Cancer patients face nearly five times the likelihood of experiencing bankruptcy compared to non-cancer individuals, with the financial burden lingering long after a diagnosis. A study conducted by Beth Israel Deaconess Medical Center and Harvard Medical School in Boston has revealed that cancer’s financial impact extends beyond medical bills, affecting patients’ credit scores and creating lasting economic challenges for families.
The financial struggles are especially pronounced in patients diagnosed with bladder, liver, lung, and colorectal cancers, which see the most severe credit score declines. According to the study’s lead researcher, Dr. Benjamin C. James, chief of general surgery at Beth Israel Deaconess Medical Center and an associate professor of surgery at Harvard Medical School, these findings provide the first quantifiable evidence of what is known as "financial toxicity" in cancer survivors. Unlike earlier research, which relied primarily on surveys, this study uses hard financial data to illustrate the long-term effects of cancer diagnoses on survivors' financial health.
The research analyzed a sample of 99,175 individuals diagnosed with cancer between 2010 and 2019, comparing them with a control group of 188,875 people who did not have cancer. Researchers matched patient registry data with credit bureau records from Experian to assess objective financial outcomes such as total debt, medical debt, and bankruptcies. The results were stark: cancer patients not only faced higher overall debt and medical collections but were also five times more likely to declare bankruptcy. Additionally, cancer survivors had credit scores that averaged 80 points lower than those of non-cancer patients, further reflecting the significant financial stress they endured.
These are the first studies to provide numerical evidence of financial toxicity among cancer survivors.
Dr. Benjamin C. James, Beth Israel Deaconess Medical Center and Harvard Medical School
A second study within the research focused on 7,227 patients with colorectal cancer and identified several factors contributing to lower credit scores. It found that younger patients, Black or Hispanic patients, unmarried individuals, and those with lower household incomes or who lived in areas with higher deprivation indices experienced greater financial hardship. Patients earning less than $52,000 per year or who did not own homes were also particularly vulnerable to financial difficulties.
Dr. James highlighted that the study did not directly link the severity of cancer prognoses with financial toxicity. Interestingly, some of the more aggressive cancers, such as bladder and liver cancer, produced less financial toxicity than cancers with a more favorable prognosis. This suggests that the cost of managing cancer is not necessarily tied to the aggressiveness of the disease, but rather to other socioeconomic and demographic factors.
Further research is needed, but I think financial security should be a priority in cancer care.
Dr. Benjamin C. James, Beth Israel Deaconess Medical Center and Harvard Medical School
According to the study, the financial struggles of cancer patients can persist for up to 9.5 years after the initial diagnosis. This long-term impact is especially concerning for individuals with cancers like bladder, liver, lung, and colorectal cancer, which showed the most significant decline in credit scores over time.
The findings also build on earlier research, such as the 2015 North American Thyroid Cancer Survivorship Study, which revealed that 50 percent of thyroid cancer survivors encountered financial toxicity. This financial hardship may stem from a combination of factors, including the high costs of treatment, loss of income due to illness, and prolonged recovery periods that prevent survivors from returning to work.
Dr. James and his team argue that more research is needed to understand the full scope of financial toxicity and how it can be addressed. They suggest that cancer care should not only focus on medical treatment but also prioritize financial security for patients. Without adequate support, survivors may continue to face significant economic challenges that undermine their quality of life long after they have completed treatment.
"Further research is needed, but I think financial security should be a priority in cancer care," the authors concluded. The studies emphasize the need for a holistic approach to cancer treatment—one that includes addressing the economic burden patients face during and after their recovery.
Reference:
Gomez-Mayorga, et al. Dollars and Diagnoses: Mapping the Financial Landscape among Patients with Cancer in Massachusetts (2010-2019), Scientific Forum, American College of Surgeons (ACS) Clinical Congress 2024.
Bogdanovski A, et al. An Assessment of Risk Factors for Financial Toxicity among Colorectal Cancer Patients in Massachusetts, Scientific Forum, American College of Surgeons (ACS) Clinical Congress 2024.
(Input from various sources)
(Rehash/Yash Kamble/MSM)
