66H - Financial Health as a Key Social Determinant of Health: Opportunities for Action
Tuesday, March 21
Financial health is achieved when individuals and families can manage their day-to-day financial lives, weather financial shocks such as unexpected medical events, and are poised to pursue opportunities and thrive. Research shows that financial health is a better predictor of physical and mental health outcomes than income alone, and the disproportionate impacts COVID-19 has had on marginalized communities further validates this. While financial health is a key social determinant of health, health system players rarely engage in efforts and collaborations that go beyond addressing immediate material security needs, thereby missing opportunities to go further upstream. At the same time, many patients experience financial disruption due to medical bills and debt.
This session will define financial health, present research documenting trends in consumer financial health in America, present a model for measuring and benchmarking financial health, and describe the intersection between financial health and health equity. Participants will also hear innovations and examples of how healthcare systems and payers can take greater action to address financial health while gaining ground on their dual goals of improving health and well-being. Finally, participants will hear key strategies for how they can help avoid the disruption of financial health by preventing medical debt.
- Understand how financial health impacts health and hear potential strategies to address patient financial health.
- Hear actionable changes that key stakeholders can make to prevent medical debt, an under-recognized social determinant of health.
Senior Director, Healthcare