1 | Disrupting Workers’ Compensation
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1 |
DisruptingWorkers’
Compensation
2 |
Industry Landscape
3 |
Employee health insurance 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 |
Health Insurance Costs SoarPremiums Have Grown 4.5x Inflation For 14 Years
Cumulative Increases1999-2013
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 |
Health Care Is Costly
Unhealthy workers’ absenteeism costs employers more than $153 billion per year in lost productivityFor 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 2011Ann Hewitt – Senior VP of national absence management consulting practice leader, 2013
6 |
Poor Health Drives AbsenteeismU.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 |
Occupational Injuries Drain Productivity
Source: U.S. Bureau of Labor Statistics, 2015
Distribution of cases requiring days away from work by event and body part
Ser ies1
Series1 Other 36%
Series1 Overexer-tion lifting/lower-
ing 12%
Series1 Fall on same level 12%
Series1 Slips/trips without falling 7%
Series1 Violence 4%
Series1Fall to lower level 3%
Ser ies1
Back 36%
Knee/Ankle/Foot 23%
Neck/Shoulder 14%
Other 9%
Arm/Wrist/Hand 9%
Multiple 8%
8 |Source: Integrated Benefits 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$1,900LT
Disability $4,200
ST Disability$7,100
Presenteeism$8,300
Sick Days$13,100
9 |
AkosReturn To Work Solution
10 |
Why Telemedicine?Accessible
Access via smartphone or tablet No appointments… no commute… no waiting
roomsAvailable
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 WorkTelemedicine provides the most efficient Return To Work solution
11 |
Employee/ employercontact
Akos
RN triages employee
and 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 |
Benefits of Early 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 MoraleEarly RTW = Healthier Employee + Happy
Employer
13 |
Akos RTW Employer 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 |
Thank You
Kishlay Anand MD MSFounder & Chief Executive Officer
Tim CozattChief Operating Officer
Doug SingerSr VP Business Development
Brandon HendricksVP Business Development
[email protected] PO Box 41638
Phoenix AZ 85080
1.844.900.AKOS
AkosMD.com
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