The two great health issues in America today – the health of U.S. corporations and the health of the American workforce – have come crashing together. It is time that solutions to these two societal challenges are brought together into a single strategic framework. The changing way American companies are valued by investors provides the framework for this new strategy.
Jacksonville, FL (Vocus) July 12, 2010
The American College of Occupational and Environmental Medicine (ACOEM), the Integrated Business Institute (IBI) and U.S. Preventive Medicine, Inc. convened a think tank of thought leaders, employers, researchers, health economists and investment strategists to explore methods for quantifying the impact of health and productivity to the corporate balance sheet. The meeting was held at the U.S. Preventive Medicine global operations center in Jacksonville, FL. View Video
In addition to financial and physical assets, an organization’s valuation assets include intangible assets—such as long term investments, research, development and human capital. Summit participants seek to develop valuation practices that incorporate health and productivity metrics in order to accurately quantify the value of workforce health assets.
Ron Loeppke, MD, MPH, vice chairman of U.S. Preventive Medicine, said, “The two great health issues in America today – the health of U.S. corporations and the health of the American workforce – have come crashing together. It is time that solutions to these two societal challenges are brought together into a single strategic framework. The changing way American companies are valued by investors provides the framework for this new strategy.”
National health care spending reached $2.6 trillion or 17 percent of gross domestic product in 2008. Preventable chronic diseases account for 75 percent of health care spending. At the same time, the economic burden of health-related lost productivity for chronic diseases is two to three times more than the health care expense.
In order to quantify this impact and the business value of addressing health risks, summit participants focused on:
- The impact of healthy human capital on sustainability and profitability of business
- Health and human capital valuation considerations
- Synthesizing the metrics for evaluating healthy human capital
- Mobilizing the evidence linking a healthier more engaged workforce and a healthier corporate bottom line
- Identifying the drivers of the optimal health and productivity of a workforce
- Establishing the levers of influence for companies to adopt a culture of health
Participants in the Health and Human Capital Summit include George W. Anstadt, MD, FACOEM, FACPM, medical director, Concentra; Joel Bender, PhD, MD, FACOEM, former corporate director of global health services, General Motors Corporation; Wayne N. Burton, MD, FACOEM, global corporate medical director, American Express Corporation; Michael Critelli, JD, former chairman, Pitney Bowes, Inc.; Barry S. Eisenberg, CAE, executive director, American College of Occupational and Environmental Medicine; Raymond Fabius, MD, FAAP, FACPE, chief medical officer, Healthcare & Science - Thomson Reuters; David Hoke, wellness manager, Yum! Brands; Ronald R. Loeppke, MD, MPH, FACOEM, FACPM, vice chairman, U.S. Preventive Medicine, Inc.; Chris McSwain, director of global benefits, Whirlpool Corporation; Sean Nicholson, PhD, associate professor, Department of Policy Analysis and Management, Cornell University; S. Jay Olshansky, PhD, professor, School of Public Health, University of Illinois at Chicago; Thomas Parry, PhD, president and CEO; Integrated Benefits Institute; Jeffrey Pfeffer, PhD, Thomas D. II professor, organizational behavior, Graduate School of Business, Stanford University; Duane C. Putnam, employer group, corporate and government customers, Pfizer.
About the American College of Occupational and Environmental Medicine
The American College of Occupational and Environmental Medicine (ACOEM) represents nearly 5,000 physicians specializing in occupational and environmental medicine. Founded in 1916, ACOEM is the nation’s largest medical society dedicated to promoting the health of workers through preventive medicine, clinical care, disability management, research, and education.
About the Integrated Benefits Institute
The Integrated Benefits Institute (IBI) provides employers and their supplier partners with resources for demonstrating the business value of health. As a pioneer, leader and nonprofit supplier of health and productivity research, measurement and benchmarking, IBI is a trusted source for benefits performance analysis, practical solutions, and forums for information and education. IBI’s programs, resources and expert networks advance understanding about the link between – and the impact of – health-related productivity on corporate America’s bottom line.
About U.S. Preventive Medicine
U.S. Preventive Medicine is leading a global preventive health movement focused on saving lives and money by keeping people healthy and better managing chronic conditions before they progress. The company provides an integrated continuum of prevention programs – primary, secondary and tertiary – that are based on the clinical science of preventive medicine. The world’s first preventive health benefit, The Prevention Plan, moves beyond traditional wellness to identify each individual’s top health risks and design a customized plan of action supported 24x7 by nurse coaches. The company is accredited in wellness and health promotion by NCQA and disease management by URAC.