Establishing the value of mental health benefits
HR leaders and managers are often asked for hard economic figures when making the business case for mental health benefits for employees. While there are plenty of studies that show the return on investment of a robust benefits package on stress in the workplace, some elements of the investment can’t be measured quantitatively.
It can be very tempting to over-emphasize direct financial savings and expect that to set the benchmark for value. Keep in mind that value takes many shapes, and the total value of your investment should be your main focus. When it comes to mental health and healthcare, the clinical improvements and well-being of your members are always central to the care that you are choosing for them, in addition to the economic returns from the investment. That’s why utilizing Value on Investment, or VOI, may be more useful for making the business case for employee mental health benefits.
At Modern Health, we use VOI to consider two key perspectives for determining the effectiveness of benefits: value to the member and value to the organization. At the member level,we analyze member access to services, speed to service, and reported overall improved well-being. For the organization, we consider satisfaction with services, improved productivity, employee retention, and healthcare spending impact—all key factors of daily business life that are deeply impacted by the mental health of your team.
Value on Investment is an umbrella term that encompasses all of the value that your organization could get from implementing an employee mental health application, including:
While some of these items relate back to ROI, not all values derived from employee mental health benefits are measured in the same way. Considering the greater overall value on investment gives your organization a much clearer picture of the impact your benefits package has for both the individual employee and the organization as a whole.
In Modern Health's VOI Playbook, we discuss ways to incorporate these factors when assessing the VOI for the individuals that are receiving care, including:
Elements to consider when understanding the VOI of mental health benefits for your organization include:
By providing multiple modalities of care that meet both the clinical and preventive needs of your team, Modern Health offers the dedication needed for creating a robust mental health benefits package that demonstrates a clear VOI. Our match-to-provider time is less than a day, and each mental health professional in our network is vetted for expertise and cultural competency, which encourages employees to better engage with their benefits. Each step of the wellness journey offers unique options for the individual, whether they are seeking 1:1 care or a self-directed learning module on managing chronic stress in the workplace.
Your investment in your employees is multifaceted because you know that even a single individual has the potential to greatly impact your success. Your investment in mental health benefits should reflect that, and in using the value on investment to consider the bigger picture, you’ll find you’re getting more in return than you initially thought. Contact our experts to learn how Modern Heath can help your organization evaluate the VOI and ROI of your employee mental health benefits.
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