The Insurance Journal covered a recent insurance summit. One panel discussed ways to lower workers' compensation insurance costs.
Of course, businesses also want to offer their employees the best care. They just want to offer that care in a cost-effective way.
Industry pros offered some suggestions for programs that have worked well for some of their clients.
Programs to Improve Workers Compensation Insurance
Businesses have been able to lower costs to injured workers by using certain programs:
Nurse Case Management
Companies can hire nurses to manage cases. The nurses can also ease communication with all involved parties. These different parties could include the patient, caregivers, and the employer. Experienced nurses may also provide better care-giving suggestions.
Large companies may hire these nurses as employees. Smaller businesses may want to use a third-party service that provides the nurses. Companies with nurse case managers enjoyed lower costs and good results. The nurses served as a single contact point for everybody involved. They made sure that the patient had their needs met. At the same time, they reduced waste.
Employees may get return-to-work benefits because they can't yet return to their old jobs. Some workers could perform jobs that don't involve the same kind of physical activity. Many companies do need people to fill clerical or light-duty roles. They could save money by training their injured workers to fill these roles. Though the employee cannot perform a demanding job because of an injury, he or she still may be able to sit at a desk to do administrative tasks.
The panel of agreed that this doesn't always happen. Often, it is because the employees don't know that this is an option. Employers may not have given return-to-work programs much thought either. In the long run, good return-to-work programs help employees and employers. Workers return to work faster and may benefit from extra job skills. Companies get more productivity out of their employees.
Will These Workers Comp Programs Help Your Business?
Many businesses struggle with the costs of their workers' comp programs. Employees aren't might not have satisfaction with the care and benefits that they get. Some companies have created programs that help lower costs and improve services. In the long run, these programs can also help improve employee morale and retention.
When setting up a workers' compensation program, be sure to call Knight-Dik Insurance Agency, Inc at (800-) 286-6353 to talk to an agent about how to cut costs. Your workers must come first in any workers' comp program.
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