This article discusses a study conducted by Ohio State University that linked electronic health records (EHRs) with credit reports and wage data for over 166,000 adults. The study found that patients with type 2 diabetes experienced substantially worse financial outcomes compared to their non-diabetic peers.
Hear are the key takeaways from the article:
Widespread Financial Hardship for Diabetes Patients: Patients with type 2 diabetes where more likely to experience adverse financial outcomes across all seven categories studied: low credit scores, medical and nonmedical debt in collections, delinquent debt, charge-offs, bankruptcy, and foreclosure.
Higher Incidence and severity: 64.5% of patients with type 2 diabetes had at least one adverse financial outcome, compared to 49.9% of non-diabetic patients. On average,diabetes patients had 1.9 adverse financial outcomes, versus 1.2 for those without diabetes.
Lower Credit Scores and Higher Debt: Patients with diabetes had lower mean credit scores (619 vs. 664) and higher balances in debt collections and delinquent debt.
Impact on Health Behaviors: The study suggests that these financial hardships may explain why many diabetes patients ration medication and don’t adhere to health recommendations that could help manage their condition.
Disparities Among Vulnerable Groups: The financial burden was notably high for Black or Hispanic patients, those younger than 65, females, enrolled in Medicaid, or without earned income. Black patients with diabetes had a significantly higher probability of experiencing adverse financial events.
Insurance Type and Financial Gaps: While Medicaid enrollees faced the highest overall financial burden, the largest gap in financial health between diabetic and non-diabetic patients was observed among those with private insurance.
Need for Financial Screening and Resources: The researchers emphasize the importance of screening diabetes patients for financial and debt issues and connecting them with community resources to improve their financial situations.
Innovative Data Integration: A key strength of the study is its novel approach of integrating medical records with employment and credit histories, providing a unique perspective on the connection between physical and financial health.
* Economic Stability as a Social determinant of Health: The findings highlight the need for health systems and payers to recognize economic stability as a crucial social determinant of health,similar to addressing food insecurity and housing.