At HORAN, our mission is to help employers provide a better quality of life for employees and their families. This mission drives our investment in the HORAN Financial Analyst think tank. The think tank is fueled by the team's ability to analyze claims data to guide clients, drive action and impact cost. We call this HORANalytics®.
In honor of Mental Health Awareness Month, HORAN brings you a special feature discussing the impact of psychiatric claims on your health plan. It is important to support the mental well-being of your employees and their family members.
According to the National Alliance on Mental Illness, mental illness is the nation's #1 public health problem. It affects 2.5 times more Americans than cancer, heart disease and diabetes combined, and costs Americans $193 billion per year. For every employer dollar spent on mental health there is an additional $37 lost as a result of decreased productivity, absenteeism and presenteeism.
HORANalytics® found that individuals with a psychiatric claim cost their employers 133% more than individuals without a mental illness claim. In fact, while cost per prescription is actually 28% less expensive than all other drugs, the volume of prescriptions for individuals with a psychiatric claim is 183% more than individuals without a claim. This volume can be attributed to the other illnesses and chronic conditions that are impacted by mental health.
To underscore these findings, HORAN interviewed Paul Crosby, M.D., Chief Medical Officer at the Lindner Center of HOPE. Dr. Crosby provides psychiatric consultation to children, adolescents, young adults and their families. He spends part of his clinical time treating patients referred from around the country and internationally for comprehensive diagnostic assessment and treatment of their often complex and highly comorbid symptoms. He works to reduce stigma as well as to raise awareness of mental health illness and its tendency to undermine achievement and success in many facets of life, including learning, work, relationships and health.
HORAN supports the efforts to reduce the stigma around mental illness and increase support for those affected.
To view or download the full report click here.