Our National Workers Comp Score are numeric scores ranked for 1-100. Yes, you CAN earn 18 extra point! No, the scoring is not graded on a curve… But, don't worry too much about your scores because it's intended as a learning experience. As you read the questions, you'll learn what best practices you haven't done, and you'll probably be able to implement a few practices right away. Once you do that, you can retake your Best Practice Assessment to improve your Score, and you'll see improvement on your Score Tracker. Make as many improvements as you want, and continue to monitor progress. If you have multiple divisions, the scores of each is ranked best-to-worst so you'll know instantly which divisions you need to concentrate on. Risk Managers have found this feature very helpful in targeting training needs and providing more resources and assistance. So, if you want to know where your biggest areas of cost savings are, have all divisions take the Best Practice Assessment and get their NWCS. Once they show improvement show the results to your broker and carrier to make a case for lower premiums. We'll put you on a schedule for implementation of changes, that will further enhance your chances for lower premiums and collateral requirements. Learn more at http://www.reduceyourworkerscomp.com/best-practice-profile-ranking.php Financial executives understand quantification, and a "score" provides uniform analysis that is quantifiable, so consider having all operating units get a WC Target Score. The 7 Biggest Mistakes Employers Make is at: http://www.reduceyourworkerscomp.com/lower-reduce-workers-comp-costs.php
"Manage Your Workers' Compensation Program 2011 – Reduce Costs 20% to 50%" is a 155-page
guide covering
how to assess your workers compensation program, design program materials, roll out a program to the organization, and monitor and manage the program once implemented. Written by a national expert on workers compensation cost containment with over 25 years experience in the industry. The book helps organizations reduce workers compensation costs.
In the RIMS 2008 Benchmarking Survey, Cost Per Employee for ALL employers in the survey went UP slightly from the previous year.
The overall Cost Per FTE in 2006 (the previous RIMS Survey) was $618. This went upward to $681, so not a huge increase, but when we hear there is a "soft market" that leaves me puzzled. Perhaps that's because the data is 2007, and the market wasn't so soft at that point. There are lots of possibilities…
BUT the biggest news is for companies on the low end of the range, those companies with less than $1 billion in revenue, the Cost Per Employee went UP, WAY up.
Now's a good time to buy your survey by clicking on this link. http://www.rims.org/resources/BenchmarkSurvey/Pages/PurchasetheBook.aspx. And, if they ask, make sure to let them know you saw our post. We're letting you know about the book, because it's the most valuable resource out there!
The survey has 14 industry groups, and you'll be able to find out what the WC Cost Per Employee is for YOUR industry. You should know if you are above industry average or below industry average, shouldn't you?
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers Compensation costs, including airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. See www.LowerWC.com for more information. Contact: Info@ReduceYourWorkersComp.com.
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
©2011 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@ReduceYourWorkersComp.com.
The National WC Management Score is a diagnostic tool like a credit score (think FICO®) ranging from 0-100. A company's workers' Comp team (or manager) answers best practices questions to instantly diagnose how to reduce workers' compensation costs.
It measures how many "best practices" are in place at your company. Best practices are steps a company takes internally. If you are implementing a new cost control program, the score tells you exactly what needs to be changed.
While you might think of Workers Comp as a legal problem, it is really more of a management issue. Even though the laws form the basis of the entitlement, it is a failure of processes which allow employees to remain out of work for long periods of time.
Our assessment will show your strengths and weaknesses. ]From there you can build stronger links and begin to save money right away.
Assess Your Workers Comp Program
These are the 10 areas of assessment you should be looking at to control your Workers' Comp costs:
1. Performance Goals: Measuring your success against national benchmarks and your own performance indicates success and allows you to reward those responsible.
2. Post Injury Response Procedures: Procedures must be tight during the 24 hours immediately following an injury so injured employees return to work as soon as medically able.
3. Communication: Development of consistent procedures includes having easy-to-read and easy-to-use forms and letters to gather information.
4. Return to Work Programs & Transitional Duty: Once an employee is injured on the job, returning to work as soon as medically able becomes a primary focus.
5. Management Commitment: Upper management support of changes necessary to reduce workers' compensation costs is imperative.
6. Insurance Co & Claims Administrator Performance: The insurance arrangement and claims system must be structured to support your company's processes.
7. Medical Care Coordination: Medical care must be coordinated so injured employees receive prompt, quality care by a physician or clinic which supports your company's goal of rapid healing and return to productivity.
8. Medical Cost Containment: We don't focus on reducing the cost of each medical visit, rather, we strive for overall cost reduction, which sometimes means paying MORE for a doctor who will spend more time with your injured employees.
9. Fraud, Abuse and Malingering: Some people take advantage of the system by staging accidents, faking injuries or pretending they are injured more seriously than they are.
10.Training Initiatives: All levels in the company must understand their role and the exact steps needed to make their workers' compensation program successful.
For the 7 Biggest Mistakes Companies Make, click here: http://www.reduceyourworkerscomp.com/lower-reduce-workers-comp-costs.php
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers Compensation costs, including airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. See www.LowerWC.com for more information. Contact: Info@ReduceYourWorkersComp.com.
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
©2011 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@ReduceYourWorkersComp.com.
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