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.
The foundation of any executive health program is 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 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 if you want to outpace your competition? If you want to take your benefits package to the next level? Going beyond executive physicals and offering a comprehensive executive health program is the solution.
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 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 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. Our executive physicals help your employees identify health risks that could jeopardize their lives... and your company’s future.
Then, as a concierge medicine practice, we offer the enhanced primary care with your personal concierge physician 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, and more, your employees will value having a primary care doctor that has the time to know them and be there for them.
And finally, as an executive health provider, we’ve worked hand-in-hand with companies to keep their employees, executives included, safe. And since the pandemic started, our doctors have consulted with companies big and small as their medical counsel, helping them navigate the challenges brought on by COVID-19, such as how to implement policies and run their business to reduce their key person risk.
That’s why we’re offering a free consultation with one of our doctors to get you the medically informed business consulting advice you need. We’ll set up a one-hour virtual meeting with one of our physicians, so you can get the latest guidance and talk face-to-face with a doctor about issues affecting your business. Learn more about how PartnerMD is helping businesses during COVID-19.