3 Big Ways Proactive Health Monitoring Can Benefit Your Business
Taking a Proactive Approach to Wellness
As chronic health conditions become more common in the U.S., the average cost of company health insurance rises. Currently, about 60% of adults in the U.S. have at least one chronic health condition, accounting for 90% of all healthcare expenditures.
One big reason behind this cost-driver is our reactive approach to healthcare, i.e. our tendency to not put much thought into our health until we’re given an obvious reason to. For example, an employee with high blood pressure – which is symptomless – may not be aware of it until they experience a serious medical issue, like a heart attack or stroke. This prompts the trip to hospital, followed possibly by surgery, medication, physical therapy, and increased insurance premiums – all very costly expenses.
On the other hand, if this individual had prior awareness of their rising blood pressure, steps could have been taken to proactively improve blood pressure and avoid a catastrophic issue. That’s where health monitoring comes in.
Here are a few of the biggest ways that proactive employee health monitoring can benefit your business.
Eliminate future high-dollar insurance claims
Simply put, the fewer medical issues your employees have, the fewer claims your company will have and the lower your health insurance costs will ultimately be. Proactive health monitoring enables easier identification of early-stage medical issues and gives you the opportunity to take preventative action before they turn into a serious chronic illness. It also helps healthy individuals to stave off age-related ailments as they get older. This leads to healthier employees and fewer costly insurance claims overall.
Increase Productivity and Retention
Full-time workers with chronic health problems collectively miss about 450 million more days of work annually, compared to healthy employees. While most companies recognize the benefits of creating a culture of health and monitoring high-risk employees, very few have implemented the necessary technology. And with the prospect of reduced insurance premiums and improved health, it’s easy for employees to see the value in employer-sponsored health monitoring, making it a great retention tool.
The valuable information gained from monitoring employee health can be used to enhance your current employee wellness program, or to serve as a basis for a brand new one. Programs that include health monitoring drive better results and higher ROI than conventional wellness and lifestyle management programs do on their own. In fact, wellness programs designed to identify and manage chronic disease give an ROI of 380%.