Business Health Insurance: Does Your Company Need It?

Employees are the key to the success of an organisation, but when employees are sick, the costs of this, both financially and productivity wise, can be significant. The Office for National Statistics estimates that 141.4 million working days are lost due to sickness or injury in the UK, this is equivalent to 4.4 days per worker.

Business health insurance or some form of private healthcare cover like Mayfield Clinic’s business healthcare can help employees get back to work quickly following illness or injury by giving them fast access to treatment and healthcare. Even more crucially, it can prevent future health issues, as by having some form of programme in place employees are more likely to have high morale and feel supported. Offering private healthcare cover to your employees shows that you care for their physical and mental wellbeing, and that you place value on them and not just their work.

Business health insurance used to be provided only by larger corporations, but now more and more organisations are now providing health cover for their employees, including Small medium enterprises (SMEs) and start-ups. However, business health insurance is often quite expensive, and employees usually do not receive personalised world-class private healthcare. In this guide, we look at the benefits of business health insurance and other forms of healthcare cover and which type is best for your organisation.

Why Get Business Healthcare or Business Health Insurance?

Deciding to offer business healthcare or business health insurance can be a big decision for any company, and you may have questions about the benefits health coverage has for you and your employees. There are many ways private health cover can help your company operate more strategically, efficiently, and effectively. Keep reading to learn 3 great reasons to offer your employees private health cover.

1. Reduce absenteeism and presenteeism

Absenteeism is defined as when an employee is habitually absent from work. While employers expect workers to miss a certain number of workdays each year, excessive absences can equate to decreased productivity and can have a major effect on company finances, morale and other factors.

On the other hand, presenteeism occurs when people go into work despite feeling unwell, either physically or mentally, and they are unable to give their best. Unlike absenteeism, presenteeism isn’t always apparent. You know when someone doesn’t show up for work, but you often can’t tell when- or how much- illness or a medical condition is hindering someone’s performance.

How do they affect the workplace?
While the definitions of and causes behind absenteeism and presenteeism are quite different, they are both often cited as the biggest threat to workplace productivity in the UK. One study suggests that absenteeism and presenteeism together cost the UK economy £73 billion per year, and on average presenteeism costs businesses £605 per person each year.

The cost of absenteeism and presenteeism is high, as not only does it cause productivity and revenue to drop, but it also adversely affects workplace morale, health, and safety. For example, if one employee comes to work with a contagious illness, then chances are it’ll quickly spread to other people in their team, and eventually most of your organisation. And if employees do come to work when sick, this is likely to have a negative impact on the morale of the workplace. It can be difficult to remain positive and productive if you are working alongside a team-mate who is unmotivated, unhappy, or disinterested.

2. Attract and retain talent

Attracting and retaining quality talent is a common struggle among most employers. Around 32% of people in the UK seek private health insurance as part of their benefits, yet only around 12% of all employees offer private health insurance. Offering business health insurance to your employees can be the one thing makes your company stand out and can help you recruit high-quality additions to your workforce.

As well as persuading top-level new recruits to commit to your business, business healthcare or business health insurance can also help you retain talents. With almost 25% of workers actively planning to change employers within the next three to six months, providing benefits such as business healthcare insurance will increase the chances of retaining employees at it shows you are committed to your employees. Attracting and retaining staff is at the heart of every good business, and business health insurance plays a crucial role in retaining talent for longer.

3. Boost productivity and morale

822,000 workers reported that they are suffering from work-related stress, depression, or anxiety (new or long-standing) in 2020/21, according to the Labour Force Survey. If employees are continually coming to work when sick, particularly if they have a mental health issue such as anxiety or depression, then it’s likely that their mental health will steadily grow worse. Often, these issues are kept quiet and are only noticed when they reach a more serious level.

When mental health problems occur, giving your employees quick access to fast and appropriate treatment is critical. Online mental health consultations are now becoming more accessible, allowing employees to get the support they need immediately. With early intervention, mental health conditions are far less likely to escalate, and the morale of the employee and their team members will be less likely to be impacted.

What’s the Best Business Healthcare Option for Your Organisation?

With more and more businesses now offering health and wellbeing programmes to their employees, many different services are now available to choose from. Below is a brief guide to the different services you can choose from.

1) Business health insurance from commercial providers

As you may be aware, commercial providers such as AXA, Bupa, Vitality, offer private medical insurance to business and provide cover to a range of services.

Advantages

• Well-known insurance providers: They are run by big corporations, which also offer personal private medical insurance

• Extensive package: Commercial providers offer a range of benefits, from primary care and mental health cover to cancer treatments and GP appointments 24/7.

Disadvantages

• Expensive: Because of the extensive packages they offer, commercial providers tend to be more expensive, which often discourages business from investing in them.

• No personalised care: Insurance provider giants are often run by big corporations that act as a bridge between a network of doctors and patients. This means that employees often do not get personalised care and high-quality services expected from private healthcare.

