Workers’ compensation claims can be costly. You know that. As a safety professional, you often have the daunting task of analyzing how workers’ compensation claims are impacting the company. It doesn’t take magical weapons from another universe to tackle, but if you don’t have the right tools and information, you are potentially missing key indicators.
So how can you bring Thor’s hammer down on workers’ compensation claims?
It begins by understanding what factors can have an impact on workers’ comp claims. A very important one is timely reporting. If you, as the employer, report claims in a timely manner you’ll see faster treatment for the injured employee, the prevention of injury exacerbation, and even future accident prevention. You’ll also likely noticed lower costs.
Do you have a strong return-to-work program in place? There are humanistic and financial benefits to such a program that can play a role in your workers’ comp claims. Your employees are your most valuable asset and key studies time and time again show that returning an injured employee to work quickly will impact positively impact the employee’s recovery time, company morale and productivity.
Are you familiar with how your experience modification factor is derived? Do you understand how it impacts costs? Are you aware of the ways it can be controlled? Safety professionals who have a good grasp on the experience mod will have an advantage when it comes to controlling the cost of workers’ comp claims.
As a safety professional, if you understand the factors impacting your claims, the benefits of a strong return-to-work program, and how the experience mod is calculated & what can be done to control it – then you can help save your organization money as well as provide a mechanism to help justify the safety department’s budget.
To learn more about how you can help control workers’ compensation claims join me at the 2017 Indiana Safety & Health Conference. Don’t miss my session, Bringing Thor’s Hammer Down On Work Comp Claims, on Wednesday, March 1 at 4:00pm!
Director of Risk Management Services