Children's Hospital of Philadelphia (CHOP) announced today that it has received $150,000 in funding from TD Bank to support and expand the hospital's Medical Financial Partnership (MFP). Founded in 2019 with support from CHOP's Healthier Together program, the MFP partners with financial service organizations to help families reduce expenses, maximize income and decrease debt/increase savings, ultimately attaining optimal financial health through empowerment. The funding from TD Bank will build upon the MFP's demonstrated model and continue to lay the foundation for improving health and financial well-being throughout the Philadelphia region.
"The MFP is an innovative initiative that reimagines how we at CHOP approach longstanding healthcare challenges and inequities," said George Dalembert, MD, MSHP, medical director of the MFP and associate director of the Center for Health Equity at CHOP. "Recognizing that poverty leads to negative health outcomes, especially when it occurs in early childhood or persists throughout a large portion of childhood, the MFP program not only helps families become more financially healthy in the near term, but also empowers them with resources and tools to lead healthier lives in the future."
The need for CHOP's MFP is great, as Philadelphia is one of America's largest poor cities, where more than 120,000 children live below the federal poverty line -- about twice the average of the United States. Through the MFP, CHOP aims to upend the current reality in which children and adolescents who live in poverty are most desperately in need of care, but the least likely ones to receive it.
"CHOP is a cornerstone of Philadelphia and shares our commitment to identifying the needs and barriers in our local community and supporting innovative solutions that improve access to health care for all," said Shelley Sylva, Head of U.S. Corporate Citizenship at TD Bank. "We know that health outcomes and financial security are inextricably connected - addressing issues like housing and financial literacy can directly impact those outcomes. We are proud to support CHOP and the vital role it plays in providing care and extending services that support financial inclusion in Philadelphia."
The MFP is comprised of four main components, all of which are facilitated through MFP Patient Resource Navigators working within CHOP's primary care offices in collaboration with community partners to optimize resources. They include free income tax preparation, public benefits navigation services to help families identify and claim benefits they are eligible for, free financial counseling and information about education saving plans.
"With the generous support of TD Bank, we can elevate and expand the MFP to reach a greater number of patients and families, building financial literacy for the Philadelphia community at large," added Dalembert. "This funding will help ensure families have access to critical funds to support and establish financial stability and begin the wealth building process. By providing families a strong foundation for their financial health, we are investing in their future success and the most optimal health outcomes possible."
Launched in 2019, Healthier Together is making great strides toward helping children and families in West and Southwest Philadelphia live their healthiest lives. Many like-minded organizations have generously donated to make CHOP's work possible and others work side-by-side with CHOP to improve the health and wellbeing of children and families.
Learn more about Healthier Together and find out about CHOP's Medical Financial Partnership and its services.
