If you are reading this because you are concerned about health care costs for your company, you are not alone--U.S. health care cost is forecasted to grow to $2.8 trillion ($9,216 per person!) by 2011, and corporations in Boston are no exception. Prevention of health problems is the only hope to offer savings in health care. Once a health problem has developed, it is too late to save money, because treatment is very expensive. Every dollar spent on prevention pays back many times over in savings due to less development of disease, so it is much more efficient to spend money on prevention than it is to spend money on treatment.
There are three main problems to companies in Greater Boston when health care costs rise:
1. Increased health insurance costs for insured employees.
2. Increased workers compensation premiums.
3. A worker's productivity declines when he or she is in poor health.
If companies are willing to attack this problem at the grassroots level, with prevention, we can help reverse this trend and bring health care costs back down. It does require an initial investment, but on average every $1 spent on prevention of health problems leads to at least $3 in health care savings.
It is important to use a corporate wellness program that focuses on the bottom line. Statistically, every $1 you spend on corporate wellness should provide a return of at least $3. Click here for documented facts on Health Insurance Costs and Possible Savings, and to access a Free Report on How Corporations Can Reduce Health Care Costs
Here are the crucial components of a successful corporate health and wellness program, and the questions you need to ask:
1. The quality of the company who provides the health and wellness services. Do they guarantee results?
2. The appropriateness of the services for the company. Do they exactly match the needs of the company and its employees?
3. Employee participation and compliance. How will employees who are feeling overburdened, overworked, and underpaid for their efforts become motivated? (Taking some time out for health and fitness, although counterintuitive, actually serves as a timesaver and a productivity booster when done correctly.
The U.S. Dept. of Health and Human Services says that almost all companies with more than 750 employees now offer some kind of health improvement program, although the scope of those programs varies considerably. The agency reviewed health promotion and disease prevention programs of nine large employers and estimated that the companies saved anywhere from $1.50 to almost $5.00 in health-related expenses for every dollar spent (The average savings was $3.00 for every $1.00 spent).
The ideal health and fitness organization to help your company is one that can offer a variety of custom-built solutions which will enable you to maximize your return on the dollar invested, and be willing to quantify those results. For more information including a step-by-step checklist on what to look for in health and wellness company to work with your corporation, please fill out the form below to request our Corporate Wellness White Paper.
Please fill out the form below if you would like more information on how Home Bodies can save your company money on Health Insurance Costs.