This week is all about launching our Occupational health product. In March 2006, there was less than 1m people in the UK waiting more than 48 hrs to see their GP. Currently, there are 105m routine GP appointments that require 3 days or more waiting time. An incredible 50m have to wait 7 days or more to see their GPs. At the same time economists say productivity has stalled.
Back in July 2015, the head of the government’s fiscal watchdog, Robert Chote, says Britain’s low rate of output per worker is the “biggest risk” to the UK’s long-term economic stability and if we fail to improve it, living standards and pay will remain frustratingly stubborn. Productivity in the UK as measured by economic output per worker per hour is lagging embarrassingly behind countries such as France, Germany and the United States. Is there a correlation between access to primary care and workforce productivity? We believe so. And we believe we have invented tools to help us improve access to primary care. When we started developing the innovative Now GP platform, our motivation was not restricted to providing convenience alone.
There is already plenty of evidence on the benefits to fast access to primary care. Get treated early, get back to health sooner! And employers are noticing too as the nation struggles to improve levels of productivity. This week we are at Employee benefits live expo at London’s Olympia (www.employeebenefitslive.co.uk) to launch our occupational health products.
Now GP estimates there are 37,700 corporates in the UK with 50 or more employees. In total these businesses employ some 13.1m people in the UK. The total potential savings on man-days lost amount to 23.5m, potentially >£2.8bn in cost savings to the UK economy.
We have structured a product that is tax efficient both for employee and employer, whilst providing the services required to improve productivity. Now GP provides your staff with medical care that, unlike other private medical insurance plans, doesn’t count as benefit-in-kind.
The P11D is a statutory form required by HMRC from employers based in the UK. It details the cash equivalents of benefits and expenses that they have provided during the tax year to their directors and employees earning more than £8,500 per year.
Come and see us at Olympia to talk through our bespoke products to suit your organisation. We can’t wait to get started!