Study Reveals Employee Health Issues Cost Employers More Than $500 Billion Each Year
A new study by the Integrated Benefits Institute revealed that unhealthy employees are costing businesses 1.4 billion days of missed work and $530 billion in lost productivity each year.
According to the study, which analyzed 2017 data from the U.S. Bureau of Labor Statistics and data collected from 66,000 U.S. employers, employees miss approximately 893 million days of work each year due to illness and chronic conditions, and another 527 million days due to impaired performance caused by those issues.
Employers already pay approximately $880 billion in healthcare benefits for employees and their dependents, but this study shows that more needs to be done to keep employees healthy, happy and productive.
Telehealth services like MeMD can help reduce healthcare costs and boost productivity, providing a convenient, cost-effective way for employees to receive care for illnesses and mental health concerns. They can speak with a provider quickly and conveniently from a computer or mobile device, receive prescriptions when medically necessary and return to work more quickly. Employers that invest in telehealth can significantly reduce healthcare costs, avoiding costly emergency room or urgent care visits in favor of efficient, effective virtual care.