Ravida’s Vision for Health Equity: Mission to Close the $2.8 Trillion Gap

Bridging the Health Equity Gap: How Ravida Is Poised to Address the $2.8 Trillion Problem

In a world where health disparities continue to widen the gap between different socioeconomic groups, innovative solutions like Ravida are emerging to level the playing field. By offering interest-free micropayments and a rewards program that incentivizes healthy behaviors, Ravida is not just a financial tool but a catalyst for systemic change in healthcare affordability and access.

Introduction

Health equity is not just a moral imperative; it's an economic one. The disparities in health outcomes and access to care among different populations have far-reaching consequences that extend beyond individual well-being - it starts to affect how our economy runs. According to a comprehensive report by Deloitte, health inequities in the United States are costing the economy a staggering $2.8 trillion annually.

These costs manifest in increased healthcare spending, lost productivity, and a diminished quality of life for millions of Americans. On the provider side of things, it results in hospitals having billions in accounts receivables / bad debt, employers being saddled with thinner profit margins to cover health insurance premiums for their teams, and households being left holding the bag with high-deductible health plans. This is not the panacea that we were promised in those sci-fi movies…it’s starting to look more like Elysium.

The question then arises: How can we bridge this colossal gap? One of the points of Ravida is to make healthcare and wellness more accessible and affordable for everyone - not just the people who can afford to cashflow the $470B in out-of-pocket expenses last year. We address those pesky financial barriers that cause 40% of U.S. adults to delay seeking medical care or getting proactive, by empowering users manage and spread out-of-pocket expenses into interest-free, payments over 3-24 months,

Adding more icing on the cake is our $HEAL rewards program. Somethign we built from scratch so that people who prefer to use credit cards "for the points" can still find a home within our community. $HEAL earns you monthly cash-back rewards and discounts/experiences with your favorite health and wellness brands.

Ready to dig into the economic impact of health inequities and how Ravida is uniquely positioned to tackle this $2.8 trillion problem? LFG.

The Economic Toll of Health Inequities

Health inequities refer to the unfair and avoidable differences in health status seen within and between populations. These disparities are often rooted in social determinants of health, such as income, education, and access to care. The Deloitte report, we mentioned earlier, emphasizes that these inequities are not just social issues but significant economic burdens.

• Increased Healthcare Costs: Populations affected by health inequities often experience higher rates of chronic diseases like diabetes, hypertension, and obesity. These conditions require long-term management and treatment, leading to increased healthcare spending. The report estimates that eliminating health disparities could reduce healthcare costs by up to $135 billion per year.
• Lost Productivity: Poor health leads to absenteeism and decreased productivity at work. Chronic illnesses and preventable diseases result in lost working days, which in turn affect the outcomes of more than just the individual. The report highlights that health inequities contribute to a loss of approximately $42 billion in productivity annually.
• Social Costs: Beyond direct economic impacts, health disparities lead to increased crime rates, higher welfare dependency, and other social costs. These factors collectively add to the $2.8 trillion annual burden on the economy.

Breaking Down the $2.8 Trillion Problem

To comprehend the magnitude of the $2.8 trillion problem, it's essential to examine the contributing factors:

1. Racial and Ethnic Disparities: Minority populations often face systemic barriers to healthcare access. For instance, African Americans and Hispanics are more likely to be uninsured and less likely to receive preventive care. This leads to higher rates of advanced-stage diseases that are costly to treat.
2. Socioeconomic Factors: Low-income individuals may delay seeking care due to cost concerns, resulting in worsened health conditions that require expensive interventions later on.
3. Geographical Inequities: Rural areas often lack adequate healthcare facilities, leading to unmet medical needs and increased emergency care usage.
4. Education and Awareness: Limited health literacy contributes to poor health outcomes, as individuals may not understand how to manage chronic conditions effectively.

