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What Do Corporate Wellness Services Cost?
The average price for corporate wellness services is about $176.05 per employee per year. However, this price does not include any wellness incentives, such as gift cards for losing weight, which are discussed in the Total Cost of Ownership section of this report. Prices for wellness programs depend on a variety of factors, resulting in a wide price range from $100 to $500 per employee per year.
A supplier’s experience and scope of services are among the primary factors that determine the price. Market leaders with well-established reputations and proven results can dictate higher prices than new firms that have yet to prove themselves in the market. Larger, more reputable suppliers also have access to larger healthcare and wellness networks, thus allowing employees to attend classes and use services at multiple locations. However, these additional amenities come with a higher price for buyers.
In addition, the scope of services that are offered affect prices in the market. Comprehensive wellness programs that cover a range of services are typically more expensive because of the additional benefits the buyer receives from them. For example, a wellness program with various nutrition and weight management classes, as well as fitness, smoking cessation, medical self-help, stress management and employee assistance, will come at a higher cost than alternative programs with fewer features. Moreover, if a wellness program provides services to employees’ spouses or children, it will cost more than a program that services employees only.
The contract length is another key pricing determinant. Buyers are likely to receive better prices and returns on their investment when entering into long-term contracts because suppliers can be assured of repeat business during the contract term. Additionally, prices can vary based on a buyer’s size. Businesses with a large number of employees can leverage their size to negotiate favorable discounts because suppliers can compensate for any lost profit through volume.
Prices for corporate wellness services also differ from region to region depending on the business activity and quality of life in a particular area. Due to a higher level of business activity and greater cost of living, buyers located in cities such as San Francisco, New York and Los Angeles can expect to pay higher premiums for wellness services than those located in Detroit and Phoenix. However, in smaller regions with few suppliers, buyers typically have less negotiation power due to limited market competition.
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