$5.8 billion is the potential savings to employers’ healthcare costs, according to a study conducted by a human capital risk management firm, HCMS Group.
That buys a lot of eye drops.
About the Study
The study drew from 120,000 enrolled members from six large commercial clients of HCMS and VSP Vision Care, a national vendor that offers vision insurance.
So, what kind of calculator came up with potential employer savings of nearly $6 billion in healthcare?
We know eye exams detect conditions such as cataracts or glaucoma, but the report cites the early detection of chronic conditions as the real game-changer.
The infographic below shares the study’s findings regarding three medical conditions that are often first identified through the patients’ eye doctors.
Return on Investment
The study reported that for every dollar invested on a comprehensive eye exam, employers received a $1.45 return on investment through:
- lower healthcare costs
- improved employee productivity
- lower turnover rates
The study measured the savings by multiplying per-employee savings over VSP Vision Care’s entire 60 million member enrollment, which VSP notes is representative of the U.S. population and spread across the country.
The Eyes Have It
Reportedly, there were additional benefits to the early detection through eye exams.
- Less Medication –Those diagnosed required less medication to manage their condition
- Fewer ER/Hospital Visits – Patients were almost 27 percent less likely to visit the emergency room or be admitted to the hospital when compared to patients with the same condition who were diagnosed by another healthcare provider
Vision benefits are a popular employee benefit that an increasing number of employers offer on a voluntary basis (the employee pays the entire cost of the premium).
If the study is accurate in its estimated savings, we all have a clear vision for the potential benefits of vision insurance.
Sorry. You know there would be a bad pun or two with that post title.
Helping you Keep it simple, clear & uniquely yours – contact me for help with your business writing needs. Visit my business blog, Simply stated business.
Notice of Disclaimer –Cathy Miller is not an attorney or health care provider and cannot provide legal or health care advice. The information provided is for your general background only, and is not intended to constitute legal or health care advice as to your specific circumstances. We recommend you review legislation with legal counsel and visit your physician for health care issues.