Poor financial health translates to problems with physical health. Financial stress can affect productivity, increase absenteeism and lead to costly health claims.
At Novus Health, we know that prioritizing the health of individuals is good for business. Our Health Navigation Platform addresses health issues by informing and educating on potential concerns like financial health, contributing to a healthier population—as well as a healthier bottom line.
The effect of financial health on overall health
It’s important in life to feel safe, and that includes financial security. “If every month we are worrying about our ability to cover our cost of living,” cautions Dr. Michael Szabo, Chief Medical Officer at Novus Health, “then we don’t feel at ease or secure. It creates stress and anxiety— if it continues long enough, it will ultimately affect our health.” In short, financial health affects our mental health—which is a cornerstone of our overall well-being.
“Chronic high levels of stress have a ripple-like effect on our health,” Dr. Szabo adds, with stress being linked to a multitude of physical conditions, including mental health issues, increased blood pressure, heart problems, and more. “The key take-home is: when left unchecked over time, stress becomes physical. Don’t underestimate it.”
How financial health affects workplace productivity—and your bottom line
According to the Financial Planning Standard Council, some 42% of Canadians have ranked money as their greatest source of stress—and that should be of concern to their employers and member organizations. Researchers have found that financial stress can contribute to lower commitment to an organization, less satisfaction with pay, wasted time at work dealing with finances, and poorer health, to name a few.
With financial strain affecting so many individuals, “It is important to make financial health a priority in our lives,” says Dr. Szabo.
The good news? Organizations can empower their members and employees to tackle this challenge. It’s been found that employers who use financial wellness programs are often able to attract more determined and loyal employees. What’s more, investing in preventative lifestyle change programs is reported to give companies up to a 42% return on investment over three years—leading to employees who are more satisfied and more committed to the company.
How Novus Health is tackling financial health for members and employees
Novus Health offers organizations immediate value through a flexible and scalable Health Navigation Platform. Our customizable programs adapt to the needs of all types of individuals to improve their health as well as provide accredited health resources and 24/7 support from our Health Information Specialists. Our Health Navigation Platform, including our Health Risk Assessment, helps organizations to better the health of their population—which means an increase in productivity and a decrease in absenteeism.
As part of our commitment to supporting good financial health management, we have enhanced our Health Risk Assessment to now include a section devoted to financial health. This latest section assesses the effect that financial stress is having on the health of individuals through a confidential questionnaire. Once they complete the assessment, people will receive a personalized action plan for tackling their financial health and alleviating their financial-stress-related conditions—including helpful facts, tips on building a budget, strategies for developing healthy spending habits, informative articles, key government resources, and much more.
How integrated health management benefits your financial health
Why manage and pay for multiple health and well-being programs when you can have everything you need to mitigate health risks in one platform? We help you simplify your employee or member health management through a single, customizable Health Navigation Platform—merging vetted medical content, telephone assistance, coaching tools, and much more. What’s more, our integrated Health Navigation Platform empowers your employees and plan members by connecting them with a single source for all their health management programs.
With our approach, we can help you increase sales, boost engagement—and save money. Get in touch with us today to take the next step.
About Novus Health
Novus Health is a leader in health navigation. We deliver personalized support, reputable information, and health-related services in one single destination, using technology to help individuals make informed health decisions. In doing so, we create value for our partners while improving their members’ and customers’ health and well-being.
