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Six Keys To Saving On Workers Comp – Let’s Cover Easiest One

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The Six Keys To Saving On Workers Comp – Easiest One To Accomplish Today

The Six Keys To Saving On Workers Comp started as the Four Keys.   Still – to this day, almost 30 years after I wrote the First Four – ASAP First Reports is the easiest Key to accomplish.    With today’s technology, reporting claims has been sped up greatly.  Most carriers and Third Party Administrators (TPA’s) provide online claims reporting.  

Picture of Six Keys To Saving On Workers Comp on table
Wikimedia Commons – martinak15

If your carrier or TPA requires you to file them online, then they are doing your company  a great cost  saving service. Some TPA’s and a few carriers now charge an extra $25 – $100 per claim to have your claim input from paper or an electronic file.  

The one unspoken benefit allows your respective claims adjuster to take some type of investigative action.     The First Report of Injury (FROI) legally allows your adjuster to act on your behalf to investigate the claim.   When an adjuster receives a Twilight Zone phone call, the results usually point to the negative.  You may want to follow the link to see how your claim can end up with larger than normal reserves from the very start.    Getting control over the claim involves three areas:

  1. Medical control – without the medical control in place, your costs are going to spiral 

    Hand Putting Money Six Keys To Saving On Workers Comp In Piggy Bank
    StockUnlimited
  2. Return to work – the coordination between adjuster, employer, and treating physician is affected with a delayed first report 
  3. Employee treatment – the more quickly the adjuster contacts the injured employee, the more likely the employee will be satisfied with the handling of the claim.  Waiting around days in limbo will never make the injured employee feel at ease with his/her claim.  

As we all have become used to “instant information“, the time clock is much shorter than in the past on getting the claim on the books and establishing three point contact.  Smart phone apps should help this process along.   To date, I have not seen a good app to enhance claims reporting.   The adjuster must contact the injured employee, doctor, and employer within 24 hours after receiving the claim.  The 24 hour clock starts running even with the additional time the claims supervisor  takes to review the claim before adjuster assignment.    

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2 Responses

  1. Oh my goodness! Amazing article dude! Thank you, However I am having troubles with your RSS. I don’t know the reason why I am unable to subscribe to it.Is there anybody else having similar RSS problems? Anyone that knows the answer will you kindly respond? Thanx!!

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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