HP is drained in the first event, 4 points at a time. In your game you'll of course have a different event for this.
The expression for health bar width explained:
lerp(Self.Width, 300*(hp/60), dt*2)
Self.Width is the current width. 300 is the initial width (at full health). 60 is the maximum (full) health value. dt*2 is how fast the bar will react to health changes.