“Best practices” are often referenced in the handling of workers compensation claims without an explanation as to what they are or what the insurance industry standards are for handling workers compensation claims. While “best practices” vary slightly from insurance company to insurance company, here is a synopsis of the basic standards of how the insurance …
Best Practices
Free Transitional Duty Cost Calculator
Will bringing an employee back to work sooner save your company money? Absolutely! Our RTW Cost Savings Calculator shows how much your company can save by bringing employees back to work sooner. Track your transitional duty savings each and every month. Use this quick and easy-to-use tool to show management how much your transitional duty …
Three Ways to Cut Workers Comp Costs
By Rebecca A. Shafer – August 2011 Limiting workers compensation claims costs requires finding and filling gaps within the process. To do so, you must work closely with your claims administrator. Here are three ways to cut costs. #1. Arrange a Chairside Visit A chairside visit, in which the employer representative sits down with an …
Maximize Insurance Claim Results
The 7 BIGGEST Mistakes Employers Make When Working with their TPA* Not visiting the TPA’s claim offices and sitting “chair-side” with an adjuster. Not meeting the team! Not meeting with all vendors and services offered by the TPA at the beginning of the relationship and periodically thereafter. Not having on site file reviews regularly and …
Transitional Duty Cost Calculator
Estimated Number of days saved Estimated Average Cost per Day x Total estimated savings of briging that employee back to work on transitional duty = _____ Cost of Replacement Labor + Grand Total Cost of Employees out of work = _____ Profit Margin(%) / 6.5 not 0.065 Calculate Clear Results Grand Total : $0.0 $ …
The Wellness Program: Proven Methods to Reduce Workers’ Compensation Claims
By Rebecca A. Shafer The majority of the quarter-million dollar and half-million dollar workers compensation claims have a secondary medical issue that complicates recovery and extends the length of time the employee is disabled. Personal medical problems such as obesity, smoking, poor physical condition and diabetes often complicate severe injuries, especially those involving surgical repair, …
Managing the Medical Foods Dilemma
Managing the Medical Foods Dilemma A Progressive Medical Services Study Medical foods are increasingly being dispensed to treat cases of chronic disorders and pain associated with on-the-job injuries. Limited clinical evidence of their effectiveness, how they are regulated and ineffective measures to control dispensing, make managing medical foods challenging for workers compensation payors. Read complete …
Sooner Rather Than Later: In the Year 2020 Claim Control Will Begin Earlier in the Process
By Rebecca Shafer, J.D. – September 2010 Sarasota, FL (CompNewsNetwork): As more companies take on more risk through higher risk retentions (higher deductibles and self-insurance) they will likely become more interested in controlling their costs. The best way to do that is to TAKE CHARGE of events EARLY in the life of a claim. The …
Small Businesses and Workers’ Compensation: Help Your Customers Reduce Their WC Costs
By Rebecca Shafer, J.D. – June 2010 Many large employers have programs to cut their workers’ compensation losses. Small employers are run more informally and rarely have such programs – but the need is the same or even greater, as there’s less room for financial error. By getting educated in workers’ compensation management, you can …
Must an Employer Maintain a Safe Workplace?
Resoundingly, yes! Critical Component in Reducing or Eliminating Injuries Maintaining a safe workplace is a critical component in reducing or eliminating injuries and lends itself to the opportunity to engage every employee in the effort. Reduction or elimination of injuries decreases an employer’s costs and potentially saves employees from a permanently life-altering injury or illness. …
