What gets measured gets done. Hello, my name is Michael Stack and I’m the CEO of Amaxx. And today I wanna give you a very practical and tactical tip. So we’re at the end of January here of 2022 is when I’m filming this video. Hi, how’s it going so far on the vision and the goals that you set at the end of last year? Now this could be applicable, whether it’s the end of January, end of June, middle of July, wherever you are, how is it going on the vision that you set at the beginning of the year? I want to give you a practical and tactical tip here to dial in and know the answer to that question, dial in and know the answer to that question at whatever point of the year you’re at first thing I wanna talk about is what metrics are you actually tracking?
So what are the key indicators? The key performance indicators, the KP, what are those key indicators? If you go to our training on the five critical metrics, you’ll see the five that I recommend today. I wanna talk about one very simple. The lag time metric is such a simple and easy metric for you to understand and track how you’re doing in terms of reporting injuries. The better that you do hear is the better you’re gonna be doing in so many other areas of work comp management. So let’s talk about worth with work comp management, who is the person that owns this number. So who’s the person that owns this number. You know, this is, you know, Helen, this is Tom, this is Bob. This is Sally Sue, whoever this person is that owns the lag time number. So who are they define who that is?
Where is the information coming from? So is this coming from your claim system? It’s coming from X, Y, Z report. Where is this information stored? What are you tracking, who is responsible for it? Where is the information coming from? So you know that it’s valid when you’re looking it up. And then finally, how often finally, how often, so what, what cadence are you actually looking at this number at? What cadence are you looking? What is the metric, your lag time number? Okay. Helen owns that. It’s coming from our claims system, our carrier, our TPA off of XYZ report. And we are looking at that every month or every week or every quarter or every day, whatever that right frequency is for you. When I ask you the question, how’s it going in terms of the vision and the goals that you set at the beginning of the year, this is the formula so that, you know, that answer, well, let me, well, that makes you, well, let me talk, uh, how’s our lag time going?
Well, let me talk to Helen. If Helen’s not, you Helen owns that number. We know that Helen owns it, and we know that that number, that information is valid. Once you have that cycle of data and information, now you can answer that. How’s it going question very easily. Very simply. Whether that’s to senior managers, underwriters, actuaries, adjusters, whoever the person is that’s answering the question needs to know what the information is and needs to know that it’s valid. Again, my name is Michael Stack. I’m the CEO of Amaxx. Remember your work today in workers’ compensation, have a dramatic impact on your company’s bottom line, but it will have dramatic impact on someone’s life. This would 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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