Reducing the number of claims and improving employee morale are just some of the benefits of injury prevention technologies.
Employers are facing more administrative costs than they have in recent memory.
A number of macroeconomic factors — labor shortages, inflation, and an increased demand for benefits — are converging, resulting in increased financial strain for businesses. Employers are spending more on hiring, on incentives to help attract new talent, and on their already existing benefits packages.
Consider health care costs, for instance. By 2024, they’re expected to rise by seven percent due to rising pharmaceutical costs and a push from providers who want better rates. In the past, employers might have passed these additional costs onto employees, but with talent shortages still plaguing industries from manufacturing to nursing, many businesses are taking on these costs themselves.
“Employers are really being squeezed on all sides,” said Dorothy Riviere, chief clinical officer at Bardavon. “They prefer not to transfer the cost to existing employees, which may challenge retention, and they want to ensure employee benefit costs do not limit their ability to attract new talent.”
To manage these increased administrative costs, some employers are turning to injury prevention tools, like wearable technologies, that can decrease the number of musculoskeletal workers’ compensation claims they face each year. These tools can reduce administrative spend by reducing claims costs, improving employee morale and generally helping workers live healthier lives.