When the health benefits, better mood and enhanced appearance aren’t enough to motivate weight loss, cold hard cash may be enough to get the job done. In fact, there are studies to back that theory up. A 2008 study published by the Journal of the American Medical Association found that dieters with financial incentives were five times as likely to achieve their weight loss goals compared to dieters without money as a motivator.

This is the idea behind some new business models that are pushing financial rewards to be the newest fitness craze. Companies have been trying it by using gift cards, cruises and even cash to reward employees who lose weight. The idea is that they’ll save much more in health care costs if employees are in better shape, according to a recent Yahoo! article.

One website offering an independent opportunity at a financial gain for those who lose weight is HealthyWage.com. The site launched in October and so far more than 5,000 people have signed up. Corporate sponsors agree to give cash prizes to obese users who move from an unhealthy body mass index to a healthy range. Typically that would require users to lose between 30 and 80 pounds. HealthyWage.com says for every person who moves into a healthy BMI range will save the health care system $1,150– money that would go towards treating obesity-related health costs.

Signing up is free, but if you want to be a part of the next 12-month challenge you need to get on board before January 20. Signing up gives you a chance at the $100 prize or if you want to sweeten the pot– add $300 of your own money and the stakes go up to $1000. And if you win you not only get the money, but you’ll have better health.

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