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Paduda: Work Comp Payers and Service Companies Weigh In on COVID's Impact: [2020-06-30]
If you really want to know what COVID is doing to workers’ comp, you have to hear from those on the front lines.
Thirty-five workers’ comp insurers, third-party administrators, state funds, self-administered employers and service companies gave me their views on the impact of COVID-19 and employment on their businesses, claims counts, costs and how they are adapting to a very different climate.
Winners and losers
Some service companies are generally doing much better than their counterparts if they have no or low debt service cost and onshore business functions that provide services typically used later in the claim’s life, e.g. pharmacy.
A comprehensive version of the report including respondents’ detailed statements (respondents are not identified) and the accompanying raw data is available for purchase at email@example.com.
What does this mean for you?
For workers’ comp, the economic fallout from COVID is far more significant than COVID itself.
Joseph Paduda is co-owner of CompPharma, a consulting firm focused on improving pharmacy programs in workers’ compensation. This column is republished with his permission from his Managed Care Matters blog.