Workers Compensation Loss Runs – Online Access Is Best
Workers Compensation loss runs online claims access insures your company will have the easiest way to retrieve your Workers Compensation claims information.
I have posted very often on Workers Compensation claims loss runs. Why? Whether your company has a regular Workers Comp policy or a self-insured/large deductible program, your loss runs are a very important financial document and should be treated like a bank statement.
If you do not have full online access to your Workers Compensation claims, loss runs are the only documents that will inform your company of how your Workers Comp program is performing. In fact, full online access to your claims is worth approximately 20% of your premiums when comparing Workers Compensation carriers.
Having full online access to your claims includes having the change of reserve documentation available. This is very important as almost all systems that allow access to the reserve changes will show a breakdown of how the reserves were calculated. Full access is very important if you are going to have a company perform a claims analysis. Not only will full access save your company billable hours, but it will aid in negotiating down the file reserves.
If you have a TPA handling your claims, your company owns all of the claims data and should have access to all of it except certain information such as medical records. Your workers comp claims files should be an open book that you can fully view all adjustment actions on the files at all times.
I always recommend that any company that does not have online claims access or do not know how to access the claims should obtain a username and password from their insurance carrier or TPA. You can usually email the Workers Comp adjuster if you have questions on the file from inside the online file. I always recommend emailing the adjusters as you will have documentation and the adjuster can look at the file before responding. Calling an adjuster will only cause them to have to look at the file and call you back. That is why we do not recommend phone calls.
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