Best Practices in Workers’ Compensation Cost Control
The use of best practices can result in fewer injuries for employees and more effective workers’ compensation cost control for employers. A few basic tools combined into a solid, three-pronged approach can help employers maximize workers’ compensation cost control.
When you focus on prevention through safety, quickly responding to injuries, and effective claims management, you’re emphasizing three areas that can help mitigate the costs of workers’ compensation claims. Here’s how:
- Prevent Accidents Through Safety: The best way to eliminate workers’ compensation costs is to prevent injuries from occurring. The time and resources involved in implementing a comprehensive safety program amounts to a mere fraction of the time and resources required to manage a serious injury. Safety minimizes exposure to indirect costs, too, including a drop in productivity, time spent training replacement employees, and low employee morale.
- Respond to Injuries Quickly: An organized accident response protocol can help your team determine where the injured worker should be treated, get the individual to the appropriate medical provider quickly and safely, and manage paperwork to minimize errors. A quick response time can mitigate the severity of an injury and decrease recovery time. Proper handling of the Work Ability Form can help the company respond to the employee’s needs upon returning to work.
- Manage the Claim Effectively: Hiring a dedicated workers’ compensation coordinator can help your business with effective workers’ compensation cost control. Upon the report of an accident, your workers’ compensation coordinator should immediately report the claim to management, ensure all appropriate accounts of the accident and other forms are filed and considered, and provide all relevant documentation to the claims office. Your coordinator should also contact the adjuster handling the claim to plan a course of action. A concerted effort to fully manage the claim can minimize the total cost to the employer and maximize the likelihood of a positive experience for the injured worker.
No matter how strong your safety plan, accidents can and do happen every day. Start by implementing a strong safety plan, but don’t stop there. Plan for responding to and managing workers’ compensation claims and you’ll maximize workers’ compensation cost control.
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