True or False: There Is Nothing You Can Do To Control Workers Comp Costs

That is FALSE!

Over the next few days we will explore nine (9) common myths associated with workers’ compensation cost containment preventing implementation of effective cost control in this vital area.

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MYTH #1: There’s nothing you can do to control workers’ compensation costs.

REALITY: It is a common misconception among management that there is nothing that can be done to control workers’ compensation costs. Often management has heard this for decades and is not aware of all the steps that can be taken to reduce workers’ compensation costs. BUT, there are tried and true methods to reduce costs. Returning employees to work as soon as they are medically able to perform any type of transitional duty job within the workplace is a key to overall cost reduction.

1- Management must begin with a “CAN DO” attitude, thinking outside the box, developing creative ideas to bring employees back to work more rapidly.
2- Include your broker, your insurance account executive, the TPA claims manager, a medical advisor, for a brainstorming meeting.
3- Have flip charts around the room for notes, and have the facilitator prepare thought provoking questions in advance.
4- Show how much it costs to pay for one workers’ compensation claim and also how much it costs to pay for workers compensation annually at each company.

Use our calculators to have each team member gather this information. It’s a real eye-opener!

Do not use this information without independent verification. All state laws are different. Consult with your corporate legal counsel before implementing any cost containment programs.