The AIM of the Building Financial Capability for Healthcare Professionals (BICEPS) project is to enhance the key competencies of teachers and students of healthcare professions in health & financial literacy to facilitate knowledge transfer in the health-care sector. In the CONTEXT, the health and social care sector are critical for functioning societies and economies. Employment in the health and social care sector is likely to continue to increase in the future as the increase accounts for 42% in the last decades. Investments in health systems can promote economic growth by securing a healthy population (OECD, 2019). The actual changes in economic & health care conditions shifted greater financial responsibilities for healthcare costs to patients. As a result, it is important to understand the potential impact of financial literacy on patients' health behaviour. The quality of health care has a direct impact on the well-being of individuals and society as a whole. Therefore, it is very important to focus our efforts on this sector from a new perspective – from the health & financial literacy perspective. Healthcare professionals are the main sources of information for the patients and their relatives in decision making related to health promotion and disease prevention. Enhancing the competence of healthcare professionals in health & financial literacy should influence the patients' population ability to use the appropriate preventative measures based on an appropriate level of health & financial literacy. Such knowledge transfer and dissemination model also increase the accountability of the upcoming generation of professionals and support the civic engagement of young people towards the vulnerable population including the elderly, patients and healthcare population. TARGET GROUPS in the project involve students in healthcare professions as they will be the new generation of people working in the healthcare sector which is expanding every year. To facilitate the dissemination process and the exploitation of the project outcomes the project includes teachers and trainers in healthcare professions as a target group as well. Following the outreach effect of the students (as future employees in the healthcare sector) who will have access to a wider population, we also include patients & elderly in the healthcare sector as the outreached target group. ACTIVITIES & OBJECTIVES The project aims to enhance the health & financial literacy competencies of the target groups. In order to educate them the curricula and e-learning will be created and complemented by the study report. The competencies will be developed during the training/teaching activities and obtained knowledge and implications will be disseminated during the multiplier events. Taking all that into consideration, the project objectives linked with project activities are set as the following: - to conduct an in-depth analysis of the health & financial literacy of students in healthcare professions (conducting study) - to enhance the key competencies of teachers of healthcare professions in health & financial literacy (training sessions for teachers) - to increase the knowledge of students of healthcare professions in health & financial literacy (knowledge training accompanied by study materials & e-learning) - to improve the application of gained competencies of target groups in health & financial literacy which enables the dissemination among their peers and communities (applied training followed-up by e-learning and dissemination activities) - to identify policy issues, implications how to increase the financial literacy of target groups (discussion sessions during training for professionals resulting in study report) RESULTS, OUTCOMES & IMPACT The project expects target groups to acquire and develop the key competencies necessary to make informed financial decisions in order to improve their well-being, and consequently improve the health & financial literacy of professionals, patients & population in the healthcare sector. The main outcome includes developing tools enabling the dissemination of health & financial literacy capabilities among the target groups. Such development will be based on the innovative methodologies in financial literacy for healthcare professional education and practice skills. The expected results consist of (i) the implementation of the health & financial literacy training among target groups, (ii) promotion of financial literacy competencies for “change in practice” among the target groups, (iii) dissemination of project results and the implementation of the sound financial decision-making of target groups. The enhancement of key competencies in health & financial literacy of target groups (result) should engage them in the dissemination of obtained knowledge among their communities (intermediate-term impact) and consequently improve health & financial decision-making in the healthcare sector (long-term impact).
The output of the Building Financial Capability for Healthcare Professionals (BICEPS) project involved developing key health & financial literacy competencies of educators and students in healthcare professions and facilitating potential knowledge transfer towards the healthcare sector. Therefore, the main outcomes included creating tools enabling the dissemination of health & financial literacy capabilities among the target groups. In the process, we included advanced methodologies of financial education to be pertinent in healthcare professional education, especially related to financial literacy knowledge and skills implemented into healthcare practice. Combining health and financial literacy in our BICEPS project resulted in unique output that supports the transfer of knowledge and competencies from aspiring healthcare professionals to diverse groups in the population. Also, the very positive feedback and interest we got from the professional networks, stakeholders and participants led us to believe that the project outcome is not only needed but also useful and can make a difference for those in need and others as well.
The Building Financial Capability for Healthcare Professionals (BICEPS) project supports participants to acquire and develop the basic skills and competencies necessary to be successful in today’s world where financial means are vital for a person’s well-being as well as their health. The recent changes in economic and healthcare conditions shifted more healthcare costs to patients, resulting in greater patient financial responsibilities. As a result, it is important to understand the potential impact of financial literacy on patients' healthcare behaviour. Quality health care has a direct impact on the well-being of individuals and society as a whole. Therefore, it was very important to focus our efforts on this sector from a new perspective – from the health & financial literacy point of view. In our project, we wanted to focus on vulnerable groups such as patients and seniors through the healthcare students and educators who have consequently access to all populations through various life stages depending on the healthcare they will need. In addition to that, health and finances are a highly important part of everyday life and can have a tremendous impact on individual well-being and society as a whole.