Cancer is often seen as a health issue, but recent research has shed light on the significant financial burden that follows a cancer diagnosis.
Studies conducted by researchers at Beth Israel Deaconess Medical Center and Harvard Medical School have shown that cancer patients can face severe financial consequences, including bankruptcy and lower credit scores. These findings, presented at the American College of Surgeons Clinical Congress 2024, highlight the need to reevaluate how financial security is integrated into cancer care.
The research compared the financial metrics of individuals diagnosed with cancer between 2010 and 2019 with those of cancer-free individuals. The results were striking, with cancer patients experiencing higher rates of debt collection, medical collections, and bankruptcies. They were nearly five times more likely to file for bankruptcy and had average credit scores nearly 80 points lower than their healthier counterparts. This data provides numerical evidence of the "financial toxicity" experienced by cancer survivors.
Certain demographics are disproportionately affected by the financial impact of cancer. Factors such as age, race, marital status, and income level contribute to greater financial toxicity. Younger patients, particularly those under 62, and individuals identifying as Black or Hispanic face more significant financial challenges. Unmarried individuals, those with lower incomes, and those living in areas with higher regional deprivation are also more likely to experience financial distress.
The type of treatment received also plays a role in financial outcomes for colorectal cancer patients. Those who underwent radiotherapy alone had lower credit scores compared to those who had surgery, while chemotherapy patients had slightly better credit scores. The decline in credit scores could persist for up to 9.5 years post-diagnosis, indicating the long-lasting and pervasive financial impact of cancer.
This research stands out for its use of objective numerical data to assess financial toxicity, unlike previous studies that relied on subjective surveys. Obtaining financial data was a complex process due to privacy regulations, but researchers securely linked data from the Massachusetts Cancer Registry with credit data from Experian, ensuring anonymity before analysis.
Dr. Benjamin C. James, the lead researcher and Chief of General Surgery at Beth Israel Deaconess Medical Center, emphasizes the significance of these findings. The studies reveal that credit scores for cancer patients decline and do not recover, which is a new phenomenon in the scientific community. This persistence of financial challenges, even in a state with universal healthcare coverage, raises questions about the adequacy of current healthcare policies and the need for reforms in debt collection practices.
These findings have implications for policy and care. Dr. James advocates for prioritizing financial security in cancer treatment protocols and suggests collaboration between healthcare providers and policymakers to address the financial toxicity faced by many survivors. This could involve rethinking debt collection practices and implementing support systems to help patients manage the financial impact of their diagnoses.
Further studies are needed to explore the relationship between cancer prognosis and financial toxicity. Interestingly, some aggressive cancers were found to have less financial toxicity than those with a better prognosis, suggesting that the financial impact of cancer may not be directly correlated with disease severity. This complexity highlights the need for a nuanced approach to cancer care that considers both health outcomes and financial well-being.
As the healthcare landscape evolves, integrating financial considerations into cancer care will be crucial. These studies serve as a call to action for healthcare providers, policymakers, and society to recognize and address the financial burdens that come with cancer diagnoses. By prioritizing financial security, the healthcare system can better support patients in their journey toward recovery, ensuring that the fight against cancer does not come at the expense of financial stability.