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2024 Workers Comp Industry Insights Survey – Interesting Results

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2024 Workers Comp Industry Insights Survey Report

The 2024 Workers Comp Industry Insights Survey Report sponsored by Healthe Systems and Risk & Insurance Magazine showed that one year in Workers Comp can lead to significant changes in opinion.  The results were very different in just one year – 2023 to 2024.

The Sixth Annual Workers’ Compensation Industry Insights Survey Report was conducted in person at the National Comp conference and online through the end of October 2023. Follow-up interviews with approximately five percent of survey respondents were conducted during December.  Over 500 workers comp industry personnel were surveyed for the report.

The largest percentage of participants were from

  • Executive Leadership,
  • Claims Management, and
  • Risk Managers.

One could call these three groups, the statistical report readers.  Each one of these groups reviews reports often as part of their jobs.

I recommend downloading the study here.  It is worth your time to read over the results. Some of the results were very unexpected, to say the least.   I will point out a few of them from the 2024 Workers Comp Industry Insights Survey.

65% of claims leaders see healthcare provider/service shortage as a major challenge.   I did not see that one showing up in the results.

73% of claim professionals cite difficulty obtaining information from medical providers as an obstacle to facilitating care. This has always been a problem in Workers Compensation claims – yes, always.

A different place of concern would be the topicals.  The exceeding cost of those drugs does not match the outcome. – Medical Program Manager | PBM  This one comes as no surprise.  Claims adjusters have made this comment to me often over the last 5 – 7 years.

The shortage of workers in the acute healthcare and insurance industries has been pending for years and we can now see more movement toward solutions.  I have seen this listed as a priority over 20 years ago.  AI is not going to fill in for workers in the insurance industry.  Insurance, especially workers comp requires the “human touch”.

One Year = Different Survey Results

Medical price inflation was a top concern for 58% of survey participants last year, but only 44% cited it as a concern for 2024.  The rating bureau NCCI saw this coming in May of 2023.  Medical price inflation did not follow the overall economic price increases.

Discrepancies in medical management program priorities since last year were also notable. Managing comorbidities took a rather dramatic fall from the #1 priority for 71% of participants last year to the #3 position with only 35% of respondents citing it as a top priority. This is in contrast to other areas of the survey which indicate a lot of concern about comorbidities. In addition, only 31% of respondents said implementing mental health programs was a priority, as compared to 52% who said so last year.  Those are major drops in comorbidity concerns and mental health programs. Could they be due to a post-pandemic effect?  Regardless those drops are significant.

Check out the 2024 Workers Comp Industry Insights Survey.  The report provides great information from a different angle.

2024 Workers Comp Industry Insights Survey Healthe Systems Logo

 

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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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