• Menu
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • About
  • Contact
  • Privacy
 
Paradigm

Amaxx Workers Comp Blog

Reduce Workers Compensation Costs By 20-50%

Header Right

  • Home
    • Training Center
  • Search
    • Free Resources & Solutions
    • Subscribe to Free Newsletter
    • Create Free Training Center Account
    • Enroll in On-Demand Courses
    • Activate WC Mastery Membership
    • Request Strategic Coaching Session
    • Buy WC Guidebooks
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
    • Coaching
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login

Mobile Menu

  • Home
    • Training Center
  • Search
    • Free Resources & Solutions
    • Subscribe to Free Newsletter
    • Create Free Training Center Account
    • Enroll in On-Demand Courses
    • Activate WC Mastery Membership
    • Request Strategic Coaching Session
    • Buy WC Guidebooks
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
    • Coaching
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login
  • About
  • Contact
  • Privacy
You are here: Home / Claim Management / 3 Simple Tasks To Apply To Every Work Comp Claim

3 Simple Tasks To Apply To Every Work Comp Claim

July 18, 2022 By //  by Michael B. Stack Leave a Comment

Members of the claims management team are always looking for cost saving measures on their workers’ compensation claims. This is due to the fiduciary duty to the insurance carrier they work for and requirements under the workers’ compensation act to provide injured parties with the benefits they are entitled to receive. While there are techniques developed over time, simple tasks on every file can lead to responsible cost savings on every file.

 

 

 

Click Link to Access Free PDF Download

“How Do I Get My Adjusters To Follow My Account Handling Instructions?”


Step 1: Know Your Files

 

The average workers’ compensation claim handler can be responsible for handling up to 200 claim files from potentially a variety of jurisdictions. This creates countless headaches for everyone involved on the claim management team. While each person may have their own style or file organization, there are certain steps that one can take to master the process and be effective and efficient. These steps include:

  • Analyzing workers’ compensation claim trends and identify the various drivers that increase risk and impact loss experience. Various important trends include the demographics of the injured workers, the nature and extent of their claimed injuries and economic trends in the community in which the injury took place.
  • Understanding the barriers to settlement and ability to resolve cases in a timely manner. In the business of claims management, “the only good file is a close file.” While some claims take longer than others to close, an initial analysis on what pitfalls might lay ahead will help the claims handler develop a strategy for getting the file closed in a timely manner.

Step 2: Move Your Claims toward Settlement

The inability to move claims toward settlement causes stress on the individual claim handler and the rest of the team. In some instances, more experienced claim handlers will need to pick up files from a team member if the claims are not handled in a proper manner. Tips for closing files in a timely manner, but at the same time ensuring the injured party receives the care they are entitled to receive include:

  • Setting proper reserves on claims. Claims that are reserved too high need to be adjusted downward. This places financial stress on an individual carrier and limits their ability to use capital in an appropriate manner. In the same regard, claims that are reserved too low also have a negative financial impact and place limitations on settling other cases. Common issues that arise when setting proper reserves include a realistic evaluation on future disability and medical care an injured employee may need.
  • Failure to review files on at least a quarterly basis. Dust collecting on a claims file is a sure sign of ineffective claims management. By making the effort to review files on a consistent basis, proper evaluation will be given to matters that hopefully can close.

FREE DOWNLOAD: “How Do I Get My Adjusters To Follow My Account Handling Instructions?”


Step 3: Leverage The Insurer Relationship

An effective workers’ compensation claims management team should communicate with their insurer about risk. This includes helping to understand simple items like how their workers’ compensation insurance premium is calculated and how to legally and ethically reduce costs. This includes a number of different cost-saving mechanisms:

  • Ongoing discussions regarding the impact injury and disability have on the experience modifier;
  • How to legally report payroll amounts as required by state law. This is often an issue with part-time employees, or persons working for an employer as an independent contractor; and
  • How to improve the overall safety of work sites and facilities.

Conclusions

There are many simple ways to reduce workers’ compensation costs through effective claims management. This includes the work of the individual claim handler to better organize their files and assist the interested stakeholders in the process.

