Using Personal Economics to Drive Behavior Change

Presented by:

Lisa M. Holland, RN, MBA, CCWS

About StayFit

The StayFit Plan, a division of Simplicity Health Plans, is a national health and wellness company. We use our superior technology and patent pending products to assist clients with improving employees health, wealth and well being.

Strategic Partner and Trusted Wellness Advisor The StayFit Plan administers a comprehensive and FOCUSED approach to wellbeing that addresses the key factors that drive 75% of today’s costly chronic disease.

The Current State of Wellness

After 40 years, worksite wellness has not made much progress. In fact, 1. Less-than-optimal outcomes 2. Limited evidence that workforce is healthier or more productive 3. Current incentive strategies limited impact on behavior change

Sustainable Workforce

There is a growing awareness and belief in the business potential of a healthy and high preforming workforce. However, this requires a fundamental shift in current thinking about traditional worksite wellness strategies.

Overcoming the Barriers

Can you beat the Natural Flow? Based on information, over the past 35 years from the UM-HMRC employers ultimate objective has been to beat the Natural Flow of Risk and Costs. Employers have spent a lot of time and money implementing tools and incentives to get population to change ….but for who’s benefit?

The company’s bottom line or the employee’s wellbeing?

Aligning Motivation with Change

There is no denying money motivates. Current incentive strategies have seen modest increases in participation rates. As incentive dollars increase, participation rates remain relatively the same over the past several years. Employees perceive certain incentive programs as gains for employer only resulting in:

• Employee Dissatisfaction • Lack of Participation • Increased Stress/Anxiety

Employer Gain Vs. Employee Gain

Employer Bottom Line (Behavioral Economics)

Employee Bottom Line (Personal Economics)

Employer Gain Vs. Employee Gain

Employer Bottom Line (Behavioral Economics)

Employee Bottom Line (Personal Economics)

Perception vs. Reality

“What’s in it for them!”

“What’s in it for me?”

Behavioral vs. Personal Economics

Behavioral Economics applies social, cognitive, and emotional science to motivate an individual to make a behavioral decision based on monetary value.

Personal Economics is the ability to motivate behavior change but helping an individual recognize the relationship between physical health and the ability to accumulate personal wealth.

Empowerment that fosters personal

accountability and responsibility for health.

Why Financial Wellness?

• 80% of employers are making

Financial Wellness a top priority

• 60% of employers looking for an

innovative solution

• Financial illness leads to

unhealthy behaviors

Bridging the Gap

“If employers are not considering ways to boost

financial wellness alongside their physical

wellness programs, they may be missing a

critical opportunity to realizing their

wellness objectives”.

MetLife 2012

Workforce Impact

• 58% of employers state that financial “illness” impacts employee absenteeism

• 78% of employers state that employees think about financial problems while at work, negatively impacting productivity

• Employee financial stress cost employers up to $2,000 per employee per year

• Most workers (age 40 to 50) fear the financial impact of a critical illness more than they fear death

Benefits of Financial Wellness

Financial wellness programs have been proven to: • Improve accountability and responsibility for health • Improve health and wealth • Improved employee satisfaction • Reduce stress • Increase productivity • Reduce health care costs • Increase engagement and participation

Now What?

Wellness: A Paradigm Shift

• Focus Shifted to Employee Health and Wealth

• Seek New Innovation Solutions

• Eliminate Health Risk Assessment

• Leverage Meaningful Existing Resources

• Include Financial Wellness

• Implement new and innovative assessment tools

• Bridge the gap between physical and financial health

• Helps participants understand the relationship between health and wealth

• Uses personal economics to ignite health behavior change

• Integrate programs to improve engagement

What Can Employers Do?

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New Innovation

• Research program and service integration • Be sure tools are easy to use; web-based/mobile access • Pertinent content and appropriate education information • Includes Physical and Financial Wellness aspects • Personal Money Management • Integration with Wealth Management services • Risk Stratification • Reporting

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Health Index Calculator™ (HIC)

Contact Information

Lisa Holland, RN, MBA, CCWS

President—The StayFit™ Plan

lisaholland@simplicityhealthplans.com

www.thestayfitplan.com

(216) 367-3092

http://flimp.me/SimplicityHP