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2021 Workers Comp Benchmarking Study – Rising Medical Solutions

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2021 Workers Comp Benchmarking Study – Hot Off The Presses

One of my favorite Workers Comp people in the workers comp industry forwarded me a link to download a copy of the 2021 Workers Comp Benchmarking Study.

Pic Title 2021 Workers Comp Benchmarking Study
(c) Rising Medical Solutions – used with permission

Rachel Fikes of Rising Medical has been the study administrator since its inception.  You can download a copy by going to this webpage.  An associated webinar is available for those who do not like to read studies.  Providing your email address will not cause you to be spammed for months.

I was invited to a think tank when this study was in its infancy almost a decade ago.

Workers comp claim departments are in need of updating on a micro and a macro level.  I think that claims supervisors, managers, and VPs along with risk managers would find this info invaluable.

According to the 2021 Workers Comp Benchmarking study press release-

The ninth annual study draws upon first-person, focus group research and reveals real-world strategies industry executive participants are using to overcome deeply entrenched challenges. Eight years of prior study data shows—to succeed in the face of core claims challenges—organizations must undergo operational transformation to improve outcomes.

The resulting 2021 Report details specifically how high-performing claims organizations are transforming legacy processes, mindsets, semantics, and ingrained cultural practices to outpace their peers and propel new levels of claims management mastery.

Legacy is Key For ClaimManagement Operation Studies

In my old IT days, when any computer system was designated as legacy, many of the systems engineers’ ears would perk up.  This meant the system was out-of-date and needed an immediate replacement.  Does legacy describe the current workers comp environment?

Let us look at the techie definition-From Wikipedia and Webster’s Dictionary[1]

In computing, a legacy system is an old method, technology, computer system, or application program, “of, relating to, or being a previous or outdated computer system,”[1] yet still in use. Often referencing a system as “legacy” means that it paved the way for the standards that would follow it. This can also imply that the system is out of date or in need of replacement.

I attended a great presentation on the preliminary study results last year at the 2021  NWCDC Conference.  Check out the article I wrote on the presentation here.

Downloading a copy of the 2021 Workers Comp Benchmarking study will be worth your time.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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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