A staggering number of advancements in healthcare research are due to philanthropic efforts and fundraisers. In fact, donations play such a massive role in funding hospital equipment that it’s not unusual for healthcare organizations to staff a team whose sole purpose is to establish regular gifts from the local community or sponsors. Keep reading to learn more about philanthropy in the healthcare industry and how you can participate!
The Different Types Of Philanthropy in Healthcare
At its core, philanthropy is an act or gift made for humanitarian purposes. The general idea is that a donation in some form, be it time or money, is made with the intention to better or strengthen the recipient. In the healthcare industry, the benefits of philanthropy can be categorized into three types, as defined by The Association for Healthcare Philanthropy (AHP):
Financial
A healthcare organization that takes the time to invest in cultivating gift generation and offering long-term benefits to donors may see significant increases in return on investment (ROI). “For every dollar invested in the work of philanthropy, an average of $4 is returned in ROI.” – AHP
Individual
Patients and families that take the time to express their gratitude, can encourage collaborative care as well as reduce provider burnout. For more information on burnout in the healthcare industry, check out our previous article.
Institutional
Philanthropy programs encourage healthcare organizations to become communal leaders that can communicate their health visions and goals to the public as well as garner advocates for important healthcare issues on both a local or national level.
The Power Of Fundraising
Without philanthropy, the healthcare industry would struggle significantly to secure the proper funding or equipment they need in order to continue providing care as well as support life-saving research. To bolster these efforts, non-profit organizations have been established globally with the express purpose of aiding healthcare accessibility and increasing the health of communities around the world. For example:
- The American Cancer Society has raised $5 billion for cancer research.
- The American Heart Association has raised $3.8 billion for heart disease and stroke research.
- The Healthwell Foundation has awarded patients over $2.1 billion in copayment assistance since 2004. In 2020, they awarded more than $650 million in grants.
- CommonSpirit Heath boasts over 80 affiliated fundraising entities across the U.S., the combination of which has raised over $1 billion in only five years!
Interested in learning about other philanthropic entities? The Sovereign Wealth Fund Institute (SWFI) has compiled a comprehensive list of the top ranked healthcare foundations in the U.S. and Guidestar offers a massive directory of health charities on their website.
Fundraising Events
One of the most popular ways to raise money is through community events and challenges. Fundraisers such as Race for the Cure and the AIDS Walk are annual events that are held at participating large cities – Los Angeles alone raised nearly $1 million dollars during their pandemic-safe virtual AIDS Walk!
Many of these massive events hinge on whether a city has the means to host, whereas more rural areas may not have the resources or population to justify the expense. Fortunately, there are other ways to spread healthcare awareness, raise money for your community and help fund important research.
- The Kids Heart Challenge is a program designed to educate children on the importance of heart health as well as offer school-wide fundraising events.
- Previously mentioned, Los Angeles opted for a pandemic-safe virtual event in 2020. Be sure to check out official city websites for virtual walks, online silent auctions and other philanthropic fundraising opportunities near you!
