial toxicity on cancer patients is a pressing issue that needs to be addressed. As the cost of cancer care continues to rise, it is essential for healthcare organizations, policymakers, and stakeholders to come together and implement strategies aimed at alleviating this burden. By providing comprehensive financial support, adopting value-based care models, and engaging with community resources, we can make a significant difference in the lives of cancer patients and improve treatment outcomes.

Actionable advice:

  • 1. Implement comprehensive financial counseling and assistance programs to help cancer patients navigate the complex landscape of healthcare billing and insurance coverage.
  • 2. Adopt value-based care models to reduce overall costs of cancer care and minimize the financial burden on patients.
  • 3. Engage with community resources and non-profit organizations to ensure cancer patients have access to a wide range of financial assistance options.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)