SS2: Bridging the Gap: Enhancing Financial Literacy to Improve Healthcare Acceptance and Outcomes

Eligible for: ACMPE: .5 | CEU: .5
Sponsored by CareCredit

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Financial literacy is increasingly recognized as a crucial public health concern, particularly concerning healthcare costs. The 2023 TIAA Institute’s GFLEC Personal Finance Index highlighted significant gaps in financial literacy among Americans surveyed. Synchrony’s 2022 Lifetime of Healthcare Costs (LOHC) highlighted that consumers surveyed underestimated the annual out of pocket expense of healthcare by 145%. These gaps can lead to detrimental outcomes, including delayed or forgone medical care due to cost concerns. Improving financial literacy can help patients' ability to budget and plan for healthcare expenses, which can help increase acceptance of recommended care. Healthcare providers are vital in educating and supporting patients in navigating healthcare costs effectively. In this presentation, Jake Gerhard, Vice President of Specialty Markets and Nelda Watson, Vice President, National Accounts Health Systems at CareCredit, will examine the latest research on financial literacy and its impact on healthcare access. Jake and Nelda will discuss practical strategies for healthcare providers to help improve patient financial literacy, including transparent communication of costs, educational resources, and available financing options. By addressing these issues, this session aims to empower providers to lead cost conversations with their patients to help them make informed financial decisions