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The Healthy Bottom Line on Corporate Wellness

5.15.16

The Healthy Bottom Line on Corporate Wellness

Chuck Mullen head shotBy Charles F. Mullen, CPA, CMA, CGMA, M. Tax | Principal – Tax

Corporate wellness has become a hot topic in the business world of late. But it’s noteworthy that when one company states that it has a wellness program, the experience level from one company to another can be extremely different. Why is that?

The conversation typically starts like this. You, as the business owner or corporate officer might get casually asked, “Do you have a wellness plan?” And in today’s world of health insurance requirements, the answer is proudly stated “Yes, we DO have a wellness plan!”

At least that’s how the conversation between my friend, Jerry Lynch, co-owner of Central Wellness in Hudson, and me started. When Jerry insisted that our company should contract through Central Wellness to start a private wellness program, I proudly fired back that we do have one in place.  And Jerry then laughed and responded “that’s adorable that you think you have a wellness plan!”

The truth is, our company, like many companies, does have a wellness plan through our insurance carrier that covers some very basic and baseline health steps that, at the very least, get us all thinking about sound health. But do we have a plan that actually takes our “thinking about wellness” to the next level?  The answer is “no, we don’t.”  Fortunately for us, we will very soon.

 Corporate Wellness Programs are a must for any successful business

What Makes a Successful Wellness Plan

 

A “full out”, year-round private wellness plan goes beyond simply meeting with a health coach and obtaining biometric screenings. With a program like the one offered by Central Wellness, based on the screenings, a customized plan is established for each employee and the workforce as a group. “We’ll develop an employee wellness program that engages your team, boosts their health and well-being, and motivates them to reach higher,” says Lynch.  “You’ll watch your healthcare costs decline as your company’s productivity, profitability and morale soar.”

Of course, there are extra costs in setting up a formal corporate wellness plan through a wellness service provider. If the extra costs equate to a happy, healthy and productive work force though, perhaps the value far exceeds the extra cost. And although the insurance company will still require its own baseline wellness program (even though a company has its own private program), insurance premiums should hopefully go down based simply on the improving health of the organization.

Benefits of a Corporate Wellness Program

 

“The effects of a formal corporate wellness program are so dramatic that a CEO and CFO should be able to measure the dollar benefits in year one just by reduced absenteeism, productivity statistics, less turnover, and decreased workers compensation claims alone,” said Lynch. Further, co-founder of Central Wellness Jennifer Stefanak added that once initial health screenings are performed, the management of a company will have a corporate wellness plan for his or her organization that will “drill down” in to the specific areas of need for that particular workforce. Further, Stefanak added that an employee’s individual wellness plan is protected by HIPAA privacy laws; that is, the employer will never have access to personal data. Lynch added “our program is simply here to help the employees, not to invade anyone’s privacy.  In fact, it’s the law.”

Impact on Recruiting

 

“Millennials love it,” says Stefanak, a millennial herself. “The corporate challenges and the individual goals set by this type of plan help in recruiting employees to a company. However, it’s important that the management of the company is fully invested in the private program, the plan must come from the top-down.”

Central Wellness is recognized by many national broker firms, benefits teams and consultants as a preferred wellness vendor. For more information, contact Jennifer Stefanak at 330-655-2377, extension 138, Jennifer@centralwellnessohio.com, or visit www.centralwellnessohio.com.