2009 RIMS Benchmark Survey Includes Workers Comp Best Practices First Time Ever

The 2009 RIMS Benchmark Survey includes a section on Workers’ Compensation Best Practices. In the past, the survey was only data, so this is a big change. While it was always interesting to know the Cost Per FTE, now we have some operational benchmarks as well. For example, the workers’ compensation survey reveals approximately 60% of companies have moderate to significant deficiencies in their workers’ compensation claims management practices. Now, we have metrics for comparison. In the survey, there were 10 questions representing each section of a workers’ compensation management program. RTW, Medical Management, Communication, etc. Of the 1,241 companies responding to the survey, 90% responded to this section – it was very popular. Some examples, the RTW question asks whether the company brings employees back to work on transitional duty until they fully recover. It then provides the percentage of responders having implemented a program a) across all units, b) to some units, c) not at all or d) don’t know. It provides percentage of companies with charge back systems, post injury procedures, whether companies visited the medical facilities where their employees receive medical care, whether they have an employee brochure, use a fraud tip line, obtain medical restrictions on the first visit, etc. This is the first time operational best practices have been determined for the entire risk management community. The purpose is to help companies get started in cost reduction efforts by offering comparisons. The study mentions which best practices the top 25 companies with the highest overall scores are doing. It also tells a bit about which financing methods netted the best scores – e.g. self-insurance, direct purchase, with or without broker. RIMS and Advisen sell the full survey for companies wanting to take it one step past comparing their programs to these statistics. The 10 RIMS survey questions were selected from WCK. To get YOUR score, go to: http://corner.advisen.com/partners_wctoolkit_survey.html. This enables companies to instantly know how well they are doing – much like a FICO score. Author: Rebecca Shafer, J.D. consults for mid-market and national accounts focusing on project management, risk management assessments, data review, benchmarking, and development of Workers’ Compensation and Injury Management Programs. Projects focus on development of training and education programs, document design, evaluation and integration of insurance claims administration and TPA services. Contact her are: Becki@ReduceYourWorkersComp.com. WC Calculator: www.reduceyourworkerscomp.com/calculator.php TD Calculator:www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php Follow Us On Twitter: www.twitter.com/WorkersCompKit Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker about workers’ comp issues. ©2008 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@WorkersCompKit.com