3 Ways Executive Health Helps Manage Your Company’s Key Person Risk
Your company ran through the scenarios and analyzed the potential outcomes. And you committed to figuring out how to manage your key person risk. One option on the table? Executive health.
But before you suggest an executive health program as a solution to your key person risk problem, you need information about how it helps. As an executive health provider, we help companies, big and small, manage their key person risk through executive health every day.
And most often, we see executive health helping companies manage their key person risk in three ways, two have been happening for years and one has only recently come to be thanks to COVID-19.
1. The executive physical.
For years, the foundation of any executive health program has been the executive physical, an annual physical that goes above and beyond your traditional physical.
Executive physicals offer the latest in advanced tests and screenings and provide your most critical employees with a snapshot of their current health. An executive physical is often a half-day or longer and helps detect health risks, sometimes even before symptoms appear, so action can be taken before it’s too late.Executive physicals alone deliver ROI for your company in four ways:
- Improve recruitment and retention by offering a premium health benefit.
- Lower your company’s business risk by identifying the health risk factors of your key individuals.
- Manage long-term health care costs for your employees and your company (for self-insured employers).
- Improve the personal health of your eligible employees.
Add all four of those bullet points up and you’re going to have reduced your key person risk.
Your employees will understand their health risks and have the chance to work to improve their health, reducing the chances of a sudden serious health issue. And your employees will know how much their employer values them, reducing the risk that they suddenly depart for a competitor.
2. Offering a comprehensive executive health program with access to enhanced primary care.
Executive physicals alone aren’t a new thing. Many top companies offer them to their most critical employees and have been offering them for years. If you’re looking to compete with the best companies for the best talent, an annual executive physical is practically a necessity at this point.
But since COVID-19 stormed into our lives in March 2020, we've noticed a shift. Companies increasingly want to offer a comprehensive executive health program. They know the risk their company faces if a key person falls ill, and they want to ensure they immediate access to top-notch care.
In addition to ensuring your key people get top-notch care, executive health programs also help you outpace your competition and take your benefits package to the next level. It helps you recruit and retain the best talent.
An executive health program combines the annual executive physical exam with ongoing primary care, providing your key employees not only a snapshot of their current health but also the resources to help them improve their health in between physicals.
- That executive you’re worried might be a little overweight and has a history of heart troubles?
- That top salesperson that never stops, but seems stressed out and complains about not being able to sleep?
These are health issues that can become serious problems down the road. A comprehensive executive health program gives them access to care to work on those problems before it’s too late.
The difference between executive physicals and executive health programs can often be boiled down to hospitals vs. boutique concierge medicine practices.
3. Use your executive health provider as a business consultant for your operations.
During COVID-19, the information has shifted considerably from week to week or even day to day.
And for businesses, that means how you manage your workforce, how you deal with customers, how you set up your workplace, and what protocols you need to implement have changed often.
Just like you talk to a lawyer about legal situations, you should be talking to a physician about medical situations like COVID-19. And because physicians at executive health providers have some level of comfort talking with business leaders, they might be your best bet for getting the information you need to make decisions.
And while a physician might help you decide which employees to bring back to the office first, they can also be a valuable resource for your top talent. Their everyday actions and how they are reducing their own risk of contracting COVID-19 are critical to maintaining your company’s operations right now.
So while you might first rely on a physician to interpret medical data and how it affects your whole company, you’ll also find value in having them help protect your key employees.
How PartnerMD Helps Companies Reduce Key Person Risk
At PartnerMD, we work with companies to reduce their key person risk in each of these ways.
- We offer the most advanced, customizable executive physicals on the market. With three tiers – Classic, Enhanced, and Signature – our physicals last between 2 and 8 hours long and can include more than 30 options to customize each physical.
- We offer enhanced primary care that helps your top employees take action to improve their health throughout the year. With 24/7/365 access to physician care, little to no waiting, visits that last at least 30 minutes, coordination of specialist care, and more, your employees will value having a primary care doctor that has the time to know them and be there for them.
- We work hand-in-hand with companies during COVID-19 to keep their employees safe. Our doctors have consulted with companies big and small as their medical counsel, helping them navigate the challenges brought on by COVID-19.
If you’re looking into executive physicals and executive health, we’re happy to help. Read more about our executive health services on our website, and fill out one of the forms to start the conversation.