The Burden of Cancer: A Call to Action for Employers
Cancer is a formidable adversary, impacting not only the health of individuals but also their emotional well-being and financial stability. As the statistics reveal, the burden of cancer extends beyond patients to their families, communities, and employers. In light of this reality, it is imperative for CEOs and organizational leaders to recognize the profound implications of cancer and take proactive measures to alleviate its burden.
The Financial Toll of Cancer
A recent study by the American Cancer Society Cancer Action Network highlights a staggering reality: nearly half of cancer patients and survivors report being overwhelmed by medical debt. Many individuals carry a negative balance of at least $5,000 from their treatment for over a year, and 42% of cancer patients deplete their life savings within the first two years post-diagnosis. This financial strain, often referred to as "financial toxicity," can lead to dire consequences, including patients skipping or reducing their medication to manage costs or forgoing essential treatments altogether.
The rising costs of cancer therapies only exacerbate this issue. As new, life-saving treatments emerge, the financial burden on patients continues to grow, creating a cycle of hardship that threatens their survival. This financial toxicity not only affects individuals but also has significant repercussions for employers, who provide health insurance for nearly half of the U.S. population. Cancer has become the leading healthcare cost for mid- and large-sized organizations, and as the incidence of cancer rises, so too does the financial strain on employers.
The Rising Incidence of Cancer
In 2024, more than 2 million Americans are projected to receive a new cancer diagnosis. While the aging population contributes to this increase, there is a troubling trend of younger individuals being diagnosed with various cancers. This demographic shift means that more employees are facing cancer diagnoses, which in turn raises questions about how employers can support their workforce during such challenging times.
Early detection of cancer is crucial, not only for improving survival rates but also for reducing the overall cost of care. The financial implications are stark: treatment costs for stage IV cancer can be significantly higher than for stage I cancer. For instance, the first-year treatment costs for colorectal cancer diagnosed at stage I average around $111,000, while stage IV treatment can soar to $256,000. Early detection can lead to a 30% to 50% decline in cancer mortality rates, underscoring the importance of proactive measures.
The Importance of Screening
Screening is a vital tool in the fight against cancer. Adherence to recommended screening guidelines can save the U.S. healthcare system an estimated $26 billion annually in avoided treatment costs. However, access to preventive care remains a significant barrier, with 65% of eligible Americans not up to date with their cancer screenings. The COVID-19 pandemic further exacerbated this issue, leading to millions of missed screenings and later-stage diagnoses.
Logistical and societal barriers contribute to these disparities. Individuals may struggle to take time off work, arrange childcare, or navigate the costs associated with screening. Additionally, socioeconomic factors, including income, education, and access to healthcare, create obstacles that prevent many from seeking timely care. Addressing these barriers is essential for improving early detection rates and ultimately reducing the burden of cancer.
Collaborative Efforts for Change
The American Cancer Society (ACS) is committed to tackling the multifaceted challenges posed by cancer. By partnering with organizations like Color Health, ACS aims to improve access to screening and preventive care through employers and unions. This initiative has already shown promising results, with participating organizations experiencing a 77% increase in cancer screening adherence.
In addition to direct screening initiatives, programs like Road to Recovery and ACS Hope Lodges help alleviate the financial burdens of transportation and lodging for cancer treatment. Furthermore, ACS’s BrightEdge initiative provides resources to help patients navigate the financial complexities of cancer care, ensuring they have access to the support they need.
Advocacy plays a crucial role in reducing financial toxicity. ACS’s Cancer Action Network actively works to expand Medicaid access and promote policies that make prescription drug costs more manageable for patients. By addressing these systemic issues, we can create a more supportive environment for individuals facing cancer.
A Call to Action for Employers
Cancer will affect one in two women and one in three men at some point in their lives. By facilitating guideline-recommended screening and implementing programs that enhance access to early detection, employers can play a pivotal role in reducing financial toxicities and improving health outcomes for their employees.
As leaders in their organizations, CEOs have the opportunity to make a significant impact by prioritizing cancer prevention and early detection initiatives. By investing in the health of their workforce, employers not only support their employees but also contribute to a broader effort to combat cancer and its associated costs.
In conclusion, the burden of cancer is a collective challenge that requires a concerted response from all sectors of society. By working together to improve access to screening, reduce financial toxicity, and advocate for systemic change, we can create a healthier future for individuals and organizations alike.
Written by Karen Knudsen, CEO of the American Cancer Society (ACS) and the American Cancer Society Cancer Action Network (ACS CAN). She is also a member of the CNBC CEO Council.
