EmpiRx Health CEO Karthik Ganesh Pens Open Letter Calling on Business Leaders to Address Mental Health Crisis

Letter states employers are ill-equipped to navigate the mental health tsunami

MONTVALE, N.J., Feb. 8, 2023 /PRNewswire/ -- EmpiRx Health, the industry's only value-based pharmacy benefits manager (PBM), published an urgent letter today raising the alarm on the mental health crisis in the United States. Penned by EmpiRx Health CEO Karthik Ganesh, the letter describes the monumental problem employers face in the wake of this crisis and how business leaders are ill-equipped to support their employees, while also preserving their bottom lines. The letter is a critical call to action for employers, who assume more than 80% of the cost of care on behalf of their employees, to "reclaim healthcare."

"The cost of addressing the crisis pales in comparison to the cost of inaction, in both human and financial terms," states Ganesh. "As employers, we often blindly agree to the status quo. We accept that our benefits costs will increase year over year while the quality of care remains the same. We must evaluate our options and stop pretending to be an innocent bystander in this situation. Our employees depend on us."  

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, not to mention the increased medical costs associated with untreated mental illness. In addition, half of adults report a severe mental health crisis in their families, and one in five cite the inability to work or engage in other activities due to poor mental health.

Adds Ganesh, "We have all been affected by this crisis and yet we have the power to make a difference."

In the letter, Ganesh describes four ways that employers can address the mental health tsunami while also preserving their bottom line. He clarifies that it's not about increasing financial allocation for benefits, but rather it's about maximizing savings across benefits categories to create the financial headroom to meet everyone's needs. In order to reclaim power over their healthcare benefits employers must:

• Demand guaranteed, sustainable savings?not one-off incentives.
• Not assume transparency is the silver bullet.
• Expect 100% financial alignment.
• Reject the cost-versus-access dichotomy. Focus on value.

Ganesh concludes, "The time for inaction is over. The tsunami is about to wash the ground from under us unless we reclaim power over our health benefits to recoup the value of our healthcare spends and ensure the health and safety of our employees."

The full letter can be found here. To support this initiative, EmpiRx Health activated a sponsored campaign on Bloomberg.com.

About EmpiRx Health 
EmpiRx Health is redefining healthcare by proving it is possible to control drug spend while improving health outcomes. Driven to fundamentally change the industry, EmpiRx Health is the most clinically advanced and only value-based pharmacy benefits manager (PBM). Founded in 2014, the company's growth is fueled by the highly unique, client-aligned nature of its value proposition ? a pay-for-performance financial model with guaranteed savings, the industry's first client-tailored population health management solution, and an unparalleled high-touch service experience resulting in industry-best client retention rates. EmpiRx Health has been recognized as a BenefitsPRO Luminary, Fortune and Great Place to Work's Best Workplaces in Health Care, The Best and Brightest Companies to Work For®, and as an Inc 5000: Fastest-Growing Private Companies in America for three consecutive years.

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SOURCE EmpiRx Health