Building for Financial Inclusion in Healthcare

In light of these challenges, we designed Ravida to be a practical solution to promote financial inclusion and health equity. It doesn't have all the bells and whistles, because sometimes those extra features hide the real solution under layers of clicks and forms. With Ravida, we want you to be a able to make an Ask in 3 clicks or less (anywhere on our app).

Here's how Ravida addresses the core issues:

• Affordability through "micro" payments: Ravida allows users to spread out-of-pocket healthcare expenses into manageable, interest-free payments over 3-24 months. Reduces the immediate financial burden, encouraging individuals to seek timely care without worrying about upfront costs.
• Incentivizing Healthy Behaviors with $HEAL: $HEAL offers cash-back and discounts on popular brands. Designing the right kind of rewards program was important for us. It had to be consumer-focused and not based on a "what have you done for me lately" model like credit cards where you only earn rewards when you put yourself in position to take on more debt.
• Universal Accessibility: Ravida's platform is available globally, enabling users anywhere to finance various health and wellness needs, from doctor's visits and therapy to gym memberships and wellness products (and medical tourism as well...).
• Simplifying the Healthcare Journey: By providing a straightforward financing option, Ravida reduces the complexity and stress often associated with paying for healthcare services, thereby encouraging more people to prioritize their health.

Taking a Stance to Promote Health Equity

Health equity requires that everyone has a fair and just opportunity to be as healthy as possible. Ravida contributes to this goal in several ways:

• Reducing Financial Stress: Financial strain is linked to adverse health outcomes, including mental health issues like anxiety and depression. It creates a snowball effect on your body and your mental status, driving many to make decisions that exacerbate the problems, not decrease them.
• Encouraging Preventive Care: With manageable payment options, individuals are more likely to engage in preventive services such as routine check-ups, screenings, and vaccinations, leading to early detection and treatment of health issues.
• Supporting Chronic Disease Management: For those with chronic conditions requiring ongoing treatment, Ravida's financing options make it feasible to adhere to medication regimens and follow-up appointments, improving long-term health outcomes.

Statistical Evidence Supporting Ravida's Mission

Our mission is simple, not simplistic. We want to make healthcare more humane. It's broad because we want our mission to never end - to always be just outside our reach. A lifelong, global quest that is never finished.

Here are a couple of organizations that outline the potential impact of what we're building to change health equity across all socioeconomic levels:

• Increased Access Leads to Better Outcomes: The World Health Organization states that removing financial barriers can increase the use of necessary health services by up to 15%.
• Financial Incentives Improve Adherence: A study published in Health Affairs found that financial incentives can improve medication adherence rates by up to 20%, highlighting the effectiveness of reward programs like $HEAL.
• Global Need for Affordable Care: According to the World Bank, at least half of the world's population cannot obtain essential health services due to cost. Ravida's global accessibility addresses this critical need.

Aligning with Broader Health Initiatives

Ravida's approach aligns with broader health initiatives focused on improving access and reducing disparities:

• The Affordable Care Act (ACA): The ACA aimed to reduce the number of uninsured and underinsured individuals. Ravida complements this by addressing out-of-pocket costs that insurance doesn't cover.
• Value-Based Care Models: The shift towards value-based care emphasizes outcomes over services rendered. By facilitating access to necessary care, Ravida supports better health outcomes, which is a core goal of value-based care.
• Social Determinants of Health (SDOH): Financial stability is a key SDOH. Ravida's model directly impacts this determinant by providing financial tools that enhance individuals' ability to afford care.

Conclusion

The $2.8 trillion economic burden of health inequities is a pressing issue that demands innovative solutions. As more individuals gain access to affordable care, we can expect improvements in population health outcomes, increased productivity, and a more equitable society. we want to be the tip of the spear in this fight.

In a time when health disparities are exacerbated by global challenges, the need for solutions like Ravida has never been more apparent. When we build tools and platforms that empower individuals to take control of their health without the crippling weight of financial strain, we gear up to change the tide in healthcare, making health equity not just an aspiration but a reality.