The Importance of Claims Settlement The proper conclusion of the workers' compensation claim has a major impact on the financial cost of your workers' compensation program. By properly establishing the value of the claim and by understanding the various aspects of the final settlement value, your company can control your claim cost. If you need assistance on how and when to settle your workers' compensation claims, please contact your broker or one of the consultants in our directory at http://reduceyourworkerscomp.com//workerscomp-directory.php You faithfully followed every step in the Best Practices for Handling Workers' Compensation Claims your Risk Management Department and the insurer/TPA agreed to when your work comp program began. Despite all your efforts, the employee is still off work and the medical costs keep mounting. What do you do to conclude the claim and what is the proper time to bring the case to conclusion? Best Practices Throughout In order to properly settle any workers' compensation claim for the best possible amount, the proper handling of the claim is needed throughout the entire claim process. The adjuster cannot do a mediocre job throughout the course of the claim handling and then expect to get an excellent settlement. An excellent financial settlement almost always follows excellent claim's handling where the adjuster complies with all the previously established Best Practices of Risk Management Department.
Sample Best Practices: http://reduceyourworkerscomp.com//best-practice-profile-ranking.php
Action Plan As part of your Best Practices, you require the adjuster to have an Action Plan in the claim file. The Action Plan must be in depth. It cannot be a simplistic "pay medicals, settle PPD." The Action Plan should outline step by step all the activities to undertake to bring the claim to conclusion. (workersxzcompxzkit) The Action Plan keeps the adjuster focused on what needs to be done to settle the claim and prevent the claim file from lingering unnecessarily. The Risk Management Department workers' compensation coordinator should review the settlement Action Plan completely prior to authorizing any financial settlement of the claim. "FRAUD PREVENTION" PODCAST click here: http://www.workerscompkit.com/gallagher/mp3 By: Private investigator with 25 years experience. WC Calculator: http://www.reduceyourworkerscomp.com/calculator.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker about workers' comp issues. ©2009 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact [email protected]
