What Does Corporate Wellness Look Like?

business

Many different stakeholders are working together to ensure that healthcare continues to rise to the top of the United States’ list of priorities.

The Patient Protection & Affordable Care Act is a first major step towards actively restructuring the healthcare system and conveying to the entire nation that healthcare is of the utmost importance. With the main statues of the law including assistance in the procurement of health insurance, developing a more simplified health insurance market place, or requiring employers to provide insurance coverage to their workers, the landscape of healthcare in this country is changing.

With respect to the employer aspect of healthcare, the implementation of corporate wellness programs in an effort to promote positive health outcomes in employees is becoming a necessity. As a way to provide insight into the inner workings of corporate wellness programs, a variety of organizations are emphasizing the need for research and monitoring in this space. The Bank of America Merrill Lynch Corporation has released the Workplace Benefits Report to give us an idea of resource allocation, health promotion efforts, and the overall scope of corporate wellness programs in the United States. The report included data from 1,020 participating companies with varying sizes and structures.

The report has concluded that 83% of all companies have some sort of financial allocation for employee wellness. A significant part of employer-sponsored health promotion is the inclusion of education into the wellness program, helping employees to organize and further understand the layout of their health coverage plans. 

Coincidentally, the report stated that 83% of all employers surveyed have seen increases in their healthcare costs, causing high level decision-makers in these companies to rethink their healthcare allocation framework. A possible method of preserving the current costs are health spending accounts, but in many cases these funds are not being utilized to their full amount leaving the company with a lot of seemingly floating money.

Health status is not the only area of wellness where the Workplace Benefits Report found key developments. Overall, roughly 25% of all companies surveyed had a plan that worked with employees in the capacity of financial wellness, capital management, and developing a viable financial future. In larger companies, the amount of companies promoting financial wellness was as high as 48%.

The corporate culture is volatile but observing the data in the Workplace Benefits Report shows us that there is a certain level of stability developing in employer-based healthcare and wellness. While there is still room for improvement and modifications to the current systems in place, it is comforting to know that corporate wellness is surfacing as a concern of American businesses.

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Used under Creative Commons Licensing courtesy of COD Newsroom

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