Health inequities squash economic growth and productivity---removing systemic barriers is key.

Health inequities are a drain on the economy and are linked to an additional $320 billion in annual health care spending, which may grow to $1 trillion by 2040 if nothing is done about it, according to a report from the Deloitte Health Equity Institute.

“That is an urgent call to action,” said Jay Bhatt, DO, MPH, the institute’s director. “It’s not just the right thing to do, there’s a business imperative.”

The Deloitte Health Equity Institute report says health inequities account for roughly $42 billion in lost productivity annually and add about $15.6 billion in unnecessary spending associated with diabetes and $2.4 billion treating asthma.

These costs are the result of delayed care, access barriers, missed diagnoses and limited access to preventive services and scientific advances.

“Health equity is everyone’s business,” Dr. Bhatt told attendees at the Executives’ Club of Chicago’s inaugural Healthcare Summit, hosted by Deloitte.

“As a company, if you have employees, you're a health company because of the support that your employees need when it comes to their health and well-being,” he added.

Diana N. Derige, DrPH, AMA vice president of health equity strategy and development, participated in a panel discussion that followed Dr. Bhatt’s presentation, and she noted that the health inequities seen today are no accident.

“The disparities we see and the discrepancies we see in equity are not by chance,” Derige said. “It’s racialized policies and programs that have now all steeped into our culture.”

AMA policy defines health equity as “optimal health for all.”

Dr. Bhatt said “equity means that we're giving people the support they need at different parts of their journey, experience and circumstances.” He noted the need to “remove the systemic and structural barriers” some face in their quest for optimal health.