The tool focuses on prices paid for medical care that injured workers receive, according to Ramona Tanabe, WCRI counsel and deputy director. Previously, the consumer price index for medical care was used, but it only measured general prices paid for medical goods and services. “If you are a policy maker or other stakeholder and want to understand the growth of medical prices in workers compensation, you need this unique tool,” she said.(WCxKit)
The tool will help state accurately understand how prices for medical care for injured workers in their state compare with other states. It helps them decide if prices in their own state are rising slowly or rapidly. The tool can help them learn if rapid price growth is part of a national phenomenon or if it might be unique to the home state and therefore subject to local management or reform.(WCxKit)
Since medical prices for workers compensation are regulated in about 80 percent of states, the consumer price index for medical care does not reflect changes in actual prices paid in the regulated workers compensation market.
To learn more about this tool, look here.
Author Rebecca Shafer, JD, President of Amaxx Risk Solutions, Inc. is a national expert in the field of workers compensation. She is a writer, speaker, and website publisher. Her expertise is working with employers to reduce workers compensation costs, and her clients include airlines, healthcare, printing, publishing, pharmaceuticals, retail, hospitality, and manufacturing. See www.LowerWC.com for more information. Contact: RShafer@ReduceYourWorkersComp.com.
Our WORKERS COMP BOOK: www.WCManual.com
WORK COMP CALCULATOR: www.LowerWC.com/calculator.php
MODIFIED DUTY CALCULATOR: www.LowerWC.com/transitional-duty-cost-calculator.php
WC GROUP: www.linkedin.com/groups?homeNewMember=&gid=1922050/
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Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
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