Insurers give their advice on keeping workers’ compensation insurance costs low, including how to spot fraud. Meanwhile, BLR offers an audio conference on how to monitor and control open claims.
With rates declining, due to a combination of state reform action and lower accident rates, experts feel many organizations are losing focus on the cost issues involved and have started to treat workers’ comp as just another cost of doing business.
However, even workers’ comp insurers themselves feel there are relatively simple ways organizations can lower their costs even more, even in a declining rate market, and just as important, keep their costs from rising even though the market has gone down.
The solution lies in improving the insured organization’s experience modifier, or “mod,” a metric of how good an organization’s record is against others in its industry or business sector. Here are some suggestions from The Hartford Insurance Company, among others, to keep your mod strong and healthy:
It’s a fact: You can’t control your workers’ comp costs unless you also control open claims. Learn how in BLR’s special April 10 audio conference on the subject. Can’t attend? Preorder the CD. Click for info.
Hire Safe, Spot Fraud
Zurich North America, for its part, advises making thorough background checks on prospective employees, looking for factors that could indicate careless or unsafe attitudes. Your checks should include motor vehicle reports, credit balances, and criminal record databases. Preemployment drug screening is also highly recommended.
A number of insurers also offer advice on how to spot fraudulent claims. Watch out, they say, for:
Learn to monitor open claims
Finally, many experts recommend paying special attention to I, which can rapidly get out of hand, as the insurer mechanically processes all manner of unnecessary tests and treatments, and then just passes the costs on to you in an increased modifier.
Make sure your insurance carrier protects your interests on open claims. See how in BLR’s April 10 audio conference. Satisfaction assured. Click for info.
For information on how to handle this aspect, we strongly recommend attendance at BLR’s April 10 audio conference, Workers’ Compensation Claims Review: Why Regular Reviews Save Money and Prevent Litigation—Steps You Can Take Now.
The two experts presenting will explain why you can’t depend on the system to protect you, why it’s absolutely necessary to maintain a constant back and forth with the carrier on open claims, and what to ask when you do. As always, the 90-minute conference will be followed by an extensive Q&A to answer your specific phoned-in or e-mailed questions. One fee trains your entire staff, and your satisfaction is assured or we issue a full refund. Can’t attend? Preorder the conference CD. Click here for more information, to register, or to preorder the CD.