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Problem Tech Solves
Tech Brief
Close to 75 percent of American workers are balancing careers with unpaid caregiving responsibilities. And as the population ages and more care moves home, we are in a caregiving crisis, with an additional 20 million people becoming caregivers each year. Caregivers do not have the support they need, and caregiving has become a social determinant of health. Not only do social factors, like gender, race, and income, correspond to higher likelihood of becoming a caregiver, but caregivers are increasingly experiencing depression, social isolation, and are at increased risk of developing conditions like heart disease. In addition to worsening health outcomes for the caregivers themselves, the lack of support for caregivers costs employers $38 billion per year due to lost productivity, missed work, family leave, retention issues, and discrimination cases. Increasingly, people are leaving their jobs to manage caregiving responsibilities. With employees juggling the demands of work and caring for loved ones, employers are understanding the need for a benefit to support their workforce, especially with so many people are reconsidering the future of work. While some support groups and resources exist for caregivers, they largely fall short. They provide information and guidance, but lack the ability to actually do the work for caregivers, like talking to a provider or insurance agent or scheduling a home health aide. This is where Wellthy fits in: Caregivers need support to thrive in their professional and personal lives, and Wellthy is a proven, scalable solution for employers to support their employees with caregiving responsibilities.
Tech Differentiators
Wellthy was the first-in-class caregiving support solution when we started working with employers in 2016, and we remain the best-in-class solution. First, Wellthy always prioritizes caregivers, who are so often overlooked as key parts of a care plan. Next, Wellthy can support caregivers by actually getting things done on their behalf. Whereas other caregiving support benefits limit their offering to coaching and guidance, Wellthy uses precision technology to facilitate communication between caregivers and a real-life team of coordinators and experts who are able to alleviate their care demands. Not only do we empower caregivers with information, resources, support, and organizational tools, we also remove the stress of caregiving by working in tandem with caregivers and on their behalf. Over 1 million people have access to Wellthy through their employers, and our clients include world-class employers such as Meta, Cisco, and Salesforce, demonstrating the impact Wellthy has on helping employees manage caregiving responsibilities while allowing employers to maintain a productive workforce. Our recently introduced Community feature further sets Wellthy further apart: While other caregiving support services offer resource banks and forums for peer-to-peer communication, Community is moderated by care experts, giving Wellthy members yet another point of contact with expert assistance and access to tailored answers and resources.
Validation
Wellthy has been able to partner with companies of all shapes and sizes to help bring relief to caregiving employees and positively impact retention, productivity, and absenteeism. In 2022, we more than doubled the number of covered lives and expanded internationally. Our outcomes reinforce the business case for supporting caregivers. In 2021, Wellthy achieved an NPS® score of 81, on a scale of -100 to 1001. This score is world-class compared to averages across all industries, including healthcare (27) and SaaS companies (30)2. According to NPS surveys, 90% say Wellthy allowed them to be better engaged/less stressed at work, 2 in 3 say Wellthy’s support made them miss fewer meetings/work days, and 1 in 3 say Wellthy helped prevent them from taking a leave of absence or resigning. Moreover, Wellthy helps families save time: 48% said up to 10 hours, 37% said 11-40 hours, and 15% said over 40 hours.
