Health and Wellness Management Services Procurement Intelligence
In this health and wellness management services procurement intelligence report, we have estimated the pricing of the key cost components. We have found in our research that the salaries of health and wellness consultants, tools, technology and software, marketing and advertising, and facilities/office space are some of the key costs associated with this category. Few other costs can include ongoing maintenance, employee participation costs, tests and checkups, utilities, legal costs, etc.
Health and wellness consultants can include a range of professionals such as doctors, counselors, therapists, corporate coaches, etc. The salaries of these professionals form the most important cost component in this category combined with the latest technology, tools, and software. Together with marketing and advertisement, these three elements form the largest cost components in this category. The cost of marketing and advertising can comprise 8 - 15% of the total budget, on average.
In the U.S., on average, the salaries of health and wellness coaches can range from USD 60,000 - 75,000 annually. The salaries can vary by location, years of experience and expertise, etc. The average cost of a wellness platform can range from USD 24 to 100 per employee annually. When choosing to sign up for an annual plan (as opposed to a monthly subscription), many vendors may provide discounts. Vendors sometimes impose a minimum user count, usually of twenty-five. Simultaneously, certain wellness portal providers frequently request a setup fee, which can amount to several thousand dollars.
In the health and wellness segment, more than 200 million companies use Facebook to interact with their clients and reach new audiences. In 2021, out of all paid advertising channels, Hubspot states that Facebook ads offer the highest return on investment (ROI). Facebook ads are also preferred by businesses due to their low cost per click, with the fitness and health sectors paying between USD 1.32 and USD 1.90 for each click.
Order your copy of the Health and Wellness Management Services category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Operational Capabilities - Health and Wellness Management Services
- Years of Experience - 25%
- Geographic Service Provision - 20%
- Industries Served - 15%
- Employee Strength - 12%
- Revenue - 12%
- Certification - 8%
- Clientele - 8%
Functional Capabilities - Health and Wellness Management Services
- By Service Type
- Employee Assistance Programs - 20%
- Workplace Wellness Programs - 20%
- Health and Behavioral Assessments - 20%
- Analytical tools, Reporting, and Tracking - 20%
- Others - 20%
Rate Benchmarking
The geographical location, scale of business, type of business, and industry play a vital factor in analyzing the rate benchmarking of the health and wellness management services category.
Geographical location considerations can have a significant impact on the rates of services. For instance, wellness programs in the U.S. can cost between USD 150 - 2,000 per employee. In Sweden, the cost of corporate wellness programs is very high, on average, being USD 3,000 per employee annually. This is due to the programs' well-established advantages and proper documentation. Workers with access to these programs have lower sick leave rates and are more productive. Additionally, they typically work for their employer for a longer amount of time.
Similarly, the cost of employee wellness programs in New Zealand is contingent upon the program type and company size. On average, companies spend USD 150 per employee. This covers activities linked to wellness such as health screenings, exercise classes, and other related events. Wellness programs in India cost between USD 500 and 1,000 per employee.
Supplier Newsletter
- In October 2023, Virgin Pulse announced a strategic collaboration with AWS to strengthen its health and wellness platform. Virgin Pulse will utilize Amazon Web Services cloud features such as generative AI and ML capabilities and analytics to provide advanced personalization across its proprietary “Homebase for Health” platform. AWS services such as AWS Glue, Amazon Bedrock, Amazon Personalize, and AWS Lambda are also being used by Virgin Pulse.
- In September 2023, Virgin Pulse announced the expansion of its clinical/medical health support segment in its “Homebase for Health” platform. The integrated suite of services called, “VP Transform” is embedded in the platform and will help to address chronic diseases such as blood pressure, weight management, and prediabetes. This integrated solution will help employers to avoid any complications and minimize costs associated with these problems. Virgin Pulse aims to launch this by early 2024.
- In January 2023, Privia Health reported the launch of its two new accountable care organizations – known as Privia ACOs in Delaware and North Carolina in the U.S. With this, the company increased its total ACOs numbers to nine – that can serve locations including California, Columbia Delaware, Georgia, Florida, Montana, Maryland, North Carolina, Texas, Virginia, and Tennessee. This will include 2,500 independent providers offering effective care to more than 191,700 beneficiaries of Medicare.
- In March 2022, Vitality Group announced the addition of Health Fitness’s services to its Gateway Flex program. The additions will help employees improve their social, physical, and mental wellness from Health Fitness coaches. Gateway Flex is a unique program that provides employers with enough flexibility thereby minimizing complexity and optimizing resource utilization. Employers only pay for the solutions that their employees utilize.
List of Key Suppliers
- ComPsych Corporation
- Wellness Corporate Solutions (Laboratory Corporation of America)
- Virgin Pulse, Inc.
- EXOS
- Marino Wellness LLC
- Privia Health
- Vitality Group International, Inc.
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Wellness
- Healthfirst, Inc.
- FitMind LLC
- Limeade, Inc.
- TotalWellness
Browse through Grand View Research’s collection of procurement intelligence studies:
- Disposable Medical Gloves Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
- Cyber Security Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
- Lab Equipment Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
- Commercial Real Estate Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Health and Wellness Management Services Procurement Intelligence Report Scope
- Health and Wellness Management Services Category Growth Rate : CAGR of 4.47% from 2023 to 2030
- Pricing Growth Outlook : 8% - 12% (Annually)
- Pricing Models : Cost plus, value-based, and tiered pricing model
- Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
- Supplier Selection Criteria : Employee assistance programs, workplace wellness programs, health assessments, tools, technology, and tracking, operational capabilities, quality measures, certifications, data privacy regulations, and others
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
