The Hagedorn Lecture on Corporate Social Responsibility at the Robert B. Willumstad School of Business explored how investing in health equity can reduce costs, improve outcomes and strengthen communities—benefiting businesses and society alike.
Health equity—ensuring everyone has a fair opportunity to achieve their best health—remains a critical yet challenging goal. For the healthcare industry, already squeezed by thin margins and rising costs, addressing gaps in care may seem daunting. But when people struggle to access medical services or when preventive care is neglected, small issues turn into costly health crises. By investing in equity, the industry not only cuts expenses but helps create healthier, happier and more productive communities—benefiting everyone.
On November 20, 2024, the Robert B. Willumstad School of Business focused on this topic for its annual Hagedorn Lecture on Corporate Social Responsibility, this year titled “Making the Business Case for Health Equity.”
Dean MaryAnne Hyland, PhD, opened the event, stating, “In the Willumstad School of Business, one of the ways that we strive to make a difference in our society is by focusing on how we can reduce inequality. A 2023 Healthcare Association of New York analysis found that New York hospitals and health systems have major impacts on our local economy, generating an estimated 859,000 jobs, over $56 billion in salaries and benefits, over $30 billion in tax dollars, and at least $16 billion in community investment. So there’s a lot of opportunity in this field in regard to making improvements and having an impact with regard to social responsibility.”
Alan Cooper, PhD ’95, clinical associate professor in the School and moderator, introduced the panel of distinguished experts from organizations that serve Long Island and New York City:
- Andres Jimenez, MD, chief medical information officer, HealthPrevent360
- Joe Moscola, MBA ’06, executive vice president, system operations, Northwell Health
- Leonard Achan ’99, secretary of the Adelphi University Board of Trustees and president and CEO, LiveOnNY
- Larry Eisenstein, MD, vice president and chief public and community health officer, Catholic Health
Dr. Cooper said health equity requires the cooperation of multiple organizations and businesses operating in the community. Whether a school, a bank or a hospital, all need money to make money if they are going to accomplish what they are trying to do. Yet, to succeed, they need to take a broad view about the relationship between business and health. “How do we align finance, population health and health equity?” he asked.
Insights From Experts
Dr. Eisenstein, who previously served as Nassau County, New York, health commissioner, noted that health equity isn’t necessarily devoting the same health resources and treatment to everyone, saying, “Health equity means some people need more services, more help, come from a weaker position; and health equity means we’re going to provide whatever it takes so that everybody has the opportunity for the top health outcomes they can attain.”
As a medical information officer, Dr. Jimenez shared insights on how data and generative artificial intelligence can be used to aggregate and leverage data to guide strategy and improve patient outcomes, although panelists agreed that human oversight is necessary to ensure privacy, security and ethical use and to prevent unintended consequences.
Dr. Jimenez, an advocate for preventive health, noted that “food is medicine,” citing how Adelphi Dining Services offers students the option to consult with a registered dietician. Panelists also noted that preventive measures like breast cancer screenings save lives and reduce costs.
Achan, secretary of the Adelphi University Board of Trustees, pointed out that about 100,000 people in the United States are on transplant lists, and 80 percent of them are waiting for kidneys. He said dialysis is costly not only in terms of tax dollars ($96,000 a year per patient), but in personal costs to those patients, who undergo dialysis three or four days a week and, according to Achan, are “not able to work, not able to contribute, not able to have a part of the American dream, not able to pay for their kids to go to school, not able to provide for their families. And the system has allowed a lot of that to impact, especially, communities of color.”
The panelists agreed that health equity isn’t solely the province of healthcare organizations. Partnering with corporations—the government, nonprofits, faith-based organizations, venture capitalists, insurance providers, pharmaceutical companies and, most importantly, communities—is key to making a difference.
“The Smart Thing to Do”
“Organizations across industries are recognizing that addressing disparities in healthcare isn’t just the right thing to do, it’s also a smart thing to do,” said Dr. Cooper, later adding that “We need to find venture capital and private equity companies that have that corporate social responsibility mission. They’re out there, but [finding them is the] challenge.”