 

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.

Contact: mstack@reduceyourworkerscomp.com.

Workers’ Comp Roundup Blog: http://blog.reduceyourworkerscomp.com/

©2022 Amaxx LLC. All rights reserved under International Copyright Law.

Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker, attorney, or qualified professional.

FREE DOWNLOAD: “How Do I Get My Adjusters To Follow My Account Handling Instructions?”

Filed Under: Claim Management

Related Articles

Dedicated Adjuster Is Key Team Member To Cut Work Comp Costs

Dedicated Adjuster Is Key Team Member To Cut Work Comp Costs

Overcoming Fraud in Workers’ Compensation

Overcoming Fraud in Workers’ Compensation

Give Your Work Comp Adjuster A Hand To Achieve Better Outcomes

Give Your Work Comp Adjuster A Hand To Achieve Better Outcomes

Dealing with Death: A Claim Handler’s Primer to Death Claims

Dealing with Death: A Claim Handler’s Primer to Death Claims

Have All The Right Information Before Changing Your TPA

Have All The Right Information Before Changing Your TPA

Red Flag Workers’ Comp Cost Drivers and How to Avoid Them

Red Flag Workers’ Comp Cost Drivers and How to Avoid Them

Appreciation in Workers’ Compensation

Appreciation in Workers’ Compensation

You’re Fired! Work Comp and Retaliation Claims

You’re Fired! Work Comp and Retaliation Claims

Select the Workers’ Comp Claims Administrator

Select the Workers’ Comp Claims Administrator

File Reviews: The Who, What, When, Where, and How to Conduct One

File Reviews: The Who, What, When, Where, and How to Conduct One

Develop Relationships to Reduce Work Comp Costs

Develop Relationships to Reduce Work Comp Costs

Is an Injured Employee’s Transitional Duty Work at a Charity Tax Deductible?

Is an Injured Employee’s Transitional Duty Work at a Charity Tax Deductible?

Free Download

How Do I Get My Adjusters To Follow My Account Handling Instructions? - FREE Download Click Here Now!

Train to Succeed

BECOME CERTIFIED IN WORKERS’ COMPENSATION

Proven Course Catalog & WC Toolbox Give You The Power To Achieve Lower Costs and Better Injured Worker Outcomes

VISIT WORKERS' COMP TRAINING CENTER

Previous Post: « Keep Workers Cool As The Heat Turns Up
Next Post: Buyer Beware – 5 Things To Know About Lowest Work Comp Bidder »

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

FREE DOWNLOAD

How Do I Get My Adjusters To Follow My Account Handling Instructions? - FREE Download Click Here Now!

Our Sponsors

ARCADIA - Enhancing Settlement Outcomes

The Structured Settlements Company
 

Catastrophic and Risk Solutions, Case Management Solutions, and Specialty Networks
 

Post-Settlement Administration
 

Medcor

Injury Triage, Onsite Clinics

Read Our Award-Winning Blog

Blog Categories

Search Our Archive

Subscribe to Our FREE Newsletter

Return-to-Work Essentials

Footer

Search Our Archive

Search our continually growing archive of over 2500 articles about Workers' Comp issues.

Quiclinks

  • Calculators
  • Terms & Abbreviations
  • Glossary of WC Premium Terms
  • WC Resources
  • Best Practices
  • Industries
  • Return-to-Work Essentials

RSS Recent Blog Posts

  • Life Hacks for the Successful Work Comp Defense Attorney
  • Back to School: Preparing Your Team’s Workers’ Comp Curriculum
  • Use a Medical Director to Reduce Workers’ Compensation Costs
SUBSCRIBE TO OUR FEE NEWSLETTER
Let Us Help You Stomp Down the High Cost of Workers' Comp!
Top of Page ↑
  • Home
  • Training Center
  • Search
  • Membership
  • Products
  • Blog
  • About
  • Contact
  • Subscribe
  • Login
Copyright © 2022 Amaxx, LLC. All Rights Reserved. · Privacy Policy / Legal Notice