3 important ways to help you control your workers' compensation loss costs
In today's challenging environment, it's very important to stress insurance fundamentals should someone get injured. In order to help alleviate pain points and potential flare ups in workers' compensation costs; these 3 simple steps can serve as guidelines to help you get back on track.
Report claims promptly
The prompt reporting of employee injury claims can be one of the most effective tools in controlling workers' compensation costs. Delays in claim reporting can lead to delays in appropriate medical treatment, which can impact the cost of medical care, recovery time, wage replacement and return-to-work opportunities.
Utilize network medical providers
According to current NCCI data, medical costs represent 58% of workers' compensation claim costs. Utilizing network providers is a critical step in controlling your medical costs. Utilization of 1.2 M providers accessible through Zurich C.a.r.e® Directory Online contributed to total savings in excess of $528M or 47% in 2010.
Plan for return-to-work with a well engineered process
An important tool for controlling claim costs is an effective return-to-work process. Lost time or indemnity cases have the highest percentage of uninsured indirect costs. Prompt return-to-work by accommodating medically restricted employees the same day or day following the physician's release can reduce the medical, indemnity and legal costs associated with workers' compensation claims, which will in turn impact your company's bottom line.