Empowering Employers to Reduce the Financial Burden of Cancer Care
At Extreme Investor Network, we understand the devastating impact that cancer can have on individuals and their loved ones, both personally and financially. That’s why we’re passionate about offering unique solutions to help employers and individuals navigate the challenges of cancer care in a way that not only improves health outcomes but also reduces financial toxicity.
According to a study from the American Cancer Society Cancer Action Network, nearly half of cancer patients and survivors reported being burdened by medical debt, with many facing negative balances of at least $5,000 from their treatment for over a year. This financial strain can lead to what’s known as "financial toxicity," where individuals are forced to make difficult tradeoffs that can impact their chances of survival.
Employers, who provide health insurance coverage for a significant portion of the population, also bear the burden of rising cancer costs. In fact, cancer is now the leading healthcare cost for mid- and large-sized organizations in the United States. With the incidence of cancer rising, employers are rightfully concerned about how to reduce the financial impact on their employees and their bottom line.
Early detection is key to improving cancer outcomes and reducing costs. For example, treatment costs for someone diagnosed at stage IV cancer are significantly higher than for those diagnosed at stage I, where the disease is localized. By adhering to recommended screening guidelines, the U.S. healthcare system could save billions of dollars per year in avoided treatment costs.
However, despite the proven benefits of early detection, access to preventive care remains a significant barrier. Covid-19 restrictions alone delayed or prevented millions of cancer screenings in 2020, leading to later-stage diagnoses that could have been caught earlier.
That’s why at Extreme Investor Network, we advocate for innovative solutions that address these barriers and empower employers to take action. By partnering with organizations like the American Cancer Society, employers can implement programs that increase awareness, accessibility, and affordability of cancer screening and early detection. For example, the ACS has partnered with Color Health to provide at-home testing kits and care navigation support to employees, resulting in a 77% increase in cancer screening adherence.
Additionally, initiatives like the Road to Recovery and ACS Hope Lodges help remove the cost burdens of transportation and lodging for cancer treatment, making care more accessible for individuals in need. Through investments in companies like TailorMed, which helps patients find resources to cover the cost of treatment, we are working towards a future where financial distress is minimized for cancer patients.
Advocacy is also crucial in reducing financial toxicity. ACS’s Cancer Action Network advocates for policies like Medicaid expansion and prescription drug cost management, which can make preventive care more accessible and affordable for individuals.
By empowering employers to facilitate guideline-recommended screening and activate programs that make early detection affordable and accessible, we can work towards reducing the financial impact of cancer care and improving outcomes for individuals nationwide. Together, we can bring us one step closer to ending cancer—and its costs—as we know it.
Stay tuned for more updates on how Extreme Investor Network is leading the way in innovative solutions to reduce the financial burden of cancer care for employers and individuals alike.
Karen Knudsen, CEO of the American Cancer Society and member of the CNBC CEO Council, contributed to this blog post.