I have written about performing a medical-only claims analysis quite often in the past. Now that I am reviewing more loss runs, I still see a pattern that may make you rethink your workers' comp loss run reviews. Festering, tiny claims often fly under the radar.
Check out this article on how a $400 medical-only claim became a $1 million claim in today’s dollars to see why your medical-only analysis may prevent a huge claim.
Five suggestions
The most important step is establishing a workers' comp medical network that will provide your injured employees with the best medical care possible that will return them to gainful employment.
These steps can be accomplished easily by tracking them using a simple Excel spreadsheet. Review your loss runs (medical and lost-time claims) at least monthly.
Online claims access saves time and effort
If you have online claims access — and you should for all your claims — you may be able to avoid contacting the medical-only adjuster. The claim notes may provide an explanation as to the excessive reserve values or why the medical-only claim has stayed open past the one-year mark.
This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.
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