More and more employers are launching wellness programs by partnering with companies like Wellsource to control insurance costs, lower health claims and absenteeism, and increase productivity. Health and wellness is already an $11.6 billion industry, according to market research by ISBI World. And demand for health and wellness services is projected to grow by at least 4.2 percent over the next five years.
"Wellness is a booming industry," says Will Swanson, director of business development for Wellsource. "It's not just a fad or fluke. There's scientific and statistical research that proves wellness programs in an organization create substantial return on investment."
Wellness programs deliver return on investment
According to the Wellness Council of America, wellness programs produce an average of $3 return on investment for every $1 invested in wellness. Some companies have even seen the return on investment from an effective wellness program as high as $10 for every $1 invested in wellness, Swanson says.
A basic wellness program includes a health risk assessment that all employees complete. It also includes a biometric screening that checks cholesterol and glucose levels, blood pressure, body mass index, and risk factors for chronic diseases. Then incentives and information are provided to help employees make healthy choices, minimize their health risk factors, and track their progress.
Government support for wellness programs
Employers know healthcare costs continue to rise. That's one of the reasons employer-sponsored wellness programs are in demand. Support from the federal government is also creating demand for wellness programs. Last year approval of The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act opened the door to significant funding for wellness initiatives in both the private and government sectors. An estimated $200 million in federal grant money for organizations that meet certain requirements is available to launch new wellness initiatives.
"There's a huge government incentive program that's encouraging employers to provide wellness services to their employees," Swanson said. "That's one of the factors contributing to the boom in this industry. More companies are offering wellness services, and larger companies are creating and implementing their own internal wellness programs."
Wellsource was the first wellness company founded in the U.S. almost 30 years ago by Dr. Don Hall to provide an electronic health risk assessment. The privately-held company serves thousands of clients in the United States and internationally that include businesses, universities, hospitals and government organizations. Wellsource recently reported a 13.5 percent increase in sales year-to-date compared to 2010, and a 76% increase in August sales compared to August of 2010. Wellsource has hired more employees, and is currently developing new wellness products and services.
"Companies are looking for ways to save on healthcare costs, and the government and other agencies are pushing corporations to create wellness programs for their employees. Right now," says Swanson, "wellness is an industry where the possibilities are endless."
