Financial Toxicity

Financial toxicity may be a newer term in healthcare, but the impact of financial stress on your patients’ quality of life is undeniable. The cost of care is rising, and the resulting financial strain can inhibit a patient’s treatment process and interfere with the ability to live a full life. We’ve heard from hundreds of healthcare professionals who have confirmed that financial concerns are raised by their patients more often than any other issue besides their treatment options.

Financial Assessment

An important first step after a diagnosis is to encourage patients to do a complete financial assessment. Understanding your assets and expenses is often the first step to minimizing financial toxicity. Social workers and nurse navigators can play a significant role in this process. Helping patients optimize their medical insurance coverage is a key step in minimizing the enormous out-of-pocket cost of care.

When health insurance isn’t enough

But where can you and your patients turn when health insurance can not help alone? Many (perhaps most) patients confront financial issues outside their treatment… reduction in an ability to work and earn income, increased living expenses and debt, or even a desire to maximize their quality of life during a limited life expectancy. Medical establishments and philanthropic organizations can only offer so much to those in need.

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