Prior Unit Stat Date Article Caused Confusion
I may have some caused confusion on my last Unit Stat date article on the most important day in Workers Comp. From the emails that I received, I may not have been as clear as I should have been on the Unit Stat date.
The Unit Stat date is six months later than the last date of your previous Workers Comp policy. I had used January 1 in the examples to fit the description of the most important day in Workers Comp – June 30th.
The easiest way to find your company’s Unit Stat date is by adding six months to your policy renewal date. If your policy’s renewal date is in the middle of the month ( Example – March 14th) then your Unit Stat Date would be September 13th. Your Unit Stat date does not have to be at the beginning or the ending of the month.
As I mentioned in a previous post, you need to have a plan on how to monitor and negotiate your company’s reserves before the Unit Stat date. The initial process must start right after your policy renewal to affect your NEXT YEARS’ E-Mod.
If you start to monitor and negotiate your company’s reserves within three months of your Unit Stat date you are not going to have much success as the process will take at least 6 – 9 months. It is not that easy to accomplish as most Workers Comp insurance adjusters are not used to having their reserves questioned.
At no time was I referring to a claim performance audit. This is a totally different audit that scores the adjuster’s effectiveness on a random sampling of the files. I hope that this clears up some of the confusion concerning my last few posts on the Workers Compensation insurance cycle.
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