Workers Compensation Premium First Aid Kit
A good Workers Compensation premium first aid kit contains seven main items.
One of the most popular questions we receive at presentations, emails, and social media is “How do we fix our Workers Comp situation now?” As mentioned often in this blog, WC is a very delayed system. Fixing your Workers Comp now will show fully in the results 3 -4 years in the future.
The seven items to include in your Workers Comp premiums first aid kit are: (clicking on each will bring up an associated article)
- Loss Runs – you have to know where you are financially on each claim. Online loss run access is a very important part of fixing your WC wounds. You cannot treat something if you do not know where it is located on your body. There are many articles on loss runs in this blog. Use the search box to find more on loss runs.
- Policies – these are similar to the little instruction manuals in first aid kits. You have to know what is available in your WC first aid kit. Policies are similar to the contents list in the first aid kit. You need to read these BEFORE you have a WC problem. As with Loss Runs, using the search box will list many articles on policies.
Experience Mod Sheets – Knowing the seriousness of the wound will point you to use the proper material. Access to Experience Mod sheets has become much simpler over the last few years. As an employer, you have the right to receive a copy of your E-mod sheets each year. Most of the time, we have seen the sheets end up in the trash or being just filed away.
- Premium Audit Workpapers and Bill – the most lacking in what we see in everyone’s first aid kit. Your true final result for the year is the FINAL premium audit. How do you know how well your efforts have healed your program without the final results?
- Adjusters Contact Information – your WC adjuster should be thought of as a team member of the Risk Management, Finance, and HR departments. If you do not have this information, you should go find it after reading this article. Adjusters can be thought of as wound dressing. Without them, the wound could become quickly infected.
- Medical Network (2nd Level) – sometimes the wounds become infected no matter what treatments are applied to it. Knowing the first level PCP’s (Primary Care Physicians) is good, but does the PCP know where to refer your injured employees for orthopedic, neurological, dental, vision, or other kinds of treatment? You need to have this list at your fingertips.
Scans vs. Paper – your first aid kit needs to be accessible and organized. Scanning the documents- if that is OK with your IT department -will easily organize your first aid kit. You may need to treat a wound quickly. Shuffling through piles of paper and/or numerous files may not be the best method.
There may be other items to include in your kit. These seven will have you on your way to workers’ compensation premium savings.
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