bottom line impact
how does a claim that should be $28,000 turn into a $39,231.69 claim?
The Facts:
- The injury: Metal shavings caused injury to an employee's thumb
- The claim should have closed within 2 months but continued 6 more months due to inefficient claims handling.
- The extended claim duration generated $11,231.52 in unnecessary lost time payments and expenses.
- The total claim payment was $ 39,231.69
The Impact on the Employer's entire Workers' Compensation Program
The 28% in unnecessary claim costs also represented the averaged 3-year claim period reviewed by Employers Comp Advocate in this employer's audit. And of course, this percentage does not account for uncontrolled indirect hidden costs.
Conclusion
In this case study, Employers Comp Advocate shows "what should have been" on a closed claim. Ongoing monitoring of a new or open stagnant claim allows Employers Comp Advocate to be your second set of eyes. It allows us to ensure efficient and cost effective claims handling by the insurance carrier/TPA claims adjusters.
Read more about the facts in the case study.