Canadians waiting a long time for medical treatment incur costs because of such delays. These costs could be non-monetary, such as the increased risk of mortality or worsening of the condition, and monetary costs. Monetary costs consist of the value of lost time and the cost of care while the person is waiting,
Frasure Institute attempted to measure the value of time that is lost while waiting for treatment. “Valuing only hours lost during the average work week, the estimated cost of waiting for care in Canada for patients who were in the queue in 2021 was almost $4.1 billion. This works out to an average of about $2,848 for each of the estimated 1,425,517 Canadians waiting for treatment in 2021”.
They state that this is a conservative estimate and that if all of the time of a person waiting is considered the number is much higher. “Valuing all hours of the week, including evenings and weekends but excluding eight hours of sleep per night, would increase the estimated cost of waiting to almost $12.4 billion, or about $8,706 per person.”
These numbers tell us the value of lost time. In addition, the quality of life is also lost. It is challenging to put a specific dollar value on quality of life. To be able to do the activities you enjoy, and spend time with your kids or grandkids is truly priceless, but are lost if a person is in pain and is waiting for treatment.
If you wish to consider your private options without the wait, we can help. Reach out to us by email firstname.lastname@example.org or toll free 877 344 3544 to discuss what can be done in a private manner.