• Lengthy onboarding: Companies often have lengthy back and forth communication with sales representatives and are usually asked to fill out a lengthy questionnaire before a policy takes into effect.

• Cost dependent on medical history and age: The insurance premium often varies depending on medical history and age. The older or the more existing medical conditions your employees have, the more expensive the insurance gets.

2) Health cash plans

Health cash plans help you spread the cost of essential healthcare, making paying for your healthcare easier and more affordable. They can help you budget for unexpected costs, and your employees can claim all or part of the money back for the services they provide.

Advantages

• No need for pre-authorisation: Your employees won’t need pre-authorisation or to undertake a medical, and pre-existing medical conditions will be covered.

• Dental cover: Health cash plans often cover dental appointments, which most health insurance companies do not cover.

Disadvantages

• No quick access to a GP: Although common health services such as dental and optical services, health cash plans don’t provide quick access to GP services.

• Complex payment types: Employees will either need to pay first before they claim the money back or payment is taken from employees’ salary. Both of these mean they might be discouraged to use the services.

• Expensive for employees: As employees have to pay for the services, they often choose not to make use of the benefit.

3) Private health cover directly from private clinics like Mayfield Clinic

Advantages

• Faster communication with in-house staff: You and your employees will have direct communication with the clinic’s staff for faster assistance.

• Personalised care: Private clinics have in-house doctors, so you and your employees can trust that you are seen by the same GPs and specialists.

• More affordable: As private clinics often have in-house operations and cover only the vital healthcare services employees need, the associated costs tend to be lower.

Disadvantages

• More limited services: Private clinics usually provide only the services their clinic offers.

Different providers offer different services, however, it’s important that you weigh up the advantages and disadvantages, as well as the costs associated to these services. However, getting a corporate membership directly with a private health clinic may be the best option as you get high quality healthcare services at an affordable price.

Why Choose Business Healthcare with Mayfield Clinic?

When you join as a corporate member at Mayfield Clinic, you are eligible for several benefits, which include the following:

• Quick and easy onboarding

There’s no need to fill out lengthy and invasive health questionnaires, simply select your policy, and let us know the names and contact details of the staff you want to have access. After a simple set up, all you need to do is publicise to staff and provide your staff access to their account so they can book appointments online.

• Personalised care

As a private family run practice, we can provide your business with personal and convenient healthcare services. You will have a dedicated account manager to assist with you needs and enquires, evaluate your needs, and develop solutions that are perfect for you and your employees.

• Easily accessible

Our world class private GP services are available online nationwide, and at a time and a place that suits your employees. We offer same-day appointments with our expertly trained doctors through video consultations. Once you’ve used your included video consultations, you can continue to see our practitioners and receive discounted rate on other in-clinic services.

How Your Employees Will Benefit from Mayfield Clinic’s Private Health Cover

6 GP Video Consultation Appointments Per Annum

At Mayfield Clinic, we understand that sometimes waiting for your NHS GP can be time-consuming and frustrating, especially when this is keeping your employees from returning to work. That’s why we offer same-day video appointments with our expertly trained doctors. Same-day appointments allow your team to choose appointments at a time and location that suits them, so they can look after themselves and their work. Whether it’s during a lunch break or after the school run, a video appointment with one of our GPs could help get your employees the medical attention they need to get treated quickly and recover from their illness faster.

3 Physiotherapy Video Consultation Appointments Per Annum

In 2020, 8.9 million working days were lost to bone, joint or muscle conditions. Musculoskeletal (MSK) problems can have an impact on all areas of life. For example, if you or one of your employees wakes up with a back pain, trying to get through a day of work can be tough. Working in conjunction with out GPs, our physios focus on providing simple but effective care for MSK injuries. Our philosophy is to provide high quality and effective physiotherapy to help patients recover from pain or injury.

Our physiotherapists assist in reducing MSK risk and sickness absence, improving the wellbeing of employees, with significant return on investment. If the physiotherapy recommends specific exercises, they’ll guide your employee through them so they can try them at home and explain how to stop the pain from returning. If follow-on treatment is needed, they’ll recommend the next steps.

3 Psychologist Video Appointments Per Annum

One in four people in the UK experience mental health difficulties, such as anxiety, depression, and addiction at some point in their lives. We offer rapid access to expert private psychological healthcare to ensure your employees get the mental health support they need. As soon as a member of your team begins to experience the first or repeat signs of a mental health issue, Mayfield Clinic are here to support them and provide them with access to top-quality evidence-based psychological treatment. With a mental health option in place, you’ll show your business commitment to supporting mental health.

Mayfield Clinic’s business healthcare plans are designed with every organisation’s needs in mind, whether you’re running a start-up, a small business, or a big firm. We offer a range of schemes to choose from. To learn more, visit http://www.mayfieldclinic.co.uk/business.