Reduce Workers' Compensation Costs

Unfortunately, the typical employer's focus on total workers' compensation claims costs from one year to the next is incomplete and shortsighted. It fails to recognize or measure what is driving the claim costs. If the average medical cost per claim increased, was it simply a matter of medical inflation or did it have anything to do with something the employer could control? If it went down was it luck or a result of the employer's actions? What is needed are tangible and measurable metrics of factors driving claims costs. This focus has several advantages. First, it inherently takes a long-term view enabling employers to understand the underlying circumstances and conditions that are driving up work-related injury costs. Second, it isolates measures of the value of the employer's actions. This approach is much more than a difference in semantics; it not only will drive decisions in a different direction but it may also entail significant changes in an organization's management of Workers' Compensation.

13 minute read June 28, 2007 at 10:36 AM
By
Robert W. Seltzer and Steven A. Stramara
Reduce Workers' Compensation Costs

How do we keep score in Workers' Compensation? Typically, insurance carriers provide 'top-of-the-line measurements,' such as total number of claim dollars spent in a given year, average claims costs for medical-only claims and average claims costs for lost-time claims to employers.

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