Price of A Pandemic With & Without Hepius
COVID-19 has proven to warrant an extraordinary number of expenses to businesses, government entities, and educational institutions (among others). While these costs can be complicated and difficult to analyze, we have done our best to estimate what effect this pandemic may have to your bottom line:
SMALL to medium size
While some studies have demonstrated the many benefits to working remotely, it still isn’t a practical solution for most corporations as only 16% of the total workforce was working remotely at least part-time in 2019. Most employees still need to be able to work and collaborate in a face-to-face setting. Despite the rise of new behavioral requirements like wearing PPE and social distancing, outbreaks are still seen across the country. Aside from the tragic emotional cost of these outbreaks, there is a serious economic cost as well.
Rise in Healthcare Costs:
The average cost of healthcare for an employer in 2018
In Self-funded Healthcare plans due to COVID-19 will increase an employers healthcare costs by over $600/employee or $600k per 1,000 employees
per 1,000 employees
Estimated cost of production loss due to COVID-19 absenteeism
Estimated Savings for Implementing Hepius within such workforce:
Study shows: “Optimizing testing and tracing coverage and minimizing tracing delays, for instance with app-based technology, further enhanced contact tracing effectiveness, with the potential to prevent up to 80% of all transmissions.”
Total estimated cost of COVID-19:
$710,000+ per 1,000 employees.
Total estimated savings from Hepius:
$568,000 per 1,000 employees.
Universities are facing a lot of pressure from students seeking refunds for their changed experience through the school year, while still having to implement extreme cost-cutting measures. Treading a new era, these organizations are struggling to find out how they can confidently reopen in the fall. While it is extremely difficult to calculate exactly how much revenue these educational institutions are going to miss out on, we have highlighted some stories below that offer a staggering perspective on the cost of COVID-19. There’s no question that universities need to adapt to a changing environment. Our technology is, without a doubt, the best tool for their implementation to ensure the safety of their students and faculty on campus.
The University of Wisconsin at Madison
$400 Million – $1 Billion
University of Michigan
University of Arizona
In New Jersey
Rowan University cuts tuition despite resuming in-person experience.
With a student population of roughly 18,570 students, their 10% tuition reduction reduces annual revenue by about $26,703,660.
Purdue spends up to $50 million to limit spread of coronavirus, including:
- Redesigning all physical spaces for half capacity
- Equipping staff and students with PPE
- Putting up barriers
Class Action Lawsuits
Students file class action lawsuits for tuition and fee refunds:
“This is a national problem where colleges and universities with endowments in the hundreds of millions and even billions of dollars are passing the entire burden of the pandemic onto students and their families. That is not fair, it is not right, and they should be held accountable.” – Roy Willey IV, Lawyer w/ Anastopoulo Law Firm
Estimated Savings for Implementing Hepius within a University:
While much harder to grasp the changing dynamics of an educational institution, the costs of COVID-19 have wreaked havoc on universities across the world. We believe Hepius will literally save millions of dollars when introduced to a campus setting. Please consult with our team at your earliest convenience for a more accurate analysis.
Have Us Demo The App
We aren’t afraid to show off our technology and encourage you to demo Hepius at your earliest convenience. While we are living in desperate times, we still believe we must earn your trust before we can earn your business.