Health & Economic Impact of COVID-19
Public-Private Partnership Opportunities for Health, Equity & Economic Vitality
Economic prosperity and health are linked in communities: improved health enhances economic conditions and resiliency; improved business and community activity supports health and quality of life. Poor health challenges vitality and growth of businesses and cities and reduces quality of life.
Chronic conditions (diabetes, hypertension) are linked to significant medical, productivity and economic costs - high costs tax business and community resiliency.
FTI Consulting’s Center for Healthcare Economics & Policy systematically quantifies medical and productivity costs and economic impact of disease conditions at metro level across the US - customized metrics provide important indicators of economic impact and stakeholder opportunities. Two studies (Nashville, Buffalo) quantified medical and productivity costs of $2-3 billion annually.
COVID-19 exacerbates health and economic costs - underlying conditions (hypertension) are associated with more severe illness and higher mortality risks. It compounds health equity issues confronting cities - African American and Hispanic populations face higher chronic disease prevalence and risk factors and higher mortality and poorer outcomes from COVID-19.
Inter-relationships between health, social factors and economic impacts require cross-sector approaches – COVID-19 reinforces collaborative gains and urgency for action. Data and efforts shared across communities could drive improved health and economic vitality nationally.
Key insights include:
- Poor health poses high costs and challenges economic vitality of businesses and cities.
- Higher COVID-19 health risks are associated with poor health, with significant disparities.
- Many communities faced poor health and health disparities prior to COVID-19.
- COVID-19 pandemic heightens urgency and opportunity for collaborative efforts for health and economic benefit.
October 13, 2020
Senior Managing Director, President, Center for Healthcare Economics and Policy
Healthcare & Life Sciences