The unfortunate reality is that many executives believe they’re too busy for health checkups. Between meetings, managing the company’s overall operations, and ensuring that an organization’s day-to-day operations are aligned with long-term strategies, a physical is the last of their priorities.
However, it’s in a company’s best interest to keep their top talent healthy. And while many companies worry about the financial aspect of executive physicals, these programs actually deliver a long-term ROI that can benefit businesses in various ways.
With 66% of companies now offering executive physical exams to senior executives, ask yourself: Should my company invest in our executive team’s physical health? Does it deliver measurable outcomes?
Keep reading to explore the services included in executive physicals and how they contribute to increased productivity, higher retention, and lower healthcare costs.
What Does an Executive Physical Include?
Executive physicals are comprehensive physical exams that include a variety of tests and assessments. While these tests are often tailored to the unique needs of each person, they often include:
- Heart scans
- Lab tests (including a complete blood count)
- Evaluation of lifestyle choices
- Blood pressure and weight measurement
- Pap smear and pelvic exam for women
- Colon cancer screening
- Stress tests
- And more
Overall, executive physicals are much more thorough than traditional checkups. In addition to conducting the tests, concierge doctors take the time to explain the results, identify any underlying problems, and provide follow-up care coordination.
By considering every factor, they’re able to create a tailored healthcare plan that improves the overall health of your company leaders, offering long-term benefits for both the individual and the company.
ROI of Executive Physicals
From a business perspective, every investment should have a clear return that contributes to long-term success, but where do executive physicals fit into all of this?
From increased productivity to lower healthcare costs and improved mental health, here are the benefits of offering executive physicals.
Increased Productivity
Health and productivity are directly related—and for multiple reasons.
The most obvious is that when an executive team member is sick and does not attend work, it disrupts workflows, reduces their ability to oversee projects, and affects a team’s ability to meet deadlines.
At the same time, presenteeism is also a huge concern, which involves employees going to work sick but operating at reduced productivity levels. While they may physically be at the office, the impact of this issue on overall workplace performance is often underestimated.
In fact, lost productivity costs companies 2.3 times more than medical and pharmacy bills do, with health-related lost productive time costing employers 225.8 billion US dollars per year—71% of which is explained by reduced performance at work.
This is where executive physicals come into play. The advantage of these physicals is that they go beyond surface-level checkups, including evaluations such as blood pressure assessments and cancer screenings.
This keeps company leaders healthy (and productive) for years to come, therefore reducing costs associated with lost productivity.
Improved Talent Retention
Executives play a critical role in companies, helping to direct, plan, and coordinate operational activities. Beyond recognizing the value of their position, however, companies have additional motives for wanting to keep their employees happy.
Yep, we’re talking about the high costs associated with employee turnover. Various sources say that replacing an individual employee can reach up to two times their annual salary, with C-level positions potentially exceeding this amount.
That said, keeping team leaders happy is a valuable investment. While there are various ways to do this, offering them great benefits is one of them.
According to the Society for Human Resource Management, 56 percent of U.S. adults with employer-sponsored health benefits said that whether they like their health coverage is a key factor in deciding to stay at their current job.
With traditional primary care often lacking personalized attention and accessibility, executive health programs offer comprehensive services, ranging from physicals to tailored wellness plans. This plays a big role in helping employees feel appreciated and, in turn, reduces turnover rates among top talent.
Lower Healthcare-Related Costs
While some companies worry about expenses related to executive healthcare programs, many are surprised to learn that improving their employees’ health can actually save them money. One study even shows that on average, employee healthcare costs fell by $3.27 for every dollar spent on wellness programs.
This is because executive physicals cover various health-related areas, with preventative health being a critical focus. By identifying health issues early on, your team can take a proactive approach to healthcare, leading to reduced healthcare costs in the long run.
In addition, these assessments evaluate a person’s lifestyle choices, such as diet, activity levels, stress, and more. Since having a great work-life balance is often difficult for busy executives, these physicals can help them make small changes in their routine that lead to drastic changes in their health.
And of course, there are financial benefits to this as well. For instance, one study showed that overweight employees cost their employers $73.1 billion a year and file twice the number of workers’ compensation claims. While this is just one example, it demonstrates how improving everyday lifestyle choices can reduce healthcare costs.
Better Mental Health
And lastly, one of the advantages of executive physicals is improved mental health. By addressing mental health concerns, your company can reduce absenteeism, increase productivity, lower turnover rates, and improve employee morale—essentially supporting all the benefits mentioned throughout this article.
A study by the World Health Organization showcase this, stating that for every 1 dollar invested in scaling up treatment for depression and anxiety, there is a return of 4 dollars in better health and ability to work.
Executive physicals support this by identifying stressors, addressing health concerns, helping individuals adopt healthy habits, and providing resources for mental health, therefore promoting overall well-being.
Final Thoughts
Executive physicals aren’t just an added benefit—they’re absolutely crucial in reducing costs, keeping employees happy, and improving productivity.
In addition to executive physicals, concierge doctor services offer ongoing support and follow-ups. This means they’ll provide specialist referrals, follow-up appointments, and on-demand care from anywhere in the world—everything your team needs to stay healthy.
As you’re considering your healthcare options, ask yourself: Am I doing everything I can to keep my team healthy and productive? How can executive physicals contribute to my company’s long-term success?
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