Strengths and Weaknesses of Worker Comp Cost Containment Resources

Companies with low loss experience (best practice companies) tend to use many resources to learn about workers’ compensation cost containment. Each resource has strengths and limitations, but all resources used in combination provide the knowledge and tools for a company to reduce their workers’ compensation costs.

1-Printed Books – the printed book is the most in-depth resource and it is “at your fingertips.” Like a library book or text book, it is a source of theoretical information which provides a foundation of knowledge about the subject. However, one must have a starting point and a structure within which to apply this knowledge and turn it into every day activities to fix the problem of high workers’ compensation costs. Risk managers need a practical way to turn this information into action.

2-Online Newsletters – an excellent source of timely topical information.

3-Magazines – Articles are by their nature topical information that deals with only one aspect of workers compensation cost containment; it’s strength is that it provides up-to-date information and usually points you toward more in depth publications and resources.

4-Seminars and Conferences – This is a venue to establish a network of contacts and learn about resources. At conferences and seminars, particularly those with exhibit halls, risk managers immediately come face-to-face with resources and are able to discuss their situation with a range of professionals face-to-face. It provides a good beginning to find the tools you need to embark on a workers’ comp cost containment program. You will need to follow up or you are back where you started, so the onus is on you to make the best use of the conference experience. Virtual solutions also exist.

5-Attend Professional Organizations, Meetings, Online Communities & Forums – These are the face-to-face follow up and are an opportunity for continued networking, staying up-to-date on current events and issues. Follow-up is necessary and “if you don’t use it, you’ll lose it.” Online Forums are excellent opportunities to ask specific questions and meet peers. And you can do it at times convenient to you.

6-Search the Internet -You can find tools, strategies and methods you did not even know existed.

7-Webinars – Online seminars are a fast, easy-to-use way to learn the basics, however, there aren’t many about workers’ compensation cost containment. That’s OK, grab the ones about specifics such as medical cost containment techniques offered by the carriers. Knowledge about any aspect of workers’ comp never hurts, it broadens your understanding.

8-Online Tools and Resources – These provide immediate concrete tools to use that you can apply to existing business processes. An online resource allows you to take those tools to create a program and you can do it from your own office. In a way, it’s your best means to follow-up because after you’ve learned all of the above; it gives you the framework to integrate the other resources.

WC Calculator www.ReduceYourWorkersComp.com/calculator.php
TD Calculator www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php
WC 101 www.ReduceYourWorkersComp.com/workers_comp.php

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

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