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Financial health and physical health go hand-in-hand. Medical bills and health issues are leading causes of bankruptcies in America. Stress — including financial stress — is a leading cause of illness and disease.
Varo Money, an online bank, polled more than 1,000 U.S. adults and found that, while a whopping 85% say they “sometimes” feel stressed about money, a full 30% say they’re “constantly” stressed about their finances.
Patients are facing financial issues and at the same time are fighting a battle for their health.
It can be a lot to handle alone. But they do not have to be alone. BALANCE can provide one-on-one financial counseling to help patients who:
- Are facing a large medical procedure and need help figuring out how they can work the expenses of deductibles, co-pays, and other out-of-pocket into a current budget or how they can finance it
- Are facing large amounts of medical debt from previous illnesses or injuries
- Are not taking medication as needed because they cannot afford it
Of course, we can help with all the financial counseling basics too like: credit scores, housing, debt, budget, and student loan counseling, etc… because a patient who has good financial health has a better chance of good overall health too!
When we look at the social determinants for health, so many of them link back to personal finance and financial access. As healthcare providers, it makes sense to refer patients who are struggling financially to BALANCE for help. By getting an action plan for their finances, you are empowering them to improve their overall quality of life.
In addition to offering financial counseling, we also have white-labeled digital content you can insert into your website so you can provide more in-depth financial health resources to your patients.