Use a systematic approach to managing your workers' compensation costs. It should be a comprehensive program tackling the key cost areas driving workers' compensation costs. Cost drivers are found in how companies implement policies and procedures impacting workplace injuries. It won't be quick and it won't be easy, but it will be worth it! The key cost drivers, comprise a complete cost reduction program, with tools to control each of the cost drivers. Plan to develop for each area of concern, the following: 1. A discussion of a key area of the workers' compensation management process. 2. Related forms and documents must be designed, including access to Spanish translations of documents. 3. A well-managed safety program must be integrated into the total program. 4. Availability of cooperative and effective medical providers. 5 Availability of transitional duty must be provided to every medically able employee. 6 Effective and ongoing communication between employers and their injured workers. 7. Close coordination with the claims administrator. YOUR must manage your program, it is an internal program thus your TPA can't do it for you. (workersxzcompxzkit) Your program must address each key cost driver through a systematic process emphasizing communication among all parties involved.While there are a variety of mechanisms to reduce workers' compensation costs, these are basic practices common to every successful program. It's a comprehensive process, but one you can manage one bite at a time. As my boss always says, "You don't eat elephant is one bite. You eat elephant one bite at a time." Don't become disheartened, just take it one step at a time and you will reduce your costs 20-50%. Stick to it! xecutive Vice President Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: [email protected] or 860-553-6604. Author Robert Elliott E
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker about workers' comp issues.
