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AkosMD Return to Work Solution
This document discusses rising health insurance and workers' compensation costs for employers. Poor employee health leads to increased absenteeism, which costs employers over $150 billion per year in lost productivity. Common health issues that drive absenteeism include back pain, which costs $34,600 per 100 employees annually, and occupational injuries. The document introduces Akos as a telemedicine solution that provides early return to work for injured employees to reduce costs and boost productivity and employee wellbeing.
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AkosMD Return to Work Solution
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- 3. 3 | Employee healthinsurance and workers’ comp costs are a top concern for employers as premiums continue to rise Employee contributions and deductibles are on the rise and many can no longer afford coverage for spouse or family Employee time away from work leads to lost productivity Health Crisis In The Workplace
- 4. 4 | Health InsuranceCosts Soar Premiums Have Grown 4.5x Inflation For 14 Years Cumulative Increases 1999-2013 Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 1999-2013. Bureau of Labor Statistics, Consumer Price Index, U.S. City Average of Annual Inflation (April to April), 1999-2013, Bureau of Labor Statistics, Seasonally Adjusted Data from the Current Employment Statistic Survey, 1999-2013 (April to April).
- 5. 5 | Health CareIs Costly Unhealthy workers’ absenteeism costs employers more than $153 billion per year in lost productivity For every day an employee calls in sick, it costs the average employer $341 38% of all absences are related to health issues Health Plan $10,122 Disability $1,111 Sick Leave $7,757 Workers' Comp $672 Presenteeism $21,256 Avg Annual Cost Per Employee 2010 Source: Goetzel, JOEM, 2004 (data adjusted to 2010) & Collins Presenteeism Study (2005) of Dow Chemical (used to determine Presenteeism costs) Callup-Healthways Well-Being Index 2011 Ann Hewitt – Senior VP of national absence management consulting practice leader, 2013
- 6. 6 | Poor HealthDrives Absenteeism U.S. Workforce Illness Costs $576 Billion Annually From Sick Days To Disability And Workers’ Compensation Source: Bruce Japsen, Contributor, U.S. Workforce Illness Costs $576 Billion Annually From Sick Days To Workers’ Compensation, Forbes Sept 12, 2012 Poor health costs the U.S. economy more than a half a trillion dollars a year from absenteeism due to illness and cost of disability and workers’ compensation $227 billion is annual “lost productivity” from employee absenteeism due to illness or “presenteeism” (employees report to work but illness reduces productivity)
- 7. 7 | Occupational InjuriesDrain Productivity Source: U.S. Bureau of Labor Statistics, 2015 Distribution of cases requiring days away from work by event and body part Other 36% Overexertion lifting/lowering 12% Fall on same level 12% Slips/trips without falling 7% Violence 4% Fall to lower level 3% Back 36% Knee/Ankle/Foot 23% Neck/Shoulder 14% Other 9% Arm/Wrist/Hand 9% Multiple 8%
- 8. 8 | Source: IntegratedBenefits Institute, October 2013 Back pain not only takes a toll on quality of life but impacts productivity at work Nearly 1 in 4 employees report experiencing low-back pain Back Pain Costs Employers $34,600 Yearly (per 100 workers) WC $1,900 LT Disability $4,200 ST Disability $7,100 Presenteeism $8,300 Sick Days $13,100
- 9. 9 | Akos Return ToWork Solution
- 10. 10 | Why Telemedicine? Accessible Access via smartphone or tablet No appointments… no commute… no waiting rooms Available RNs and MDs on call 24/7/365 Why Akos? Advanced Innovative user interface HIPAA compliant platform Calls recorded Specialized RNs highly trained to triage injured employees for appropriate care path Provides documentation to ensure all parties are notified Akos Gets Employees Back To Work Telemedicine provides the most efficient Return To Work solution
- 11. 11 | Employee/ employer contact Akos RN triages employeeand determines best care path Prescribe home care Workplace injury occurs In-person MD consult at ER or Healthcare Center in our network Transfer employee to appropriate MD Akos Workers’ Comp Process Flow
- 12. 12 | Benefits ofEarly Return to Work on Physical and Mental Health Gives purpose in life, confidence, self-esteem and happiness Keeps employee busy, challenged, and helps with personal development Gives sense of pride, identity and personal achievement Promotes recovery and rehabilitation Improves quality of life and well-being by improving physical and mental health Akos RTW Improves Employee Morale Early RTW = Healthier Employee + Happy Employer
- 13. 13 | Akos RTWEmployer Advantages Reduce Medical Costs Reduce Indirect Costs 75% of workplace injuries can be managed through telemedicine with RTW program Significant reduction in first aid claims and medical costs associated with minor workplace injuries (Costs associated with OSHA, 3rd party liability, legal, worker’s pain and suffering) Claims impact experience modification rate and insurance cost 35% avg savings on work comp premiums by maintaining claim free rating (dependent upon business size and variables as expected loss rate)
- 14. 14 | Thank You Kishlay AnandMD MS Founder & Chief Executive Officer KAnand@AkosMD.com 917.364.6662 Tim Cozatt Chief Operating Officer TCozatt@AkosMD.com 480.395.8211 Doug Singer Sr VP Business Development DSinger@AkosMD.com 602.525.2663 Brandon Hendricks VP Business Development BHendricks@AkosMD.com 623.670.6417 PO Box 41638 Phoenix AZ 85080 1.844.900.AKOS Welcome@AkosMD.co m
Editor's Notes
- #4 Huffington post, usa today, ny times