Particularly common among cancer patients, “financial toxicity” is a term that’s used to describe the financial strain of paying for expensive medical care. Financial planners may be the solution.
Why it matters: Patients that received financial guidance or financial assistance have a higher survival rate, according to a 2020 research study — meaning relieving crushing financial burdens may have also improved their medical outcomes.
Particularly common among cancer patients, “financial toxicity” is a term that’s used to describe the financial strain of paying for expensive medical care. Financial planners may be the solution.
Why it matters: Patients that received financial guidance or financial assistance have a higher survival rate, according to a 2020 research study — meaning relieving crushing financial burdens may have also improved their medical outcomes.
- Even when they have health insurance, cancer patients still face out-of-pocket costs — like copayments and deductibles — that can add to the emotional stress of fighting cancer, especially if they don’t have a financial safety net.
- The study was presented by Thomas G. Knight of the Levine Cancer Institute to the 2020 American Society of Hematologists through a grant from the Foundation for Financial Planning’s Pro Bono for Cancer Campaign.
What they did: The pilot study consisted of 105 high-risk patients who were diagnosed with blood cancers and screened positive for financial toxicity, Knight tells Axios.
- Over six months, 59 patients received the three-step intervention.
- The first step was with a nurse addressing care, by identifying any gaps and potential grants to cover costs. The second was with a pharmacist reviewing the costs of medications and considering alternative treatments or medications. The final intervention was with a community pro-bono financial planner.
- The remaining 46 patients were supposed to get the intervention, but the study was stopped early due to the start of the COVID pandemic.
What they found: The intervention group had better overall survival rates than those in the standard group.
- After six months, overall survival was 81.4% for the intervention group, compared to 73.9% in the standard care group.
- At the 12-month mark, overall survival was 73% for the intervention group, and 46.4% for the standard care group.
What’s next: The pilot study showed how centralized financial support can help improve cancer care. The key is that the financial planners have to be members of the community themselves.
- “We have to balance centralized financial navigation, while looping in folks with specialized local knowledge,” Knight says.