Health inequalities account for $ 320 billion in annual health spending, rising to $ 1 trillion by 2040.
Inequalities in the US health care system cost everyone in society, according to a Deloitte report.
These health inequalities, which represent approximately $ 320 billion in annual health care spending today, are expected to rise to $ 1 trillion by 2040 if left untreated. That means spending for the average American will rise from $ 1,000 a year to at least $ 3,000 a year, according to the report.
Inequalities affect each individual’s ability to achieve health and well-being, and costs have a greater impact on historically underserved populations. The health sector is under pressure to reduce health care costs while improving the quality of care. Persistent health inequalities have a significant impact on health outcomes and costs.
“Costs are already at a crisis level for the industry, and if left unchecked, the cost trajectory could lead to even more unbearable bills and deteriorating health and productivity for all. It is crucial that we act now to change this trajectory towards a better, fairer future for health for all, ”said Neil Batra, Director of Life Sciences and Health, Deloitte Consulting LLP.
Deloitte analyzes several high-cost diseases to determine the share of expenditures that can be attributed to health inequalities today, and forecasts these expenditures by 2040, taking into account changes in population and per capita expenditures.
The report states that removing barriers to equity in health can have a positive impact on results, quality of life and better health and well-being of people and communities. However, this will require action by industry leaders with deliberate design, rebuilding trust, partnerships, measuring and tackling inequalities at the individual and community levels.
“There are two critical things in this analysis. First, health inequalities affect everyone, directly or indirectly. Second, this problem is too big for an institution and organization to solve on its own. Addressing this will require deliberate cooperation, “Andy Davis, director of health practice at Deloitte Consulting, said in a statement.
The report recommends this withHealth stakeholders – business leaders, payers and councils – need to take action now to mitigate future consequences because they cannot afford to ignore health injustices. A truly equitable future of health with interoperable data, easy access, empowerment, trust, well-being, focus and scientific breakthroughs may be possible if the following actions are pursued:
- Be intentional: Stakeholders from across the healthcare ecosystem need to approach the future of health deliberately and engage in continuous thinking about justice.
- Form partnerships: Current stakeholders cannot decide for themselves. The scale and complexity of the problem is too significant.
- Measuring progress: An accessible, platform-independent and inclusive data and technology infrastructure, combined with representative data collection, key performance indicators and ongoing evaluation, will be needed to determine progress in addressing health equity.
- Deal with individual and community barriers: In order to achieve health equity, non-medical drivers of health and barriers to quality care at both individual and community level – such as health and digital literacy and care infrastructure – need to be eliminated.
- Creates trust: Trust in the whole system, from individual practitioners to data and technology institutions, is crucial. It will be important to restore trust with people and communities deliberately by understanding needs, improving experiences and building a more diverse and inclusive workforce.