White Plains, New York – Marsh & McLennan Agency LLC (MMA), today announced the launch of the COVID-19 Financial Impact Model, a proprietary financial modeling tool designed to help organizations forecast the financial impact of COVID-19-related expenses and model workforce change scenarios, such as layoffs and furloughs, resulting from the pandemic.
Created by MMA’s national actuarial practice, the model analyzes benchmark data, statistics from organizations such as the Centers for Disease Control and Prevention and FAIR Health, Inc., and member level census data to create a custom financial projection of current and future COVID-19-related medical and prescription drug expenses. Insight into these costs will be instrumental in helping companies make informed decisions around layoffs and furloughs, budget forecasting, and overall impact to their the bottom line.
The modeling tool will measure the financial effects resulting from increased admissions related to COVID-19 diagnoses and treatment, increased telehealth use, and short-term delays in non-emergency procedures, along with other factors. MMA clients will have priority access to the modeling tool.
“As organizations transition from response to recovery, many employers are seeking immediate insight into the potential financial and economic impact that the COVID-19 pandemic will have on their business,” said David Eslick, MMA’s Chief Executive Officer. “This modeling tool will provide executives the clarity and data needed to make informed decisions impacting the resiliency of their business and their workforce.”
MMA’s modeling tool is available now for clients and will be made available to other organizations in the near future. For more information, visit the COVID-19 Financial Impact Model page.