Monday, March 20, 2023
  • Login
CEO North America
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
CEO North America
No Result
View All Result

US health care can’t afford health inequities

in Health, Industry
Us health care can’t afford health inequities
Share on LinkedinShare on WhatsApp

Inequities in the US health system cost approximately $320 billion today and could eclipse $1 trillion in annual spending by 2040 if left unaddressed.

Inequities across the US health system limit underserved people’s access to affordable, high-quality care, create avoidable costs and financial waste that span society, and impact every individual’s potential to achieve health and well-being. To understand how far-reaching this issue is, Deloitte’s actuarial team developed a model to quantify the link between health care spending and health care disparities related to race, socioeconomic status, and sex/gender. The team analyzed several high-cost diseases (e.g., diabetes, asthma, and cardiovascular disease), determined the proportion of spending that could be attributed to health inequities today, and trended the spending to 2040—while accounting for changes in population and per capita spending.

Our actuaries concluded that health inequities account for approximately $320 billion in annual health care spending signaling an unsustainable crisis for the industry. If unaddressed, this figure could grow to US$1 trillion or more by 2040. If the United States reaches this threshold, we could see a direct impact on affordability, quality, and access to care beyond the challenges that already exist. The projected rise in health care spending could cost the average American at least $3,000 annually, up from today’s cost of $1,000 per year. And the increase in spending likely would have a greater impact on historically underserved populations. This avoidable expense (in dollars and lives) is the result of an inequitable health system and could have major consequences for the health and well-being of all individuals. No individual, family, or health system is equipped to sustain that kind of inefficiency and its implications. We can begin to address this by designing today for an equitable future.

Deloitte’s 2021 report, Breaking the Cost Curve, described how new business models, technological breakthroughs, consumers armed with highly personalized data, and regulations that encourage change could lead to a dramatic deceleration of health care spending by the year 2040. However, health inequities are a major barrier to this vision. In fact, the current trajectory of health care spending is compounded by health inequities. As our vision for the Future of Health™ continues to unfold, we’re watching health care spending accelerate and inequities in health and outcomes become more prevalent across race, sex/gender, age, location, and disability status.

Every organization should plan to address health inequities by designing and enabling the future of health care around people and equity. Health care incumbents, industry disruptors, community organizations, and government agencies each have a role to play in removing the barriers that lead to health inequities and turning unaffordable costs into opportunities. This should include: intentionality in design, rebuilding trust, partnerships, measurement, and addressing individual and community level inequities.

Addressing health inequities can help business leaders, boards of directors, and companies improve health outcomes and reduce health care spending by addressing the drivers of health (DOH), removing biases and inefficiencies in care, and enabling data and technology to help monitor, diagnose, and deliver care. In turn, this approach can have a positive impact on health outcomes, patient experience, quality of life, and the greater health and well-being of all individuals.

Health inequities stand in the way of affordability, health, and well-being

The health care sector is under pressure to reduce health care spending while increasing quality of care. Persistent health inequities have a substantial impact on health outcomes and spending. However, the industry hasn’t found a way to address them within this context. Quantifiable differences in health-related outcomes have been documented across many dimensions, including race, gender, age, location, disability status, and sexual orientation. Health inequities can be seen across a wide range of conditions including, hypertension, asthma, diabetes, cancer, mental health, and heart disease. Some communities have lower life expectancies and higher instances of certain diseases simply due to their zip codes. For instance, public health researchers recently drew attention to two neighborhoods in Kansas City—Blue Hills and Armour Hills. In Blue Hills, people die an average of 14 years earlier due to social, economic, and environmental disparities compared to people living in Armour Hills.

In addition to the negative impact on outcomes and spending within the health system, health disparities can have broader consequences for the economy and quality of life. Health disparities account for roughly $42 billion in lost productivity per year, not including additional economic losses due to premature deaths. Health disparities also can have devastating consequences on the quality and value of life for the people, families, and communities most impacted.

By Jay Bhatt, Andy Davis, Neal Batra & Brian Rush

Read the full report at https://www2.deloitte.com/us/en/insights/industry/health-care/economic-cost-of-health-disparities.html.

Tags: CEOCEO North AmericaCEO NorthamChief Executive Officer

Related Posts

Websters dictionary changes definition of vaccine
Health

Websters dictionary changes definition of vaccine

Esg outlook 2023: greater scrutiny on companies & investments
Business

ESG Outlook 2023: Greater Scrutiny on Companies & Investments

How ergonomics impacts health and safety in the workplace
Health


How Ergonomics Impacts Health and Safety in the Workplace

Upwork study finds 60 million americans freelancing in 2022
Business

Upwork Study Finds 60 Million Americans Freelancing in 2022

Power napping leads to peak performance
Health

Power napping leads to peak performance

Global tech spend will slow to 4. 7% in 2023
Business

Global Tech Spend Will Slow To 4.7% In 2023

Are employee well-being strategies the alternative to burnout?
Health

Are employee well-being strategies the alternative to burnout?

Managing emotions better could prevent pathological aging
Health

Managing emotions better could prevent pathological aging

The next era of work will be about skills, not pedigree
Business

The Next Era of Work Will Be About Skills, Not Pedigree

Fast food fans may face liver damage
Health

Fast food fans may face liver damage

No Result
View All Result

Recent Posts

  • CEO John Wynne outlines how Fortis Solution Group is disrupting the packaging industry
  • CEO Keh-Shew Lu explains how Diodes Inc is pushing the frontiers of connectivity
  • CEO NA Andrea Pirondini explains why the Prysmian Group is best-in-class at cable solutions
  • Eric Clark on how ONE NTT is driving client-led innovation
  • Websters dictionary changes definition of vaccine

Recent Comments

    Archives

    Categories

    • Art & Culture
    • Business
    • CEO Interviews
    • CEO Life
    • Editor´s Choice
    • Entrepreneur
    • Environment
    • Food
    • Health
    • Highlights
    • Industry
    • Innovation
    • Issues
    • Management & Leadership
    • Multimedia
    • News
    • Opinion
    • PrimeZone
    • Printed Version
    • Travel
    • Uncategorized

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

    Editorials – stuart.james@ceo-na.com

    Editorials – editorials@ceo-na.com

    Advertising – media@ceo-na.com

    NEW YORK

    110 Wall St.,
    3rd Floor
    New York, NY.
    10005
    USA
    +1 212 432 5800

     

    MEXICO CITY

    Paseo de la Reforma 296,
    Floor 38
    Mexico City
    06600
    MEXICO

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

    Editorials –
    stuart.james@ceo-na.com

    Editor-In-Chief –

    caroline.sposto@ceo-na.com

    Editorials – editorials@ceo-na.com

    Advertising –
    media@ceo-na.com

    NEW YORK

    110 Wall St.,
    3rd Floor
    New York, NY.
    10005
    USA
    +1 212 432 5800

    MEXICO CITY

    Paseo de la Reforma 296,
    Floor 38
    Mexico City
    06600
    MEXICO

    CEO North America © 2022 - Sitemap

    No Result
    View All Result
    • Home
    • Business
      • Entrepreneur
      • Industry
      • Innovation
      • Management & Leadership
    • CEO Interviews
    • CEO Life
      • Art & Culture
      • Food
      • Health
      • Travel
      • Environment
    • Opinion
    • News
    • Multimedia

    © 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In