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To meaningfully advance health equity, companies should prioritize data, focus on internal diversity as well as external, seek community input and support coalitions of partners, according to a new roadmap brief from Bain & Company.

While most executives (78%) say they have a health equity strategy, only 18% say it is well-defined and supported by milestones, a recent Bain survey cited in the brief found. Fewer than half of those who have a strategy believe it has been effective.

About a third of executives believe the case for improving health equity is social, without business motivations, the brief said. As a result, they often treat health equity as a philanthropic effort that lacks the same rigor and resources as other bottom-line efforts. Competing priorities are the top barrier to advancing health equity, according to the Bain survey.

Companies that incorporate health equity into their core strategy and operations can encourage better patient outcomes while also improving financial outcomes. Effective health equity strategies can grow market share and boost productivity and efficiency, the brief said.

To address health equity, Bain advised organizations to take the same steps as with any business matter: set measurable goals, quantify the value potential, target specific inequities and hold people accountable for execution.

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