Cost Containment
Workers’ Compensation programs tend to deteriorate if not tended carefully. Our Cost Containment, led by Mary Jean Collins, complements our hands-on / onsite Loss Control work. Whereas our Loss Control focuses on reducing your claims, our Cost Containment is driven by aggressive claims management.
The following are a few of our Cost Containment Systems’ key components:
- Review the first report of injury (form 5020), completing a preliminary investigation
- Review of reserves: determining if reserves are appropriate for type of injury and looking for reserve reduction based on current status of claim
- Communication of claim status, sending a written report of the claim to the insured every 60-90 days
- Claims reviews scheduled with a representative of the insured quarterly, bi-annually or upon request
- Unit Stat filing: review of the claim reserves prior to Unit Stat filing
- Experience Modification: analysis of worksheet to check for errors and, if errors are found, filing with the carrier’s Unit Stat department and following through with the WCIRB for the recalculation
- Policy Renewal: determining if reserves are in line with claim prior to renewal and looking for possible closures or reserve reductions
At the time of claim, you will appreciate our unique Cost Containment support, and the work of Mary Jean Collins and her team can make renewals more accurate, reducing waste.