2023 Medical Price Index – WCRI – Annual Free Thorough Comparison Study
If you go to WCRI’s (Workers Compensation Research Institute) main page, you should see a popup for its 2023 Medical Price Index (15th edition.) If your browser blocks popups, turning off the blocker will help find the link. (WCRI main page link)
The study and report cover 190 pages of info. If you are an underwriter; an adjuster setting reserves, an actuary; or anyone that deals with medical costs/reserving, this is a recommended freebie. All they ask is that you fill out an info request. WCRI will not spam you.
As we all may know, Workers Comp is unto itself in each state. The multistate comparisons such as the one below are invaluable when making decisions on workers comp beyond just one jurisdiction or if one wishes to see how their state compares to others for Workers Comp benefits. The chart below shows that medical fee schedules usually cut workers’ comp costs.
The WCRI analysis report analyzes each of the states individually, then benchmarks them against other states.
According to WCRI – (2023 Medical Price Index)
This 15th edition covers 36 states that represent 87 percent of the workers’ compensation benefits paid in the United States. These 36 study states are Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and
Wisconsin.
Employers Can Use This Index
Employers that are thinking about expanding into other states would find the 2023 Medical Prince Index invaluable. J&L is often contacted after an employer expands into or buys a company in another state which generates higher than expected workers comp costs. Workers Comp medical payments have been responsible for more than 60% of reserves for many years.
