Karthik Ganesh, CEO of the pharmacy benefits manager EmpiRx, is challenging employers to expect more from their mental health benefits.
“Our country is in the throes of a mental health crisis that we are ill-equipped to manage,” he wrote in an open letter. “This has created a monumental and still-intensifying financial burden for employers who, in our current health-care system, assume more than 80% of the cost of care on behalf of their employees. Sadly, the mental health tsunami has yet to crest, which is why business leaders must make big changes now or suffer catastrophic consequences.”
The letter documented the cost of inaction:
- Employees with unresolved depression experience a 35% reduction in productivity and an average of 31 days of missed work per year.
- This absenteeism translates to $210.5 billion in annual losses to the U.S. economy.
- Half of adults report a severe mental health crisis in their families, and one in five cites the inability to work or engage in other activities because of poor mental health.
