How to monitor your claims and Workers Comp premiums? If you have online access to your Work Comp claims notes, reserve history, background, etc, then you are in possession of a very valuable tool in controlling your Workers Compensation costs.
If you do not have online access, ask your Workers Comp insurance carrier or TPA (if you are self-insured) for a username and password. You will need to request full access to all notes, reserves, etc. If you are having to choose among many Workers Comp carriers or TPA’s, online access may be worth spending more than the lowest bidder.
Online access allows you to have:
- Up to the minute knowledge of what is occurring in the claim
- Reserve history to explain why reserves were increased
- Will likely result in less contact with the adjuster to find out the claim status, saving you time. If you call/email the adjuster for a status, he/she will be looking at the same claim notes to give you an update.
- Allows you to do an internal audit of all claims w/o the expense of doing an in-office audit.
- Many other advantages to having online access – all save time and $.
We do a large number of online Workers Comp claim audits. It is much less expensive than an in-office audit. In fact, we are doing one for one of the largest employers in North Carolina as of now.
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Article provided by James J Moore, AIC, MBA, ChFC, ARM. All articles are original content. Check out the full website at www.cutcompcosts.com.