Yousuf Zafar, MD, coined the term financial toxicity to describe the negative health affects caused by stress, cost burdens and poor quality of life among cancer patients whose out-of-pocket medical expenses had soared with the rising cost of cancer treatment drugs.
When patients engage in cost-of-care conversations with their physicians, however, the reduction in medical expenses often leads to improved treatment adherence and improved patient outcomes.
Below are five findings.
1. Patients who experience financial distress are more likely to be nonadherent to medical treatment — such as skipping doses, cutting pills in half or abandoning prescriptions at the counter — because of their inability to pay.
2. Within six months of starting a cancer treatment drug called Gleevec, patients with higher copays were 70 percent more likely to be nonadherent.
3. In a study of 7,000 patients undergoing cancer treatment, those who declared bankruptcy had a 79 percent greater mortality risk.
4. While 51 percent of cancer patients wanted to discuss cost considerations with their physicians, only 19 percent of patients actually engaged in cost-of-care conversations.
5. For patients that did participate in cost-of-care conversations, 57 percent said their medical costs were reduced and 75 percent said this happened without any change to their treatment plan.
More articles on finance issues:
4 quotes from Carolinas CEO Michael Tarwater on hospital consolidation and prices
Rural hospital turns to mill levy for much-needed revenue
Less than 7% of healthcare spending comes from “shoppable” services
