The health and wellbeing of our colleagues on the front lines of senior living care is precarious. Nurses and administrative staff face serious stress management and mental health issues, but the truth is this is not a new phenomenon. The COVID-19 pandemic has only exacerbated the costs businesses must incur when poor mental health is prevalent among its employees.
In 2017, an estimated 46.6 adults experience a mental illness, that’s about 18.9% of all U.S Adults. According to a study published in the American Journal of Psychiatry, Americans cost the nation more than $193 billion in lost earnings each year due to mental health conditions. Considering that the direct spend for behavioral and mental health services are between 5% and 8% of total health care, these expenditures can add up. For example, the costs associated with a person having a substance abuse disorder is 3x a person without a mental health diagnosis ($1420 vs. $426 PMPM). According to GoodTherapy.Org, the cost of therapy ranges from $65 – $250 per hour and inpatient mental health treatment can range from ~$3,500 to $8,500 per stay. Other costs factors not included in these calculations are productivity, presenteeism, absenteeism and burnout.
Altogether, the financials are staggering, but it doesn’t have to be that way in your organization.
PayneWest and MMA can help you improve the overall health of your employees. With more than a dozen senior living wellness advocates that are registered nurses, we can implement customized health and safety programs within your organization. Here is a case study that demonstrates how Assurance, an MMA company, worked with one senior living client to save more than $9.6 million by implementing an enterprise-wide strategy to help employees health and wellness and reduce claims overall.