Did you know that addressing #HealthGaps could add $2.8 trillion to the US GDP by 2024? Deloitte’s latest report looks at the cost of health inequities in the United States and considers how bridging these gaps can help employers improve workforce participation and productivity—while boosting the bottom line.
According to the Deloitte Center for Health Solutions’s economic analysis, improving health equity across the United States could add $2.8 trillion to the US (GDP) by 2040. For US-based businesses, we estimate that corporate profits could increase by $763 billion in that same time period through more equitable health outcomes. Reducing inequities could prevent 5 million people from leaving the workforce due to premature death and severe disability
In our prior research, we found that inequities in the US health system cost approximately $320 billion today and could eclipse $1 trillion in annual spending by 2040 if left unaddressed.
Since health and inequities affect our well-being in our daily lives and all businesses are in the business of health, we were interested in estimating the economic impact beyond the health system as well.
If you have employees, your are a health organization and our previous research shows there is nearly 20 years of healthspan to gain for every American and that women pay 15.4 billion more out of pocket than men for health care.
This analysis gives us the opportunity to frame health equity around the opportunity, value, and economic growth it can bring to all. We can more stakeholders to the table to work together. Based on our findings, we suggest three strategies for leaders looking to activate #HealthEquity and generate economic value in their own organizations and in the broader community.
Check out the research, implications and action here: https://deloi.tt/3ZCNEDh
Thanks to Kulleni Gebreyes, David Rabinowitz Michelle Williams, Mani Keita Fakeye, PhD, Wendy Gerhardt Dorfman,
Akshay Kotak, Chloe Linda Chayo, Jess Overman, MPH, and Dr. Nivedha Subburaman for your great work on this research paper and to Asif Dhar Andrew Davis for your terrific insights and guidance.
Good business and good health go hand in hand.