There’s an African proverb that says, if you want to go fast, go alone. If you want to go far, go together. Well, my name is Michael Stack and the CEO of Amaxx. And I want to talk about this concept of teamwork, this concept of going together and working together in the context of settling claims. So in the context of settling claims, one thing that is common, I think throughout 99.9% of people that work in the comp industry is that there’s a lot going on is that you’re overwhelmed. That you’re overloaded with stuff that you need to do. One of the saying that says, if you want to go fast, go alone, you could do things on your own. You can make decisions on your own. You can try to manage claims on your own, but you’re just not going to get that far. You’re going to be maxed out and capped out and overwhelmed relatively quickly, as far as what you can accomplish.
Work Efficiently & Effectively With a Settlement Team
If you want to go far in regards to success in worker’s compensation. And in regard to this video, in regards to settlement work with a settlement team, go together, work efficiently, work efficiently and effectively unsettling identifying claims that need to be settled for one early and then work with your team to implement settlement taxes, to successfully settle those claims. So who is your settlement team? And then I want to give you one question here, one question here that it’s going to make all the difference in your claims philosophically, and from an execution standpoint, one question that you need to know, all right? So here’s where your, a team kind of starts. It starts with your adjuster and your employer. So the adjuster, the employer, and they say, you know, what do you think about this claim? We’re where are we standing here? Let’s make some decisions.
You Only Have So Much Capacity as an Individual
There’s only so much capacity here. As far as being able to accurately identify early. Some of these claims can be settled. So this is where it starts. And oftentimes, unfortunately, this is where it stops in regards to a settlement team getting involved early. So let’s talk about who these other players are. You’re going to have your attorney, your defense attorney. You’re going to have a structured settlement broker. So a structured settlement broker sometimes called a settlement advisor, depending on the company that you’re working with. So structured some broker, you got an MSA vendor, which is your Medicare set-asides. So Medicare set-asides, you have an MSA vendor, and then you also have professional administrator. So professional administration, these are four key additional players and two teammates to tap into their expertise. And particularly in regards to these three different vendor relationships, all they do is settlements.
All they do, that’s all they do. That’s where their expertise lies in regards to being a settlement advisor in regards to helping you identify these claims early, when you’re talking about an MSA, all they do as MSA is if MSA is are complicated and you don’t even know what the acronym MSA even stands for, you need somebody who does, you need an expertise in regards to professional administration. They service the claim after the claim actually settles so that everything can run on smoothly. But that doesn’t mean they shouldn’t be involved early and a part of the team because they can help set everything up successfully. The point of this, and the main takeaway from this video blog is that you need to get all of these players involved in the claim to tap into their expertise, tap into their knowledge, to go far and efficiently together.
The only way you’re going to do that is by leveraging a settlement team, leveraging the expertise of people who have it, but who people are more than willing to give to you and share and get involved in these claims early, identify what those triggers are and have them involved in the claim. And you know, what a great way to do to understand what the exact trigger is. It’s to ask them and say, Hey, you know, when should I get you involved in these claims and have that clear trigger point. I want to give you this one question, kind of fill in these four blanks here as a philosophically from an execution standpoint is going to make all the difference in regards to the use of your team. And here it is, it’s what do you think? What do you think? Hey, settlement team, what do you think about this claim?
What Do You Think?
What should we do here in order to help us successfully settle this difficult case? What do you think about this? Is this one that you think you want to get involved in here? Or is the timing right? Or should we wait until XYZ happens first? What do you think about this, Mr. Or Mrs. Vendor relationship here, settlement advisor, attorney MSA, vendor, professional administrator at first, putting all these puzzle pieces together to successfully settle these claims. If you talk to any one of these individuals, attorneys, settlement, advisors, MSA vendors, professional administers, they will tell you the earlier they can get involved is the more successful have the earlier they can get involved as the more success they’ll have with the case. And you know, what that does is it takes things off the plates of these adjusters and employers. It takes it off the plate. They’re saying we want to get involved early.
Take Some Things Off Your Plate
And you’re saying, well, I don’t know, I’m overloaded. I’m overwhelmed over here. I can’t even think straight in order to manage these claims are probably because I’ve got so much to do. And they’re saying, Hey, we can take some of this off your plate. What do you think? Get these settlements involved early, the settlement team, build it out, get them involved early, and you will see a much more efficient and just much more successful way to successfully manage claims.
Again, my name is Michael Stack. I’m the CEO of Amaxx. And remember your work today in workers’ comp can have a dramatic impact on your company’s bottom line, but it will have a dramatic impact on someone’s life. So be great.
Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is the founder & lead trainer of Amaxx Workers’ Comp Training Center, which offers the Certified Master of Workers’ Compensation national designation.
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