Poor Corporate Wellness Costs U.S. Companies up to $500 Million a Year

Corporate wellness isn’t only healthy for employees, but for the bottom line of U.S. companies. After all, according to Entrepreneur, employee disengagement costs U.S. companies more than $500 million every year. “Common factors occasioning workers to underperform are, among others, dehydration, obesity, depression, body pain, poor diet and smoking, as pointed out by Bellabeat. The company also points out how, over time, all these factors compound to weaken a company's happiness, productivity, and, in the end, profits,” they add. It’s why more companies are taking advantage of wellness programs offered by companies such as Wellteq Digital Health Inc. (CSE:WTEQ), Teladoc Health Inc. (NYSE:TDOC), Peloton Interactive (NASDAQ:PTON), 1Life Healthcare Inc. (NASDAQ:ONEM), and WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF).

Look at Wellteq Digital Health Inc. (CSE:WTEQ) for example

Wellteq Digital Health Inc. is a corporate wellness platform paid for by employers, insurers, and health providers. It also provides employers and employees with actionable health recommendations, ongoing support and coaching with medical professionals. Most recently, it announced the appointment of Mr. Olly Bridge as Chief Growth Officer. Mr. Bridge will lead the growth strategy for Wellteq into North America, Latin America and the EMEA region.

Mr. Bridge comes to Wellteq from Medibank, Australia’s largest health insurer, where he led the design and deployment of both their corporate and retail policy holder digital health and wellness programs. The Medibank digital health program has been deployed to 3.5 million policy holders. Prior to Medibank, Mr. Bridge led the global sales development for Global Corporate Challenge, which when acquired by Virgin Pulse in 2015, was operating in 185 countries around the world. Virgin Pulse are currently the world’s largest corporate wellness provider.

Scott Montgomery, Wellteq CEO stated, “Olly built the global sales team for the world’s largest corporate health and wellness program and then he led Australia’s largest insurer’s successful transformation into a digital wellness provider for millions of its corporate and retail policy holders. At Wellteq, we have committed to onboarding exceptional talent and Olly is a world class sales growth leader for the broadening of our world class health and wellness solutions.''

Mr. Bridge stated, “I am honoured to lead Wellteq’s next stage of growth. My career has been driven by my deep-seated desire to impact health at a population scale. With my passion and experience in this space, coupled with the amazing platform offerings that Wellteq has developed, I can’t think of a better union.”

Other related developments from around the markets include:

Teladoc Health Inc., the global leader in whole-person virtual care, reported strong financial results for the fourth quarter and full year ended December 31, 2020. “As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care,” said Jason Gorevic, chief executive officer of Teladoc Health. “By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities.”

Peloton Interactive announced Dr. Heather Irobunda, MD, and Dr. Pooja Lakshmin, MD, as the newest members of the Peloton Health and Wellness Advisory Council. Dr. Irobunda, a board-certified OBGYN, and Dr. Lakshmin, a board-certified psychiatrist specializing in perinatal psychiatry, will bring their expertise in pre and postnatal care, working alongside the existing Council members who consult on product and content development, community and social impact initiatives, research projects and more.

1Life Healthcare Inc. announced financial results for the fourth quarter and full year ended December 31, 2020. “At One Medical we are advancing on our vision to delight our communities, our members, and our enterprise clients with better health and better care, while reducing costs,” said Amir Dan Rubin, Chair & CEO of One Medical. “We have continued to see our human-centered and technology-powered model deliver impacts at scale--expanding to serve 549,000 members and more than 8,000 employer clients, and enabling more than 5 million digital and in-person interactions during 2020. Our continued momentum is further reflected in our financial results, with full year 2020 net revenue of $380 million up 38% year-over-year.”

WELL Health Technologies Corp. announced its fiscal fourth quarter and annual financial results for the three and twelve months ended December 31, 2020.  Hamed Shahbazi, Chairman and CEO of WELL commented, “Q4-2020 was another great quarter for WELL in which we achieved record quarterly revenue and gross profit, but I am most pleased to report that we achieved a significant milestone in the fourth quarter with this being the first time that we’ve reported positive Adjusted EBITDA(2) which exceeded analysts’ predictions.  We have proven that our capital allocation model works and moving forward, we are only expecting profitability and cash flows to grow.  During Q4 we also completed seven transactions and that pace has continued into Q1 with a number of completed and announced transactions, including the proposed acquisition of CRH Medical.”

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