Storage - HealthyWage Pays Out Nearly Half a Million Dollars on Weight-Loss Wagers in 2011, Realizes Over 500% Annual Membership Growth
HealthyWage Members Collectively Lose a Staggering 880,000 Pounds and Gain $450,000 in 2011 Alone Amid Explosive Individual and Corporate Wellness Participant Growth
|NEW YORK, NY -- (Marketwire) -- 01/10/12 -- HealthyWage™ (www.HealthyWage.com), the only U.S. company offering Americans the opportunity to earn moneylosing weight through any diet and/or fitness program they choose to follow (Weight Watchers®, Jenny Craig®, Nutrisystem®, Atkins®, or any other formal or informal diet/fitness regimen), today announced notable company milestones achieved throughout 2011 that further validate its innovative "weight-loss wagering" approach and underscore the popularity and efficacy of the "dieting for dollars" paradigm. Namely, the company's membership base grew more than 500% over the year prior, with program participants collectively losing more than 880,000 pounds.|
For their weight-loss achievements, HealthyWage collectively paid dieters over $450,000 cash. In addition, while in 2010 HealthyWage had no corporate participants, in 2011 the company secured over 250 high-caliber corporate participants, including General Electric, CDW, New York & Company, Healthfirst, and many large hospitals, health systems, insurers, school districts and municipal governments throughout the U.S. seeking to bolster their corporate wellness initiatives.
HealthyWage is founded on research that proves cash rewards triple the effectiveness of weight loss programs. "Studies show that monetary incentives serve to enhance the effectiveness of, and duly complement, weight-loss programs of any and all sorts, especially when paid out quickly like our various programs," said HealthyWage co-founder David Roddenberry. "This is one reason why financial health incentives are a growing trend, with more than 50% of self-insured employers in the U.S now offering some type of financial inducement as part of their healthcare program." More informally, a currently running online poll* asks "would wagering money helpyou lose weight?" Results reveal that the vast majority of the nearly 5,000 respondents (83%) feel that "Yes. Money is great motivator," while less than one-fifth of respondents (17%) feel a cash incentive would not help their weight-loss plight.
The Money Motivation Model
HealthyWage currently offers three distinct cash rewards-based diet programs that payparticipants to successfully make healthy choices. The company's pioneering BMI Challenge pays$1,000 to those who invest $300 to participate and move from an obese BMI classification (greater than 30) to a normal BMI (less than 25) over a year's time, while following a few rules and checking in on a weekly basis. For those who prefer to participate in the BMI Challenge for free, without any up-front investment, HealthyWage offers the option to earn $100 for achieving these same term-based BMI goals. To date, approximately 25% of individuals who committed their own money have won the cash prize and achieved a healthy weight through this particular program. In fact, the company determined that participants who put their own money at risk are more than 10-times more likely to win the BMI Challenge.
HealthyWage also offers "Matchup" competitions -- team weight-loss contests that reward top-performing teams with a total of $18,000 in cash prizes. Throughout each Matchup teams of 5 compete for the greatest percentage of weight lost over a 3-month period. Each participant pays a $60 registration fee and weighs in at the beginning and end of the contest at a local health club. The rules discourage unhealthful tactics by limiting the 12-week weight loss to 16.7 percent of body weight and one-week losses to 1.5 percent.